Galaxy and TME Live partner to stage music events in Macau
Galaxy Entertainment Group and TME Live aim to bring diverse entertainment events to Macau’s Galaxy Arena.
Macau.- Galaxy Entertainment Group Ltd (GEG) has signed a three-year strategic partnership with TME Live, an entertainment brand under Tencent. The plan is to bring entertainment events to the newly inaugurated Galaxy Arena.
According to the casino operator, the collaboration aims to promote the development of Macau’s culture and entertainment industry through a diverse range of events. The inaugural event on June 3, featured the Chinese singer Cai Xukun. Meanwhile, the 16,000-seat Galaxy Arena will host the two-day 4th Tencent Music Entertainment (TME) Awards ceremony later this year. An outdoor music festival showcasing several Chinese-speaking musicians is also in the pipeline.
Francis Lui, the vice chairman of GEG, stated: “We firmly believe that this partnership has immense potential in encouraging cultural exchange between Macau and the Mainland, creating synergies, enriching the travel and leisure experiences of Macau residents and tourists, and propelling Macau’s cultural and entertainment industry to new heights.”
Tsai-Chun Pan, the group vice president of TME Content Cooperation Department, added: “We are confident that we can bring music lovers a spectacular sonic feast for the eyes and the ears, promote extensive cultural exchange in the music industry, and continue to bring world-class Chinese music to an international fanbase.”
Galaxy Entertainment Group has released its financial results for the first quarter of the year. Net revenue was HK$7.05bn (US$901.45m), up 72 per cent in year-on-year terms and up 142 per cent when compared to the previous quarter.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter was HK$1.91bn (US$244.2m), compared with negative HK$163m in the preceding quarter. Total GGR was HK$6.07bn (US$776.14m), up 79 per cent year-on-year and up 233 per cent when compared to the previous quarter.
The company reported that it plans to open its Raffles hotel and Andaz Macau this year, with 1,150 rooms.
