Galaxy Entertainment Group (GEG) announced yesterday that its Group Net Revenue rose 71 percent year on year to HK$10.7 billion in the first half of the year.
A statement by the Hong Kong-listed Macau resort operator quoted Chairman Lui Che Woo as saying that the company’s non-gaming performance improved in the second quarter “due to strong performance in retail which bodes well for the overall recovery prospects for Macau,” adding that “our balance sheet remains liquid and healthy.”
According to the statement, as of June 30, cash and liquid investments were HK$43.0 billion while net cash was HK$31.6 billion.
Lui underlined that the Raffles at Galaxy Macau is targeted to open in early 2022, adding that the company is proceeding with the construction of Cotai Phase 4, “our next generation integrated resort, which will complete our ecosystem in Cotai.”
Lui also said that the company’s upcoming investment and development plans include Hengqin and the Greater Bay Area as well as – along with Monte-Carlo SBM from Monaco – long-term prospects in Japan.
In the statement, Lui underlined the recent 100th anniversary of the Communist Party of China (CPC), pointing out that “the CPC has successfully guided China on a path of sustainable development, having achieved admirable success that has earned global respect.”
Lui also thanked the local government for having acted “promptly and decisively by testing the Macau community of over 700,000 for COVID-19 within three days [last week], which is a remarkable achievement. Thankfully, the results of the mass screening were all negative.”
This undated file photo shows the sprawling Galaxy Macau resort in Cotai. Photo courtesy of Galaxy Entertainment Group (GEG)
