Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Galaxy Entertainment Group Limited    27   HK0027032686

GALAXY ENTERTAINMENT GROUP LIMITED

(27)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Macau's August gaming revenues tumble 94.5% despite looser virus curbs

share with twitter share with LinkedIn share with facebook
09/01/2020 | 12:17am EDT

Gambling revenue in Macau plunged 94.5% in August year-on-year with casinos reeling from a lack of visitors to the world's biggest casino hub, despite a loosening of quarantine restrictions which have only seen a modest rise in gamblers.

August's revenue figure of 1.3 billion patacas ($163.01 million) was in-line with analysts' expectations of a drop of around 95 percent.

China has announced that tourist visas, through which a majority of visitors enter Macau, would be reinstated for all provinces from Sept. 23.

Residents from the neighbouring coastal province of Guangdong have already been permitted to apply for visas in August but visitor numbers have not increased significantly.

Casino executives and investors had been eagerly awaiting the loosening of visa restrictions to revive gaming revenue, which has slumped since February due to coronavirus-led travel restrictions.

Visitor levels were around 7,000 daily in the last week of August compared with around 100,000 in 2019.

The subdued visitation adds to a list of hurdles for the former Portuguese colony, already hobbled by slowing economic growth, Sino-U.S. tensions and coronavirus lockdowns.

China's crackdown on online gambling to help contain capital outflows has hit liquidity in Macau's VIP segment, prompting many customers in August to withdraw money from the casino cages.

In June, Beijing had identified the cross-border flow of funds for gambling as a national security risk.

Since then, financing channels used by the online gambling sector and cryptocurrency lending platforms have been cut off, with tens of thousands of suspects arrested.

Casino executives and junket operators say the crackdown is hitting big spending VIP customers due to worries over their financing channels via the junkets.

While China was not targeting the Macau casino industry itself, they said the focus on money laundering and illegal transactions put pressure on liquidity.

(Reporting by Farah Master; Editing by Kim Coghill and Amy Caren Daniel)


Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED -1.00% 54.25 End-of-day quote.-5.49%
MELCO RESORTS & ENTERTAINMENT LIMITED 1.07% 16.06 Delayed Quote.-33.55%
MGM CHINA HOLDINGS LIMITED -0.91% 9.81 End-of-day quote.-22.88%
SANDS CHINA LTD. 0.00% 29.35 End-of-day quote.-29.53%
SJM HOLDINGS LIMITED -0.47% 8.52 End-of-day quote.-3.95%
WYNN MACAU, LIMITED -0.34% 11.7 End-of-day quote.-39.06%
share with twitter share with LinkedIn share with facebook
All news about GALAXY ENTERTAINMENT GROUP LIMITED
10/19GALAXY ENTERTAINMENT GROUP LIMITED : quaterly earnings release
10/01Macau's gambling revenues tumble 90% in September
RE
09/23GALAXY ENTERTAINMENT : Issue of New Shares under General Mandate Pursuant to the..
PU
09/22As cash flees Macau junkets, gambling hub faces long odds of quick recovery
RE
09/21China shares fall as key lending rate left unchanged
RE
09/14China stocks rise as STAR Market shines on regulatory nod to launch ETFs
RE
09/08GALAXY ENTERTAINMENT : Company Statement
PU
09/01Macau's August gaming revenues tumble 94.5% despite looser virus curbs
RE
09/01Macau's August gaming revenues tumble 94.5% despite looser virus curbs
RE
08/28GALAXY ENTERTAINMENT : Company Statement
PU
More news
Financials
Sales 2020 15 404 M 1 988 M 1 988 M
Net income 2020 -2 546 M -328 M -328 M
Net cash 2020 29 224 M 3 771 M 3 771 M
P/E ratio 2020 -79,6x
Yield 2020 0,31%
Capitalization 236 B 30 395 M 30 396 M
EV / Sales 2020 13,4x
EV / Sales 2021 4,25x
Nbr of Employees 22 000
Free-Float 49,2%
Chart GALAXY ENTERTAINMENT GROUP LIMITED
Duration : Period :
Galaxy Entertainment Group Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GALAXY ENTERTAINMENT GROUP LIMITED
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 60,18 HKD
Last Close Price 54,25 HKD
Spread / Highest target 31,8%
Spread / Average Target 10,9%
Spread / Lowest Target -27,9%
EPS Revisions
Managers
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
Sector and Competitors
1st jan.Capitalization (M$)
GALAXY ENTERTAINMENT GROUP LIMITED-5.49%30 395
SANDS CHINA LTD.-29.53%30 637
FLUTTER ENTERTAINMENT PLC31.42%25 681
ARISTOCRAT LEISURE LIMITED-4.34%14 627
EVOLUTION GAMING GROUP AB149.43%14 537
CAESARS ENTERTAINMENT, INC.302.13%11 161