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GALAXY ENTERTAINMENT GROUP LIMITED

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Delayed Hong Kong Stock Exchange  -  09:20 2022-06-29 pm EDT
46.45 HKD   -1.69%
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Macau's August gaming revenues tumble 94.5% despite looser virus curbs

08/31/2020 | 11:17pm 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)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED -1.69% 46.45 Delayed Quote.18.19%
MELCO RESORTS & ENTERTAINMENT LIMITED 0.16% 6.18 Delayed Quote.-39.29%
MGM CHINA HOLDINGS LIMITED 0.00% 4.48 Delayed Quote.-2.11%
SANDS CHINA LTD -1.97% 17.96 Delayed Quote.0.22%
SJM HOLDINGS LIMITED 0.28% 3.59 Delayed Quote.-29.52%
WYNN MACAU, LIMITED -0.19% 5.39 Delayed Quote.-12.87%
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Financials
Sales 2022 20 298 M 2 587 M 2 587 M
Net income 2022 1 960 M 250 M 250 M
Net cash 2022 20 531 M 2 617 M 2 617 M
P/E ratio 2022 103x
Yield 2022 0,81%
Capitalization 206 B 26 261 M 26 261 M
EV / Sales 2022 9,14x
EV / Sales 2023 4,83x
Nbr of Employees 17 157
Free-Float 49,3%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 47,25 HKD
Average target price 51,22 HKD
Spread / Average Target 8,41%
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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 LIMITED18.19%26 535
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SANDS CHINA LTD0.22%18 769
FLUTTER ENTERTAINMENT PLC-28.30%18 224
ARISTOCRAT LEISURE LIMITED-20.82%15 944
ENTAIN PLC-24.96%9 358