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GALAXY ENTERTAINMENT GROUP LIMITED

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Macau casino revenue drops 8.6% in August

09/01/2019 | 01:29am EST

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)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED 0.22% 45.9 End-of-day quote.13.61%
HUB CO., LTD. -3.33% 552 Delayed Quote.-16.15%
MELCO RESORTS & ENTERTAINMENT LIMITED -3.51% 10.46 Delayed Quote.2.75%
MGM CHINA HOLDINGS LIMITED 1.53% 5.32 End-of-day quote.12.47%
SANDS CHINA LTD. 1.92% 21.2 End-of-day quote.16.74%
SJM HOLDINGS LIMITED 0.39% 5.15 End-of-day quote.-1.90%
SUNCITY GROUP HOLDINGS LIMITED -1.83% 0.107 End-of-day quote.-15.08%
WYNN MACAU, LIMITED -0.42% 7.12 End-of-day quote.11.77%
WYNN RESORTS, LIMITED -0.38% 86.13 Delayed Quote.1.28%
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Financials
Sales 2021 20 649 M 2 651 M 2 651 M
Net income 2021 729 M 93,5 M 93,5 M
Net cash 2021 20 850 M 2 676 M 2 676 M
P/E ratio 2021 267x
Yield 2021 0,01%
Capitalization 200 B 25 691 M 25 675 M
EV / Sales 2021 8,68x
EV / Sales 2022 5,54x
Nbr of Employees 18 000
Free-Float -
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Number of Analysts 19
Last Close Price 45,90 HKD
Average target price 52,85 HKD
Spread / Average Target 15,1%
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Managers and Directors
Robert Charles Drake Group Chief Financial Officer
Che Woo Lui Chairman
James Houghton Director-Information Systems & Technology
Wai Ling Lui Group Director-Human Resources & Administration
James Ross Ancell Independent Non-Executive Director
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