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Macau casino operator Galaxy Entertainment’s revenue jumps 72 per cent as tourists return, to create 900 jobs for locals
- Casino firm controlled by the family of Hong Kong tycoon Lui Che-woo posts first-quarter revenue of HK$7.05 billion (US$901.8 million) versus HK$4.1 billion a year ago
- The opening of Galaxy’s convention centre and two new hotels will create 900 jobs for Macau residents
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Galaxy Entertainment Group said it would create 900 new jobs for locals after the Macau casino operator recorded a 72 per cent jump in first-quarter revenue, following the city relaxing its Covid-19 restrictions and reopening its borders to tourists.
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The casino firm, controlled by the family of Hong Kong property tycoon Lui Che-woo, reported revenue of HK$7.05 billion (US$901.8 million) in the first three months of 2023, compared with HK$4.1 billion a year ago, according to a filing with the Hong Kong stock exchange on Monday. Revenue was 142 per cent higher compared with the fourth quarter.
Galaxy Entertainment’s adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda) came in at HK$1.91 billion, up from HK$575 million a year earlier, and reversing a HK$163 million loss in the previous quarter.
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“It has been very pleasing to see solid pent-up customer demand following the relaxation of travel restrictions,” chairman Lui said. “Visitors arrivals, hotel occupancy, gaming revenue and retail sales have all seen good growth.”
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