Galaxy chairman welcomes proposed changes to Macau gaming laws
Dr Lui Che Woo, Galaxy Entertainment Group’s chairman, said the revision would help secure the long-term viability of the sector.
Macau.- While Galaxy Entertainment Group’s revealed its financial results for the third quarter, Dr Lui Che Woo, GEG chairman, shared his views on the revision of Macau’s gaming law.
Che Woo stated: “We believe the suggested proposals if implemented, would improve the regulatory oversight of the industry, increase the sector’s transparency, and secure the long-term viability of Macau’s most important economic pillar.”
According to local media reports, authorities in Macau want to end the current sub-concession system that led to the creation of three additional Macau casino licences.
The government also wants to increase the oversight of gaming concessionaires and junket operations, but it will maintain at least six gaming concessions.
Authorities have also proposed electing “delegates” to Macau’s gaming concessions to give a “greater checking” limit on the activity of the gaming firms. A delegate system is already used to monitor other forms of public concession.
Che Woo also referred to the Guangdong-Macau plan to develop an intensive cooperation zone on Hengqin and said the gaming and tourism industry will greatly benefit from this master plan.
He added: “We continue to pursue our project in Hengqin and are expanding our focus beyond Hengqin and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area.”
Galaxy Entertainment revenue down 23% for Q3
Galaxy Entertainment‘s net revenue declined 23 per cent quarter-on-quarter, from H$5.57bn to HK$4.3bn (US$551.9m) for Q3. GGR was down 26 per cent quarter-on-quarter to HK$3.7bn.
For VIP results, Galaxy Entertainment posted HK$1.2bn, down 27 per cent. Mass-market results were down 25 per cent to HK$2.3bn.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in just under HK$503m, compared to negative adjusted EBITDA of HK$1943 for Q3 2020.
Galaxy Entertainment’s Cotai venue registered net revenue of HK$2.84bn, down 25.5 per cent from the previous quarter. Adjusted EBITDA was down 50.9 per cent sequentially at HK$454m.
