Casino operator Galaxy Entertainment Group board expects the Coronavirus outbreak to hit revenues and profits in 1Q20. <\/p>\n\n\n\n\n\n\n\n
Macau.- Galaxy Entertainment Group (GEG) Vice-Chairman, Francis Lui, has said measures to prevent the spread of Coronavirus will negatively impact first-quarter financial results. <\/p>\n\n\n\n
\u201cThere was 15-day suspension when there were no clients and of course we are impacted. Even when we resumed we had to build from zero up. For the first quarter there will be an impact but we wanted to see the epidemic controlled as soon as possible,\u201d Lui said during a conference call to analysts.<\/p>\n\n\n\n
Lui did not criticise measures such as the recent 15-day forced casino closure and said he considered such steps as necessary to contain the spread of Coronavirus.<\/p>\n\n\n\n
\u201cIn the past 22 days, there have been no confirmed cases in Macau [\u2026] The Chief Executive was correct and we support this decision,\u201d Lui added.<\/p>\n\n\n\n
GEG\u2019s CFO, Robert Drake, was also present during the webcast and said it will take time for operations to \u201cramp up\u201d following the closure. Neither he nor Lui commented on what the financial impact would be. <\/p>\n\n\n\n
\u201cIt is very difficult for us to foresee the impact on our profits at this point in time, but it won\u2019t be small [\u2026]. However, in mainland China the situation seems to be stabilizing [\u2026] if that\u2019s the case in the short-term, and if package tours and IVS visas [are allowed again], then I\u2019m confident we will be able to resume the growth pace,\u201d Lui added.<\/p>\n\n\n\n
GEG recorded a 6 per cent year-on-year drop in net revenues to HK$51.9 billion in 2019.<\/p>\n","protected":false},"excerpt":{"rendered":"
Casino operator Galaxy Entertainment Group board expects the Coronavirus outbreak to hit revenues and profits in 1Q20.<\/p>\n","protected":false},"author":2,"featured_media":3965,"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 (GEG) anticipates a significant negative impact on its Q1 2020 revenues and profits due to the Coronavirus outbreak and the mandated 15-day casino closure in Macau. While the financial impact is unquantified, GEG leadership supports the public health measures and expresses confidence in a recovery once travel restrictions are lifted. This follows a 6% year-on-year decline in net revenues for 2019.","focusai_entities":"Galaxy Entertainment Group, GEG, Francis Lui, Robert Drake","focusai_location":"Macau, China","focusai_target_profile":"ceo_executive (0.9), regulator (0.8), compliance_legal (0.7), operator_casino (0.95), investor_analyst (0.95), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Q1 GGR Impact?","query":"What is the projected Gross Gaming Revenue (GGR) impact for Macau in Q1 2020, considering GEG's anticipated revenue decline and the broader market conditions?"},{"label":"GEG Capital\/Dividend Adjustments?","query":"How might Galaxy Entertainment Group's capital expenditure plans and dividend policy be adjusted in response to the anticipated Q1 2020 financial headwinds and recovery timeline?"}],"footnotes":""},"categories":[160,157,28,16338,158],"tags":[29,7299,257],"class_list":["post-3963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-business-news","category-casino-news","category-east-asia-news","category-slider-home","tag-casino","tag-coronavirus","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/3963","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=3963"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/3963\/revisions"}],"predecessor-version":[{"id":3988,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/3963\/revisions\/3988"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/3965"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=3963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=3963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=3963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}