Galaxy Entertainment Group (GEG) Chairman Lui Che Woo praised today the local government's proposed gaming law amendments.
"We belief that the suggested proposals if implemented would improve the regulatory oversight of the industry, increase the sector's transparency and secure the long-term viability of Macau's most important pillar," Lui said in a letter attached to the release of the resort operator's third-quarter financial data.
Lui pointed out that the government's proposals were released in the third quarter during its 45-day public consultation exercise on the proposed amendments.
"The key points that were listed within the consultation paper were not a surprise to those who closely follow Macau," Lui said.
In his letter, Lui also praised the local government "for acting decisively to contain the most recent outbreak of COVID-19 including completing the mass testing of Macau's residents," adding that his company is "pleased to report that GEG has achieved at a 92 percent vaccination level for team members and we are working hard to achieve 95 percent in the near future."
The government is slated to submit its gaming law amendment bill to the local legislature fairly soon for debate and vote. Macau's three gaming concessions (including GEG's) and three sub-concessions are slated to expire next June.
Meanwhile, Lui also said in his letter that his company was "pleased" that that the central government unveiled in September the General Plan for the Development of the Guangdong-Macau In-depth Cooperation Zone in Hengqin.
Zhuhai's Hengqin Island lies very close to Macau's Cotai entertainment precinct where GEG's Galaxy Macau mega-resort is located.
Lui said he believed that Macau's gaming and tourism industry will "greatly benefit" from the plan "which confirms strong support from the central government for Macau and its long-term growth potential as well as the Greater Bay Area" (GBA), adding, "We believe that the future relaxation of immigration [procedures] between Macau and Hengqin will stimulate further economic activity."
In the statement to the Hong Kong Stock Exchange, GEG said that it continued to be impacted by COVID-19 and Macau's travel restrictions.
Net revenue rose 176 percent year-on-year but fell 23 percent quarter-on-quarter to HK$4.3 billion in the third quarter. The statement said that GEG "played unlucky" in the third quarter, which decreased adjusted EBITDA by about HK$47 million.
As of September 30, cash and liquid investments totalled HK$38.4 billion, while net cash equalled HK$27.8 billion and debt stood at HK$10.6 billion, "primarily reflecting ongoing treasury yield management initiatives with minimal core debt."
GEG owns six of Macau's 42 casinos.
