Powered by the robust performance of Galaxy Macau, the operator group witnessed growth across several segments as mass table win increased by 31.9% to HK$8.29bn ($1.06bn) and rolling chip win grew by 49.4% to HK$1.39bn ($178bn). 

Slot win revenue also performed significantly well across the quarter, rising to HK$658m ($84.5m) to represent a 48.5% increase on Q2 2023 comparatives. In total, the HK$10.3bn in GGR shows a 35% uptick on Q2 2023 figures. 

The group’s adjusted EBITDA for the quarter rose by 28% year-over-year, reaching HK$3.2bn ($410m). 

Galaxy’s consistent growth across each segment was heavily supported by the performance of Galaxy Macau, the firm’s flagship resort in the region. The venue achieved a year-on-year increase in GGR to HK$8.86bn ($1.14bn), with adjusted EBITDA of HK$2.78bn ($358m).   

The combined hotel and casino resort also reported a healthy EBITDA margin of 32%. 

For the group’s secondary venue, StarWorld Macau, GGR grew by 13% YoY to HK$1.42bn ($182m) with Adjusted EBITDA of HK$390m ($50m) and an EBITDA margin of 29%.

“We continued to drive every segment of our business and further improve our resorts,” said Galaxy Entertainment Group Chairman Dr Lui Che Woo via the financial results. “We are very pleased to report that for both Q2 and the first half 2024, our resort hotels reported virtually 100% occupancy.”

Strong performance in the second quarter contributed to surging increases in the firm’s financial performance in the first half of the year, as group net revenue reached HK$21.5bn ($3.2bn) to show a YoY increase of 37%. 

H1 increases were bolstered by a group adjusted EBITDA rise of 37% as well, reaching HK$6bn ($770m) for the first six months of the year. 

As expected, the strong results have added considerable value for shareholders, with net profit attributable to shareholders coming in at HK$4.4bn ($564m) for H1 2024.

The post Galaxy Entertainment Group revenue climbs in Q2 and H1 2024 appeared first on CasinoBeats.

As company construction continues in the autonomous region, driven by non-gaming entities that were praised as “the future of Macau” by Galaxy earlier in the year, Chair Lui Che Woo hailed a recent development as potentially bringing a further uplift.

“We are pleased to see Macau and Hong Kong governments are jointly working to provide easier accessibility between Hong Kong International Airport and Macau,” he said. 

“Starting from August 30, 2023, Hong Kong-Zhuhai-Macau Bridge operated a through-bus service to and from the Hong Kong International Airport restricted area. 

“We believe that this will help the Macau government’s initiative of increasing the number of foreign visitors.”

This confidence follows a third quarter update that saw revenue reach HK9.65bn (£1.01bn), which is up 374 per cent year-on-year and 11 per cent quarter-on-quarter from HK2bn (£209.73m) and HK8.66bn (£908.1m), respectively.

Delving into this figure a little closer, gaming occupied HK$7.41bn (2022: HK$821m) with non-gaming comprising HK$1.52bn (2021: HK$438m).

On a property-by-property basis, Galaxy Macau took the lion’s share of revenue with HK$7.62bn (2022: HK$1bn), with StarWorld Macau coming in at HK$1.22bn (2022: HK$158m). Broadway Macau closed at HK$24m (£2.51m), up 140 per cent YoY and up four per cent YoY.

Group-wide adjusted EBITDA closed the July to September time frame at HK$2.76bn (£289.42m), which represents increases of 576 per cent YoY from HK$ a loss of HK$581m (£60.9m) and a rise of 12 per cent QoQ from HK$2.47bn (£259m).

“From the business revenue perspective, we are very pleased to see a continuing ongoing recovery in both visitor arrivals and associated gaming revenue,” the GeG CEO noted. 

“For Q3 2023, GEG’s mass gaming revenue was approximately 102 per cent  when compared to 2019 levels, Galaxy Macau performed even better at 121 per cent  of 2019 levels, whilst StarWorld Macau continues to grow and was approximately 71 per cent  of 2019 levels.” 

Adding: “Our balance sheet continued to be solid with total cash and liquid investments of $24.8bn and net cash of $23.3bon. 

“Our solid balance sheet and cash flow from operations allows us to return capital to shareholders through dividends, fund our development pipeline and pursue our international expansion ambitions. 

“On October 27, 2023, we paid a special dividend of $0.20 per share. These dividends demonstrate our continued confidence in the longer-term outlook of Macau and for the company.”

The post Galaxy Entertainment benefits from uplift in Macau visitation through Q3 appeared first on CasinoBeats.

The group’s Founder Alfredo Benitez, who is no longer with the company, had called for the project to be resurrected. However, Galaxy Entertainment Group swiftly moved to “confirm that contrary to some recent media reports” it was not considering re-entering the island of Boracay to develop a resort.

The casino and entertainment operator stressed that its immediate focus is on the full re-opening of Macau-based facilities, in addition to ongoing development work associated with these.

Earlier in the year, the group suggested it would make an increased push into non-gaming amenities that it believes are “the future of Macau” after becoming the first of six concessionaire’s to resume dividends.

However, speaking to Inside Asian Gaming, DigiPlus moved to clarify that Benitez is no longer a mouthpiece for the company, and that no such plans for a Boracay revitalisation fell on its radar.

“Please be informed that DigiPlus has no imminent plans to pursue the development of its 24-hectare property in Boracay Island into an integrated casino project,” the update read.

“DigiPlus will remain focused on executing on its strategic transformation agenda and establishing itself as one of the fastest-growing, most innovative, and technologically developed digital entertainment groups in the Philippines.

“The company will continue to grow its digital entertainment segment, which has become its core business since 2022. It will continue to scale up its flagship digital platforms BingoPlus and ArenaPlus and at the same time, launch new and innovative digital entertainment offerings in the coming months.”

A number of years ago, Macau-based Galaxy Entertainment dropped its plans to build an integrated report on Boracay after reportedly securing a 23-hectare site on the island and a provisional casino licence from PAGCOR for the $500m scheme.

The post DigiPlus distances itself from Philippines plans after Galaxy refusal appeared first on CasinoBeats.

As the group continues an ambition of returning to the operational levels enjoyed prior to the COVID-19 pandemic, GEG Chair Lui Che Woo has once again reiterated optimism for the autonomous region after tracking further increases through the year’s second quarter.

“During the period Macau continued its business recovery and the group’s primary focus was on operational execution, recruitment and project development,” he commented.

“We believe that non-gaming is the future of Macau to drive a longer staying and more diverse visitor base which aligns with Macau government’s vision of building Macau into a world centre of tourism and leisure.

“Our investment into world-class, non-gaming facilities such as the Galaxy International Convention Center and the Galaxy Arena supports this vision.

“Our vote of confidence in Macau is demonstrated by the fact that GEG is the first Macau concessionaire to resume dividends and return capital to shareholders after the border reopened.”

Revenue through Q2 reached HK$8.66bn (2022: HK$2.42bn), which is also up 22.78 per cent from the HK$7bn (£699.97m) tracked through the year’s first quarter. However, this figure remains 32.23 per cent behind the HK$12.97bn (£1.29bn) recorded in Q4 2019, the last full quarter unaffected by restrictions.

Delving into this figure a little closer, gaming occupied HK$6.58bn (2022: HK$1.22bn) with non-gaming comprising HK$1.26bn (2021: HK$456m).

“Our strong balance sheet provides us with valuable flexibility in managing business operations and supporting our development initiatives”

The quarter also saw adjusted EBITDA finish the April to June period at HK$2.5bn (£250.12m), which is contrasted to a loss of HK$384m (£38.41m) witnessed one year earlier and $1.9bn (£190m) during the year’s first quarter. This stood at $4bn during Q4 2019.

For the year-to-date, revenue is 141 per cent ahead at HK$15.7bn (2022: HK$7.05bn), with gaming and non-gaming comprised HK$11.91bn (2022: HK$4.13bn) and HK$2.29bn (2022: HK$1bn), respectively.

On a full-year basis, Galaxy Macau saw revenue increase 164 per cent to HK$11.9bn (£1.19bn), with StarWorld Macau increasing 236 per cent per cent to HK$2.2bn (£220.11m) and Broadway Macau closing at HK$41m (£4.1m).

Citing a balance sheet that it is said “continues to be exceptionally liquid and healthy”, cash and liquid investments stood at $24.4bn, with net cash at $22bn.

“Our strong balance sheet provides us with valuable flexibility in managing business operations and supporting our development initiatives,” the Galaxy Chair said. This will see a special dividend of $0.20 per share being paid around October 27, 2023.

Total debt stands at HK$2.4bn, which it is noted “primarily reflects ongoing treasury yield management initiatives where interest income on cash holdings exceeds corresponding borrowing costs”.

To conclude, the casino and entertainment operator noted: “With the continued buildout of infrastructure in both Macau and Mainland China, the accessibility to Macau for leisure and tourism customers continues to improve and this combined with the current low penetration into Mainland China positions Macau well for long term development.”

The post Galaxy Entertainment Group: non-gaming is the future of Macau appeared first on CasinoBeats.

Gambling Commission

David Rossington has been named as the Interim Commissioner of the Gambling Commission on a nine month term after being appointed by Secretary of State Suella Braverman.

Rossington is a former senior civil servant, and has worked for the Department for Digital, Culture, Media and Sport, including as Finance Director and acting Director General, and other government departments including what is now known as the Department for Levelling Up, Housing and Communities.

Since stopping full time work, he has assisted the Gambling Commission as an independent member of the National Lottery Competition Committee, and is also deputy chair of the Advisory Committee on National Records and Archives, which works with The National Archives. 

Entain

The board of Entain has announced that Mark Gregory and Vicky Jarman will no longer serve as non-executive directors of the gambling group.

The NED duo who joined Entain in 2021 have both given notice of their decision to step down from all corporate governance duties as of February 17, 2023.

The departures see Entain reduce the size of its board from eleven to nine members, which includes Jette Nygaard-Andersen and Rob Wood.

“On behalf of the board, I would like to thank Mark and Vicky for the important contributions both have made to Entain and wish them well for the future.” – read a statement by Entain Chair Barry Gibson.

Galaxy Entertainment Group

Ted Chan has been appointed as Chief Financial Officer of Galaxy Entertainment Group, taking over the reins from Robert Drake who had signalled an intention to depart the position.

The latter will continue contributing to the group in his newly appointed position of Senior Advisor, in addition to aid a translation process that will see Chan assume the role from March 1, 2023.

Francis Lui, Vice Chair of GEG, commented: “I would like to acknowledge and thank Mr. Drake for his significant contribution to the Group over the past 15 years who has decided to pursue his personal interests. 

“During his tenure Bob contributed to a number of significant milestones including: navigating the company through the global financial crises and the COVID-19 pandemic, inclusion of GEG as a constituent of the Hang Seng Index, opening Galaxy Macau phases one and two and Broadway Macau, and, most recently, the successful issuance of GEG’s new Macau gaming concession and preparation of the forthcoming opening of our Cotai phase three development. 

“I would like to express my sincere appreciation for his significant efforts and contributions to the Group over his many long years of service and look forward to continuing our relationship with Bob as a Senior Advisor.”

Checkd Group

Sam Turnock has been promoted to the role of Finance Director at Checked Group, with the company looking to accelerate growth via a slew of business strategies.

This new role for Turnock, who joined the group in Jube 2019, will see him head up the business intelligence area of the organisation, while also managing all of the group’s finances across its Checkd Media, Checkd Dev and Checkd International subsidiaries.

Alex Beecham, Managing Director at Checkd Media, said: “The position of Finance Director is a vital one as we continue to scale up our operations in both the UK and North America. 

“It was important that we identified a candidate who has a strong track record in analysing and making valuable decisions that are grounded in data.

“Sam fit the bill for us in every regard. His performance since first joining our business four years ago has been exemplary, as we have seen with his key role in the FlashPicks launch and the acquisition of all of our CPA state licences. 

“He has also been a vital figure within the contract and procurement side of the business and we look forward to delivering further growth together in the months and years to come.”

MyRacehorse

MyRacehorse has appointed former Betfair horse racing principal Will De Nardo as its UK and Ireland Marketing Director and Global Gaming Lead.

A US-founded enterprise, MyRacehorse is seeking to strengthen and expand its presence in the established horse racing markets of the UK and Ireland, with De Nardo charged with leveraging his betting industry experience in pursuit of this goal.

“Will brings an additional and important marketing skill set to our UK and Ireland business due to his invaluable experience at Flutter,” noted Jules Pittam, Managing Partner of MyRacehorse, UK and Ireland.

“He will be influential in enhancing the owner experience as well as working with new partners as he develops gaming opportunities around the world. We are delighted to have someone of such high calibre join the team.”

The post Galaxy, Entain & Gambling Commission: on the move appeared first on CasinoBeats.

Echoing sentiments issued throughout the entirety of the past year, Dr Lui Che Woo, Chair of the operator, made the comments as part of a market overview that accompanied the publication of the group’s latest financial statement.

“Macau, like the rest of the world, continued to experience the impact of COVID-19 throughout 2022, with sporadic outbreaks in mainland China, Macau and Hong Kong and the subsequent travel and quarantine restrictions impacting visitor arrivals,” he explained. 

“I am pleased to report that in early 2023 all the travel restrictions were lifted and Macau is well positioned to welcome mainland and international visitors in 2023.

“We are pleased with the reopening of borders in early 2023. Macau has experienced solid demand and associated revenue and we were particularly encouraged by the performance over the Chinese new year golden week. We are hopeful for a sustainable recovery and remain cautiously optimistic.”

“We are confident in the future outlook for Macau and we look forward to working with all the stakeholders over the next 10 years”

Due to the challenges encountered in the autonomous region, a 39 per cent fourth quarter revenue downfall to HK$2.91bn (2021: HK$4.72bn), with gaming occupying HK$1.59bn (2021: HK$3.25bn) and non-gaming comprising HK$529m (2021: HK$666m).

This was also reflected in the group’s full-year performance as a 42 per cent downfall was tracked to HK$11.47bn (2021: $19.69m). Gaming and non-gaming comprised HK$6.56bn (2021: HK$14bn) and HK$2.02bn (2021: HK$2.06bn), respectively.

On a full-year basis, Galaxy Macau saw revenue drop 44 per cent to HK$7.4bn (£783.17m), with StarWorld Macau down 68 per cent to HK$1bn (£105.83m) and Broadway Macau closing at HK$60m (£6.34m), up five percentage points year-on-year.

Furthermore, a HK$200,000 (2021: HK$1bn) adjusted EBITDA loss compounded the group’s FY performance to an overall loss of HK$600,000 (2021: HK$3.5bn).

According to Macau’s Gaming Inspection and Coordination Bureau, revenue across the region declined 46 per cent to HK$10.1bn (£1.06bn) during Q4, with FY down 51 per cent to HK$41bn (£4.33bn).

In 2022, visitor arrivals were 5.7 million, a drop of 26 per cent YoY, with overnight visitor numbers decreased 33 per cent.

The quarter also saw Galaxy gain a fresh ten-year gaming concession from the Macau government, which has been accompanied by a significant investment pledge.

This will see the company make an MOP28.4bn (£2.92bn) outlay to enhance the facilities and services of its integrated resorts, 96 per cent of which will be utilised for non-gaming projects and to explore overseas customer markets. 

“We are hopeful for a sustainable recovery and remain cautiously optimistic”

“We are confident in the future outlook for Macau and we look forward to working with all the stakeholders over the next 10 years and supporting the growth of Macau with a particular focus on non-gaming,” the company noted.

Regarding the company’s ongoing construction project, the Galaxy CEO explained: “We are pleased to confirm that Cotai phase three is effectively completed and we continue with the development of phase four. 

“We are scheduled to progressively open phase three Galaxy International Convention Center, Galaxy Arena and Raffles at Galaxy Macau in Q2 2023, with our first MICE event being held in April 2023. 

“This will be followed by world-class concerts K-Pop TREASURE and the highly popular BLACKPINK’s world tour to be held in our state-of-the-art Galaxy Arena. We will continue to monitor market conditions and when appropriate we will open Andaz Macau.

“GEG is committed to invest in Macau’s economic diversification and support the Macau government’s vision of becoming a world centre of tourism and leisure by hosting a variety of world class shows and performances. 

“We will bring known proven events into Macau to support the government’s non-gaming drive. Additionally, we will introduce new and innovative events to further diversify Macau’s economy and attract international tourists.”

The post Galaxy Entertainment ‘cautiously optimistic’ on Macau recovery appeared first on CasinoBeats.

The autonomous region has brought third quarter challenges for the casino and entertainment operator, mirroring the performances experienced across many competing organisations during the same time frame.

However, despite this short-term wariness “great confidence in the future of Macau” is stressed in the medium to longer term, with Galaxy sharing a belief that “there remains significant demand for leisure, tourism and travel”.

Group-wide revenue through the third quarter tracked a 52 per cent drop year-on-year to HK$2bn, which also represents a 16.66 per cent quarterly downfall from Q2’s HK$2.4bn.

This saw decreases felt across each property in the company’s portfolio, as Galaxy Macau brought Q3 revenue HK$1.1bn that represents drops of 62 per cent and 25 per cent YoY and QoQ, respectively.

StarWorld Macau fell 76 per cent on a yearly basis and 28 per cent quarterly to HK$158m, with Broadway Macau closing Q3 2022 at HK$10m versus HK$14m one year earlier and HK$15m through the current year’s April to June period.

A similar performance was also encountered across adjusted EBITDA, with the impacts of COVID-19 and travel restrictions cited as each venue declined to see the company report an overall loss of HK$581m. AEBITDA through Q3 2021 was HK$503m, while the second quarter of the current year tracked a loss of HK$384m.

“Going forward in the medium to longer term, we remain confident in the future of Macau”

“Moving onto our Q3 2022 performance, the elevated COVID-19 related travel restrictions imposed in Q2 flowed into Q3 and even resulted in the closure of casinos for 12 days during the quarter,” said Dr Lui Che Woo, Chair of Galaxy Entertainment Group.

To emphasise the struggles encountered, Galaxy cited statistics from the region’s gaming bureau (DICJ), which suggested that gross gaming revenue as a whole through Q3 was down 70 per cent YoY and 35 per cent QoQ to HK5.4bn.

The increased travel restrictions and quarantine rules are also said to have impacted visitor arrivals, which were 898,998 for the quarter, down 51 per cent YoY and 43 per cent QoQ. 

“Going forward in the medium to longer term, we remain confident in the future of Macau. However, we do acknowledge that further potential outbreaks of COVID-19 may impact our future financial performance,” the Galaxy CEO noted.

Before moving on to detail progress on projects being undertaken by the group: “Moving onto our development update, we continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests. 

“We also continue to invest in Macau with our Cotai phase three effectively completed and continue to move forward with phase four, our next generation integrated resort, which will complete our ecosystem in Cotai.

“As you can see, we remain confident about the future of Macau where Cotai phases three and four will support Macau’s vision of becoming a world centre of tourism and leisure.”

The post Galaxy Entertainment voices ‘great confidence’ in Macau despite struggles appeared first on CasinoBeats.

However, Galaxy does voice confidence in the longer term outlook for Macau as well as the company itself, despite the recent challenging environment. Post quarter a COVID-19 outbreak resulted in the suspension of casinos for a period of 12 days in July 2022.

As the casino and entertainment operator again voices a commitment to ongoing developments, revenue through the six month time frame dropped 39 per cent from 2021’s HK$10.5bn (£1.12bn) to HK6.5bn (£687.24m). This was largely impacted by a 56 per cent Q2 drop to HK$2.4bn (2021: HK$5.6bn).

This, said the group, was due to the performance of the tourism and gaming industries that were adversely impacted by travel restrictions and a COVID-19 outbreak in Macau during Q2 and H1.

Due to increased cases of COVID-19 and the associated travel restrictions and quarantine rules, visitor arrivals to Macau were 1.6 million, down 27 per cent YoY and down 15 per cent quarter-on-quarter. Arrivals from the mainland were 1.4 million, which represents drops of 29 per cent and 18 per cent YoY and QoQ, respectively. 

Furthermore, Q2 adjusted EBITDA dropped to a loss of $384m (2021: $1.1bn), which saw the first half of the year record a drop of 90 per cent year-on-year from HK$2m (£211.4m) to HK$191m (£20.18m).

H1 net loss for Galaxy, which also during H1 successfully applied for and was granted a six month extension to its Macau gaming concession until December 31, 2022, dropped to $850m versus profit of $947m one year earlier.

Regarding the aforementioned gaming concession, Dr Lui Che Woo, Chair of Galaxy Entertainment Group, voiced confidence of gaining an extended stay.

“Going forward in the medium to longer term, we remain confident in the future of Macau”

“We are well positioned to compete for one of Macau’s gaming concessions, given our track record of introducing innovative non-gaming elements into our resorts, our strong operational history, significant investment into Macau’s economy and our substantial CSR efforts including supporting SMEs,” he said. “We look forward for the completion of the concession bidding process by year end.”

Galaxy Entertainment saw its Galaxy Macau property take the lion’s share of revenue with HK$4.5bn (£475.85m), down 38 per cent YoY from HK$7.2bn (£761.36m) , as StarWorld Macau dropped 67 per cent to HK$644m 2021: HK$1.9bn).

However, revenue through Broadway Macau increased seven per cent on a yearly basis to close the quarter at HK$31m (2021: HK$29m).

“Moving on to our development update, we continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests,” it was added. 

“We also continue to invest in Macau with our Cotai phase three effectively completed and continue to move forward with phase four, our next generation integrated resort, which will complete our ecosystem in Cotai. 

“As you can see, we remain confident about the future of Macau where Cotai phases three and four will support Macau’s vision of becoming a World Centre of Tourism and Leisure. 

“Going forward in the medium to longer term, we remain confident in the future of Macau. However, we do acknowledge that further potential outbreaks of COVID-19 may impact our future financial performance. 

“Finally, I would again like to thank the Macau Government and the health and emergency personnel who have worked so hard to ensure the safety of Macau. 

“I would also like to thank our staff, management team and board of directors who voluntarily contributed to the various cost savings programs and for being so supportive of our company throughout the pandemic.”

The post Galaxy Entertainment voices Macau confidence despite H1 struggles appeared first on CasinoBeats.

The former has seen an enhancement from June 26, 2022 to December 31, 2022, be secured, with the casino and entertainment operator paying MOP 47m (equivalent to approximately HKD 45.6m) upon signing of the extension.

“Wynn believes that this extension will enable it to make continued contributions to the future development of Macau and the local community,” the company noted in a media update.

“We look forward to the announcement of the requirements and details of the public tender process for the new gaming concessions and will liaise closely with the government to make thorough preparations for active participation in the bidding.”

Furthermore, GEG, whose six month extension until December 31, 2022, was secured for a similar fee to Wynn, vows to “contribute and propel the sustainable and healthy development of Macau’s gaming industry”.

Both Wynn and Galaxy also state that they are ready to participate in the tendering process for the new gaming concessions, when they become available.

Lui Che Woo, Chair of GEG, explained: “We are truly grateful to the SAR Government and members of the legislative assembly for their hard work and dedication to the amendment of the ‘Legal Framework for the Operations of Casino Games of Fortune’, the six-month extension of the gaming concessions, and the preparation of the tendering process. 

“Together, we strive to promote greater clarity on Macau’s future development and facilitate the gaming industry’s sustainable and healthy development. 

“GEG has always stayed true to its philosophy of ‘what is taken from the community is to be used for the good of the community’ and will introduce unique and innovative offerings in its IR projects in Cotai, as well as working together with industry participants to support the SAR government’s efforts to stabilise the economy, increase the public’s confidence, usher Macau’s diversified and sustainable development, and contribute to Macau’s transition to a ‘one centre, one platform and one base.”

The post Wynn Resorts and Galaxy secure extended Macau gaming concessions appeared first on CasinoBeats.

However, the casino and entertainment operator does note that it is proceeding with a disciplined approach to exploring opportunities within mainland China in spite of the current economic climate.

This comes as the group reports its financial performance for the three month period ending March 31, 2022, which saw revenue reach HK 4.1bn (£427.93m), down 20 per cent year-on-year and 14 per cent quarter-on-quarter from HK$4.75bn (£495.78m).

Galaxy Entertainment saw its Galaxy Macau property take the lion’s share of revenue with HK$3.1bn (£323.56m), down 10 per cent YoY and up four per cent QoQ (Q421: HK$3.2bn), as StarWorld Macau dropped 58 per cent YoY and 37 per cent QoQ to to HK$424m (Q421: HK$669m).

However, revenue through Broadway Macau increased seven per cent and 14 per cent on a yearly and quarter basis after closing at HK$16m (Q421: HK$14m).

Furthermore, the group also reported quarterly adjusted EBITDA of HK$575m (£59.99m), which represents a decrease of 33 per cent YoY and 45 per cent QoQ.

“I wish to take this opportunity to update you on the Macau market and our financial performance in Q1 2022. COVID-19 has continued to impact the community and businesses globally including Macau and GEG,” stated Dr Lui Che Woo, Chair of Galaxy Entertainment Group. 

Adding: “Going forward in the medium to longer term, we remain confident in the future of Macau. However, we do acknowledge that further potential outbreaks of COVID-19 may impact our future financial performance. 

“Finally, I would again like to acknowledge and thank the Government of Macau and the health and emergency personnel who have worked so hard to ensure the safety of Macau.”

The post Galaxy Entertainment voices Macau confidence despite pandemic impacts appeared first on CasinoBeats.