Galaxy vice chairman hopes for Macau recovery after vaccine rollout

Francis Lui Yiu Tung said Covid-19 vaccination programmes will have a positive impact for the Macau tourism market in the second half of the year.

Macau.- Francis Lui Yiu Tung, vice chairman of Macau casino operator Galaxy Entertainment Group, expects vaccination programmes in mainland China, Macau, and Hong Kong to have a positive impact on the outlook for the Macau tourism market in the second half of the year.

Tung said he hoped the region would develop some form of “vaccination passport” to allow an easing of formalities for mainland travellers coming to Macau.

For now, Mainland China is the only place to have a largely quarantine-free travel bubble with Macau, but investment analysts hope that Hong Kong, which provides up to 5 per cent of Macau’s annual casino gross gaming revenue (GGR), might also join a quarantine-free travel bubble with Macau soon.

Last week, Macau’s Health Bureau announced that casino dealers will start to receive vaccination against Covid-19,

As for the Galaxy Macau venue on Cotai, Lui Yiu Tung said: “We have many new facilities that will be gradually launched in the second half of this year… in my opinion, the market condition will be even better by then.”

Galaxy Entertainment Group reported adjusted property EBITDA of HKD1.01bn (US$129.0m) for the fourth quarter of 2020, a notable improvement compared to the previous quarter.

However, Macau had a weak performance during the first two months of 2021, with combined GGR at MOP$15.34bn (US$1.92bn), down 39.2 per cent year-on-year.