Galaxy Ent reports revenue fall in 2019

Galaxy Entertainment has released its latest financial report, detailing operations in 2019, a year in which it registered a 6% decline in revenue.

US.- Galaxy Entertainment Group has revealed that its net revenue declined 6% year-on-year to €6.1 billion in 2019. Chairman Dr Lui Che Woo also released an open letter in which it expressed his concerns about the recent coronavirus outbreak in the region.

The report shows that adjusted EBITDA for 2019 decreased 2% to €1.9 billion, while full year net profit fell 3% to €1.5 billion. Galaxy Macau was the top performer, as it registered the highest revenue in 2019 with €4.4 billion, even though the number was down 5% when compared to the previous year.

“A prolonged coronavirus crisis may have a material effect on our 2020 financial results and our development projects in Macau,” Galaxy Entertainment said.

Galaxy Ent won’t pursue an IR in Osaka

The Japanese casino race is well underway, but some companies are already pulling out. That’s the case of Galaxy Entertainment and a potential Osaka IR development. The company’s interest is no longer put on that location, but it will pursue others.

“We have greatly appreciated being able to play an active role in the RFC stage,” Vice Chairman Francis Lui said. “(We’ve) enjoyed the in-depth discussion this afforded us – in particular, being given the opportunity to listen, learn and share our vision for how this new industry could benefit the city of Osaka, the business community, its citizens and the wider economy of Japan.

“However, after deep reflection, we decided at this time that our focus should be on other potential locations in Japan, including among others, Yokohama.

“We informed the Osaka City Integrated Resort Promotion Bureau of this decision well ahead of the February 14 deadline for application to participate in the RFP and the City were understanding and appreciative of the efforts we made in assisting them with the process to date.”