Galaxy Entertainment Group (GEG) Chairman Lui Che Woo said today that “the Macao government continues to perform admirably throughout the [COVID-19] pandemic with proactive and decisive leadership and generating community support.”
According to a GEG statement, Lui expressed his admiration for the local government’s anti-novel coronavirus disease measures during his company’s presentation of its second-quarter and first-half interim results in Hong Kong.
Lui said that Macao government officials “are clearly focused on public health and safety as well as economic and social stability,” adding that “as a responsible corporation GEG continues to work closely with, and supports the Macao government, local SMEs and local employment.”
The nonagenarian tycoon admitted that COVID-19 has had an adverse impact on his company’s financial results in the second quarter and first half, as mainland China, Hong Kong and Macao have faced travel restrictions and social distancing.
“With minimal revenue and ongoing staff costs,” the statement pointed out, the company’s adjusted EBITDA stood at a negative HK$1.4 billion for the second quarter.
According to the statement, GEG’s first-half net revenue of HK$6.2 billion was down 76.0 per cent year-on-year.
The statement also quoted Lui as saying: “We are pleased that Macao and Guangdong have taken the critical step in creating a travel bubble”.
Lui also underlined that GEG’s “balance sheet remains strong with HK$49.8 billion in cash and liquid investments and HK$43.6 billion of net cash,” adding that the balance sheet is “virtually unlevered”.
Lui also said that GEG continues “to make progress with our concept plan for a lifestyle resort on Hengqin [island in Zhuhai] that will complement our high-energy resorts in Macao.” He also said: “We view Japan as a great long-term growth opportunity that will complement our Macao operations and our other international expansion ambitions”.
The statement also quoted Lui as saying that while expecting to experience further head winds from the pandemic … in the medium to longer term, we continue to remain optimistic about the outlook for Macao in general and GEG specifically.”
Lui, who holds several honorary doctorates, also said he believed that “there is a significant pent-up demand for leisure, tourism and travel from [mainland] China.”
GEG owns six of Macao’s 41 casinos, according to the Gaming Inspection and Coordination Bureau (DICJ) website.