Galaxy suffers Macau casino woes

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Macau casino operator Galaxy Entertainment has joined its colleagues from other venues in recording steep reductions in income and profitability in the second quarter of 2022.

Inter-provincial travel impediments by the Chinese government, plus another coronavirus outbreak in the territory, sent Galaxy’s second quarter revenue down to $2.4bn, 41 per cent by comparison to the previous year. EBITDA was minus $0.4bn against $1.1bn in the second quarter of last year.

However, Lui Che Woo, chairman, said that the group’s balance sheet remained liquid and healthy with investments valued at $29bn and net cash at $20.3bn. Debt remains at $0.3bn.

The company operates Galaxy Macau (pictured) and StarWorld and Broadway in Macau. It is working on phases three and four of its Cotai developments.

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