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GALAXY ENTERTAINMENT GROUP LIMITED

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Delayed Hong Kong Stock Exchange  -  05/24 04:08:14 am EDT
38.95 HKD   -5.23%
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Macau casinos to stop junkets at world's biggest gambling hub - Bernstein

12/07/2021 | 05:22am EDT
FILE PHOTO: A night view of the Casino Lisboa after gambling recommenced at midnight, in Macau

HONG KONG (Reuters) - Macau's gaming regulator has ordered junket operators in the world's largest gambling hub to stop offering credit to customers, according to brokerage firm Bernstein.

Macau's Gaming Inspection and Co-ordination Bureau (DICJ) has ordered the operators, who bring big-spending clients from mainland China to VIP rooms in Macau casinos, often with loans to gamble with, to stop offering credit, Bernstein said in a research note on Monday, citing sources.

"Wynn and others are in the process of shuttering junket operations," Bernstein said in the note.

Separately, Bloomberg News reported on Tuesday, citing unidentified sources, that Wynn and Melco would close their junket rooms by Dec. 20 and Dec. 21.

Macau's gaming regulator did not respond to a request for comment.

Casino operators Wynn Macau, Sands China, Galaxy Entertainment, SJM Holdings and Melco International Development also did not respond to requests from Reuters for comment.

The news comes days after embattled junket giant Suncity closed all of its VIP gambling rooms in Macau after its chief executive, Alvin Chau, was arrested over alleged links to cross-border gambling.

Authorities in mainland China, where gambling is illegal, see junkets as responsible for helping to siphon billions of yuan overseas, a risk to a country that has always had strict controls on capital outflows.

Carlos Lobo, a Macau-based gaming consultant, said if the Macau government did make junkets stop offering credit to clients, it would mark the end of an era.

"If this is true, the junkets will have to operate as a travel agency, through activities such as receiving fees for bringing rich clients to casino operators, rather than receiving commissions from VIP gaming rooms which has been the main business model for years," he said.

(Additional reporting by Anne Marie Roantree; Editing by Robert Birsel)

By Eduardo Baptista


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED -5.23% 38.95 Delayed Quote.1.73%
MELCO HOLDINGS INC. -0.83% 3595 Delayed Quote.-10.93%
MELCO INTERNATIONAL DEVELOPMENT LIMITED -3.33% 4.94 Delayed Quote.-46.27%
MGM CHINA HOLDINGS LIMITED -4.68% 3.67 Delayed Quote.-18.60%
SANDS CHINA LTD -7.53% 14 Delayed Quote.-16.63%
SJM HOLDINGS LIMITED -3.83% 3.01 Delayed Quote.-40.38%
SUNCITY GROUP HOLDINGS LIMITED -5.08% 0.056 Delayed Quote.-55.56%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.06% 6.65705 Delayed Quote.5.35%
WYNN MACAU, LIMITED -2.78% 4.2 Delayed Quote.-32.18%
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Financials
Sales 2022 22 048 M 2 809 M 2 809 M
Net income 2022 2 023 M 258 M 258 M
Net cash 2022 21 342 M 2 719 M 2 719 M
P/E ratio 2022 82,1x
Yield 2022 0,98%
Capitalization 170 B 21 627 M 21 628 M
EV / Sales 2022 6,73x
EV / Sales 2023 3,52x
Nbr of Employees 17 157
Free-Float 49,2%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 38,95 HKD
Average target price 53,06 HKD
Spread / Average Target 36,2%
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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
Sector and Competitors
1st jan.Capi. (M$)
GALAXY ENTERTAINMENT GROUP LIMITED1.73%22 820
EVOLUTION AB-24.38%21 112
FLUTTER ENTERTAINMENT PLC-20.56%20 643
ARISTOCRAT LEISURE LIMITED-17.81%17 086
SANDS CHINA LTD-16.63%15 609
ENTAIN PLC-15.69%10 496