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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Galaxy Entertainment Group Limited    0027   HK0027032686

GALAXY ENTERTAINMENT GROUP LIMITED

(0027)
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Macau casino revenue drops 8.6% in August

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09/01/2019 | 01:29am EDT

HONG KONG (Reuters) - Gambling revenue in the Chinese territory of Macau dropped 8.6% in August on the year, hit by tapering demand from high rollers, due to slowing economic growth amid China's trade war with the United States and protests in neighbouring Hong Kong.

August's figure was 24.3 billion patacas ($3.01 billion), Macau's Gaming Inspection and Coordination said in data posted on Sunday, below analysts' expectations of a drop of 2%-6%.

The figure was slightly lower than July's monthly revenue of 24.4 billion patacas.

While protests in the Asian financial hub of Hong Kong have disrupted transport and deterred travel to the former British colony and then on to Macau, analysts say the impact on gaming revenues has been minimal.

However, the protests have added to the impact of factors such as a typhoon earlier in the month that hit China's coastal cities and tightening liquidity in the high-roller VIP sector.

Macau's biggest junket operator, Suncity, which operates VIP gambling rooms around Asia, was singled out by state media in July as raking in billions of dollars in online gaming and proxy betting, "causing great harm to China’s social economic order".

"The negativity surrounding Suncity continues to pressure junket VIP, as some agents withdraw some funds and some VIP players delay visiting Macau," said Vitaly Umansky, an analyst at Sanford C. Bernstein in Hong Kong.

(Reporting by Farah Master; Editing by Clarence Fernandez)

Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED 0.29% 51.25 End-of-day quote.2.81%
MELCO RESORTS & ENTERTAINMENT LIMITED 0.63% 20.72 Delayed Quote.17.59%
MGM CHINA HOLDINGS LIMITED 0.33% 12.32 End-of-day quote.-6.67%
SANDS CHINA LTD. 0.41% 36.7 End-of-day quote.6.38%
SJM HOLDINGS LIMITED 0.39% 7.82 End-of-day quote.6.83%
SUNCITY GROUP HOLDINGS LIMITED 0.00% 1.76 End-of-day quote.43.09%
WYNN MACAU, LIMITED 1.15% 15.9 End-of-day quote.-7.67%
WYNN RESORTS -0.91% 113.83 Delayed Quote.15.08%
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Financials (HKD)
Sales 2019 56 355 M
EBIT 2019 12 727 M
Net income 2019 13 295 M
Finance 2019 24 224 M
Yield 2019 1,86%
P/E ratio 2019 16,6x
P/E ratio 2020 16,1x
EV / Sales2019 3,51x
EV / Sales2020 3,25x
Capitalization 222 B
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Number of Analysts 24
Average target price 60,34  HKD
Last Close Price 51,25  HKD
Spread / Highest target 44,0%
Spread / Average Target 17,7%
Spread / Lowest Target -6,34%
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NameTitle
Che Woo Lui Chairman
Robert Charles Drake Group Chief Financial Officer
James Houghton Director-Information Systems & Technology
Wai Bun Cheung Non-Executive Director
James Ross Ancell Independent Non-Executive Director
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