Net revenue dropped by 88 per cent compared to last year.<\/p>\n\n\n\n\n\n\n\n
Macau.- Casino operator Galaxy Entertainment Group has posted net losses of HK$943m (US$121.6m) for the third quarter, as net revenue dropped by 88 per cent year-on-year to HK$1.5bn (US$193.4m).<\/p>\n\n\n\n
Al the same, the results represented a 34 per cent rise in revenues from the previous quarter.<\/p>\n\n\n\n
According to the group\u2019s chairman, Lui Che Woo, Galaxy has continued to focus on effective cost control versus revenue generation and remained optimistic about improved visitation in the remainder of the year.<\/p>\n\n\n\n
Lui noted that the group\u2019s balance sheet remained strong with HK$43.2bn in cash at the end of Q3.<\/p>\n\n\n\n
He said: “This provides us with valuable flexibility in managing operations and supporting our development initiatives [\u2026] Whilst it is pleasing to see a gradual increase in visitor arrivals to Macau with the reinstatement of IVS, we would expect a gradual increase in visitor arrivals as well as revenue over the coming quarters”.<\/p>\n\n\n\n
The group\u2019s largest property, Galaxy Macau, registered a 101 per cent rise in net revenue from July to September, reaching HK$626 million, but saw HK$788m in negative adjusted EBITDA.<\/p>\n\n\n\n
The company’s five hotels reported an occupancy rate of 20 per cent.<\/p>\n\n\n\n
The group has progressed with its HK$50bn Galaxy Macau Phases 3 and 4 development plans and intends to proceed with opening.<\/p>\n\n\n\n
Phase 3, set to open in 2021, will include a casino, a 16,000-capacity arena, 37,161 square metres of meetings incentives, conferences and exhibitions (MICE) space and an Andaz hotel,\u00a0part of the\u00a0Hyatt Hotels Corp.<\/p>\n","protected":false},"excerpt":{"rendered":"
Net revenue dropped by 88 per cent compared to last year.<\/p>\n","protected":false},"author":2,"featured_media":11645,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Galaxy Entertainment Group reported Q3 net losses of HK$943m, with net revenue down 88% year-on-year to HK$1.5bn, though representing a 34% sequential increase. Despite the challenging Macau market, the group maintains a robust HK$43.2bn cash balance and is progressing with its HK$50bn Galaxy Macau Phases 3 and 4 development, with Phase 3 slated for a 2021 opening.","focusai_entities":"Galaxy Entertainment Group, Lui Che Woo, Hyatt Hotels Corp","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.85), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Q4 Visitation Outlook","query":"Given the gradual increase in visitor arrivals and the reinstatement of IVS, what specific visitation growth projections is Galaxy Entertainment Group modeling for Q4 and early 2021, and how might this impact NGR?"},{"label":"Phase 3 ROI Projections","query":"With the HK$50bn investment in Galaxy Macau Phases 3 and 4, what are the projected ROI timelines and key performance indicators for Phase 3 upon its 2021 opening, particularly concerning the new casino, arena, and MICE facilities?"}],"footnotes":""},"categories":[160,16338,163],"tags":[12436,257],"class_list":["post-11642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-casinos","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=11642"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11642\/revisions"}],"predecessor-version":[{"id":11659,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/11642\/revisions\/11659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/11645"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=11642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=11642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=11642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}