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
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.
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.
“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.”
Macau began relaxing Covid-19 travel restrictions in early January in lockstep with mainland China and Hong Kong. Macau recorded nearly 5 million visitors in the first quarter of the year, more than double the 1.9 million in the same period in 2022. The numbers, however, are around 48 per cent of pre-pandemic levels of 10.4 million in 2019.
