The chairman of the casino company says Galaxy will “not cut costs excessively” in order to maintain customer service capacity.<\/p>\n\n\n\n\n\n\n\n
Macau.- Galaxy Entertainment Group will balance cash conservation with maintaining customer service capacity ready for a recovering in visitor numbers, chairman Lui Che Woo has said.<\/p>\n\n\n\n
In a report to the Hong Kong Stock Exchange, Galaxy’s chairman said: \u201cIt is important to not cut costs excessively and therefore adversely impact our ability to deliver upon customer service standards when business returns.”<\/p>\n\n\n\n
While the business has been heavily impacted by the pandemic, the Macau government has asked local employers, including the city’s six gaming licensees, to maintain local employment during the crisis. <\/p>\n\n\n\n
The industry saw gross gaming revenue (GGR) contract by 81.6 percent year-on-year in the eight months to August 31.<\/p>\n\n\n\n
Lui said: \u201cAt Galaxy Entertainment Group, we have tried to spread the [economic] impact of Covid-19 fairly across all team members as we prefer not to engage in redundancies”.<\/p>\n\n\n\n
He said staff members had made “voluntary contributions\u201d to the firm in order to face the crisis. That included the board waiving directorship fees, and management taking non-paid leave.<\/p>\n\n\n\n
Galaxy Entertainment has reported cash and liquid investments amounting to HKD49.8 billion (US$6.4 billion) as of June 30, with net cash of HKD43.6 billion. <\/p>\n","protected":false},"excerpt":{"rendered":"
The chairman of the casino company says Galaxy will “not cut costs excessively” in order to maintain customer service capacity.<\/p>\n","protected":false},"author":2,"featured_media":9715,"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 is balancing cash conservation with maintaining customer service capacity in Macau, despite an 81.6% GGR contraction. Chairman Lui Che Woo emphasized avoiding excessive cost cuts and maintaining local employment, aligning with government directives, while leveraging staff voluntary contributions and strong cash reserves.","focusai_entities":"Galaxy Entertainment Group, Lui Che Woo, Hong Kong Stock Exchange","focusai_location":"Macau, Hong Kong","focusai_target_profile":"ceo_executive (0.95), regulator (0.9), operator_casino (0.98), investor_analyst (0.97), supplier_vendor (0.75), journalist_researcher (0.92)","focusai_suggestions":[{"label":"Macau Recovery Outlook","query":"What specific GGR recovery projections is Galaxy Entertainment Group modeling to inform its current operational expenditure and human capital strategies?"},{"label":"Capital Allocation Strategy","query":"How will Galaxy Entertainment Group's substantial cash reserves be strategically deployed to capitalize on market recovery opportunities or mitigate further downside risks in Macau?"}],"footnotes":""},"categories":[160,16338,163],"tags":[257],"class_list":["post-9711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-asia-pacific","category-east-asia-news","category-finance-news","tag-macau"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9711","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=9711"}],"version-history":[{"count":4,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9711\/revisions"}],"predecessor-version":[{"id":9729,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/9711\/revisions\/9729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/9715"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=9711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=9711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=9711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}