Galaxy in prime position for post-pandemic recovery, analysts say
Sanford C. Bernstein says Galaxy Entertainment looks set to boost its mass and premium mass-market share.
Macau.- As Macau is slowly showing signs of recovery from the impact of the Covid-19 pandemic, Sanford C. Bernstein says that Galaxy Entertainment Group is “in a prime position for post-pandemic recovery” as it’s the only major operator that hasn’t raised capital due to its debt-free balance sheet.
Bernstein estimatesthat Galaxy’s mass-market share will rise from 13 per cent to 14.7 per cent and continue to 16.8 per cent by 2025.
The brokerage said: “Galaxy is set to continue to gain momentum in mass and premium mass with its new product offerings and capitalize on the continued growth of China’s premium consuming class.”
The casino operator hopes to finish the development of Galaxy Macau’s Phase 4 in three years, although it has not specified an exact date.
Galaxy Entertainment Group reported adjusted property EBITDA of HKD1.01bn (US$129.0m) for the fourth quarter of 2020, an increase of 207 per cent quarter-on-quarter from a HKD943m (US$121.6m) loss in Q3.
Macau casino GGR rises in March
Macau reported gross gambling revenue of MOP$8.3bn (US$1.04bn) for March, up 58 per cent year-on-year.
The Gaming Inspection and Coordination Bureau reported that Macau’s GGR for the first three months of 2021 combined stood at MOP$23.64bn (US$2.95bn), down 22.5 per cent year-on-year.
The number of guests checking into hotels and guesthouses grew 147.2 per cent year-on-year to 382,000 in February 2021.