Galaxy Casino
Galaxy Casino – Asian casino operator Galaxy Entertainment Group reported a 93.9 percent drop in total revenue to HKD$867m (£84.4m/€94.6m/111,000m) due to continued travel restrictions due to the novel coronavirus (Covid-19). 8 million USD). ) decreased. income.
Additionally, $359 million came from non-VIP table games, down 95.1%, and $36 million, a 94.4% drop, came from electronic gaming machines.
Galaxy Casino
The operator’s Galaxy Macau site accounted for most of the gaming revenue at $555 million, but that was a 94.7 percent drop from the third quarter of 2019.
Continuing Development At Galaxy Macau
A total of $309 million was down 93.6% from VIP, non-VIP table revenue was down 95.6% to $223 million, and slot machine revenue was down 95.7% to $23 million.
Total gaming revenue at StarWorld Macau fell 91.8 percent to $257 million, of which $148 million — down 80.4 percent — came from VIPs. Table games revenue totaled $105 million, while electronic gaming revenue fell 92.7 percent to $4 million.
Operator City Clubs – Small Casinos – posted a 91.8% drop in gaming revenue to $54 million.
These clubs were the only areas that did not generate VIP revenue, as non-VIP table games were down $31.8, or 92.8%, and VIP revenue was down 91.2%, to $15 million, while slot machines brought in $8 million.
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After deducting $867 million in commissions and bonuses from GGR, the operator’s net gaming revenue fell 94.4% to $593 million.
This significant drop in gaming revenue was mainly due to travel restrictions from mainland China and elsewhere, which led to a 95% drop in GGR in the Macau market overall in the quarter.
However, Galaxy CEO Dr Louis Che Vo said he believes the government has handled the crisis well and the market is well positioned for success as restrictions ease in Q4.
“We once again commend the Macao government for its decisive and proactive leadership in the Covid-19 crisis,” Lui said. “Their main goal is to ensure public health and safety, economic and social stability of Macao.
Galaxy Casino And Hotel Entrance By Night, Macau Editorial Stock Photo
“We believe health and safety will be at the forefront of their minds as they make future travel plans, at least until they receive the Covid-19 vaccine.” Given Macau’s commendable record in handling Covid-19, Macau is expected to attract visitors from across Asia. “
Non-gaming revenue from sources such as hotel rooms fell 82.4% to $246 million, while revenue from the operator’s building materials division made up the bulk of total revenue, down just 1.4% to $711 million from last year. reached the dollar. This means that the total income of the group was 1.55 billion dollars.
Even without deducting expenses, Galaxy said it posted a loss before interest, taxes, depreciation and amortization (EBITDA) of $943 million in the third quarter of 2019, after a positive result of $4.12 billion.
Lui said he is confident of Macau’s long-term recovery, but there could be short-term bumps in the road before the market returns to normal.
Galaxy Casino In Macau Editorial Stock Photo. Image Of Lights
“We have great confidence in Macau’s prospects in the medium to long term,” he said. “We believe we may face some challenges in the short term as we go through Covid-19 and it will take some time for the market to recover.”
“This is due to the Covid-19 pandemic, the Sino-US trade war and consumer sentiment in a recovering economy, with an increased focus on capital inflows, among others.”
Lui said Galaxy continues to pursue plans for an integrated resort in Japan, but Covid-19 has delayed that significantly.
In the first half of 2020, GGR fell 80.4% and Galaxy’s revenue fell 76.3%, mainly due to travel restrictions in the second quarter of the year. Email Sign up for our free newsletter
Galaxy Casino In Macau By Night Editorial Stock Photo
Sky 32 is described as an “elite oasis of luxury” and is located on the 32nd floor of Macau’s Galaxy Casino. But to experience the views and the single malt whiskey bar, you have to be willing to gamble in one of the six gaming rooms, which will set you back at least 10 million yuan (€1.07 million). Unless, of course, you win the argument.
Like Las Vegas, where high-profile players get the ultimate casino treatment to gamble in their private rooms, Macau actively caters to the wealthiest players from mainland China.
“The VIP market is booming,” Galaxy Entertainment Group (27) CFO Robert Drake told Bloomberg News in April, noting that local casino revenue was “the second highest in history.” “We had a great start to the season.”
Those who can’t get off to such a great start or can’t afford Sky 32 can always upgrade to one of Sky 33’s nine rooms. You only need to pay 5 million yuan (£536,000,000) to bet. ).
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