Galaxy Entertainment Group Q3 revenue down 88% year-on-year
Galaxy Entertainment Group (GEG) has reported an 88% year-on-year decline in revenue for Q3 2020, down to HK$1.55bn ($200m).
The figure is, however, a 34% increase from the HK$1.15bn reported in Q2.
The Macau casino operator runs its flagship property Galaxy Macau, as well as the StarWorld Hotel and Broadway Macau.
The operator’s quarterly rise in revenues has been aided by eased border restrictions between Macau and mainland China, as well as the resumption of the Individual Visit Scheme (IVS) for residents of Guangdong Province in August.
“During this period of low revenue, we have continued to focus on effective cost control versus revenue generation,” said GEG chairman Lui Che Woo.
“However, it is important not to cut costs excessively and therefore adversely impact our renowned ‘World Class, Asian Heart’ service standards and customer experience.
“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.”
The chairman also highlighted Galaxy’s future aspirations in the report, which includes the exploration of opportunities in the Japanese market.
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