Macau Operator Galaxy Entertainment Announce Q2 Results
Dr Lui Che-woo Chairman of Galaxy at the IGA in London
Galaxy Entertainment Group who operate the Galaxy Macau on Cotai, the StarWorld Hotel and Broadway Macau announced their Q2 results with no surprises given the current state of Macau casino operators struggles given the current pandemic.
Galaxy said that EBITDA for the period was minus HKD1.37 billion compared to a positive HKD4.33 billion in 2019 for the same period.
In the first quarter of 2020 the operator announced an EBITDA of HKD283 million, however these results reflected prior to the huge impact the COVID-19 pandemic started to hit.
Revenues for the Macau operator were down 91% for the quarter at HKD1.15 billion, GGR for the company stood at HKD485 million a fall of 97% on the same period in 2019.
Lui Che Woo, chairman and founder of Galaxy Entertainment said on the performance and impact of the pandemic: “Covid-19 had an adverse impact on our financial results in the second quarter and in the first half of 2020, as mainland China, Hong Kong and Macau faced travel restrictions and social distancing,” he stated. “These restrictions resulted in a significant reduction in visitor arrivals and subsequent decline in revenue,” he added, saying that the negative EBITDA result reflected “minimal revenue and ongoing staff costs” during the period.
