Galaxy Entertainment Group was founded in 1988 by Lui Che-Woo. It was awarded a concession to operate casinos in Macau in 2002 and entered the market in 2004 with the opening of the first of four City Club Casinos — the Casino Waldo.The company owns the five-star StarWorld Hotel and Casino on Macau Peninsula, opened in 2006, and opened the first phase of its Galaxy Macau integrated resort on Cotai in May 2011. The company opened the expansion to the resort, Galaxy Macau Phase 2 and the Broadway Macau in 2015, marking the first new resorts to open in the territory since 2012. It has plans for Phases 3 and 4 of the property for a total investment of HK$100 billion ($12.8 billion). Site works are expected to start in 2016.In addition, the Group has also entered into a framework agreement with the Hengqin authority to develop a 2.7 square kilometer land parcel for a world class destination resort in Hengqin Island.
Mr. Francis Lui Yiu Tung, aged 61, joined the Group in 1979.He has been an executive Director of the Company since June 1987 and is the Deputy Chairman and a member of each of the Executive Board, Nomination Committee and Remuneration Committee as well as the Chairman of Corporate Governance Committee of the Company.Mr. Lui is also an executive director of K. Wah International Holdings Limited. He holds a bachelor of science degree in civil engineering and a master of science degree in structural engineering from the University of California at Berkeley, USA.Mr. Lui is a member of the National Committee of the Chinese People’s Political Consultative Conference, a member of the Election Committee of the HKSAR and a member of the Chief Executive Election Committee of Macau SAR. He is also a director of the 68th Term of Macao Chamber of Commerce and an Honorary Chairman of the 18th Term of Kiang Wu Hospital Charitable Association. Mr. Lui was awarded the Medal of Merit – Tourism by Macau SAR in 2012 and Asia Pacific Entrepreneurship Awards 2014 – Entrepreneur of the Year by Enterprise Asia in 2014. Mr. Lui is a son of Dr. Lui Che Woo and a younger brother of Ms. Paddy Tang Lui Wai Yu.
Galaxy Entertainment Group’s third-quarter results beat analyst estimates, with adjusted EBITDA of $4.1 billion, up 6 percent year-on-year. In a Q3 earnings release, Galaxy reported solid mass performance with mass GGR up 11 percent to $7.3 billion. Electronic GGR was up 3 percent to $641 million. VIP, however, remained challenging, with VIP GGR down 26 […]
Galaxy Macau’s planned Cotai expansion will see the addition of the Andaz Macau hotel, due to open in the first half of 2021. The hotel will become the first Andaz hotel in the world to be part of an integrated resort, and will be open alongside the Galaxy International Convention Center (GICC), a 16,000-seat Galaxy […]
Francis Lui, vice chairman of Galaxy Entertainment Group (GEG), was honored as the most influential person in Asia’s gaming industry at the 12th Inside Asian Gaming Power 50 Gala Dinner on Friday. Mr. Kevin Kelly, Chief Operating Officer – Macau of GEG also made the Asian Gaming Power 50 list. Mr. Lui said, “I am […]
Melco Resorts & Entertainment and MGM Resorts are likely to have gained market share in Q3 as new properties ramp up, while Wynn Resorts and Galaxy Entertainment may have slipped due to their greater reliance on VIP, Bernstein analysts say.
Sands China and Galaxy Entertainment Group retained their top position in Macau gaming market share in 19H1, according to analysts at Deutsche Bank. The note from the analysts, cited by Tribuna de Macau, noted that Sands China was at the top of the pack, with 24.1 percent of the total market, followed by Galaxy Entertainment […]
The municipal government told reporters on Monday that Yokohama’s long period of indecision had ended and that Mayor Fumiko Hayashi would announce later in the week that her city would seek to host a major urban IR at the 47-hectare Yamashita Pier location.
Galaxy Entertainment has announced a new three-week program which will bring students from Toyo University, Kyoto Sangyo University, Fukuoka University, and Okura Nikko Hotel Management to Macau for training about the IR industry.
The Galaxy Entertainment EuroJapan Cup drew 65,000 soccer fans to watch the friendly match between the English Premier League 2019 Champions, Manchester City, and Japan’s Yokohama F. Marinos, which the English team won 3-1.
Galaxy Entertainment Group (GEG) announced on Friday that a Special Discretionary Payment equivalent to one month of base salary and guaranteed tips will be awarded to eligible team members at Senior Manager grade and below, benefiting 99 percent of the company’s non-management employees. The bonus has been awarded in recognition of team members’ hard work […]
Galaxy’s Chief Operating Officer for Japan Development Ted Chan doesn’t believe in being the loudest international IR operator in Japan, but as he explained to Asia Gaming Brief in an exclusive interview, he does believe in a step-by-step, careful approach that brings real strength when it comes time to make a move. After more than […]
Galaxy Entertainment Group (GEG) has announced that the company will join the Non-Mandatory Central Provident Fund (CPF) scheme in July 2019. GEG said the move is in support of the Macau SAR Government’s initiative to strengthen retirement protection for local residents. GEG already has a well-received Pension Fund scheme in place for all eligible team […]
Galaxy Entertainment Group (GEG) saw its results weighed down by a challenging VIP segment in 19Q1, with the high-roller focused segment falling 25 percent year-on-year. While the company posted stronger mass performance in the quarter, with total mass GGR rising 9 percent year-on-year to $7.3 billion, it also posted a 25 percent falling VIP GGR, […]
Galaxy Entertainment Group posted a six percent increase in its net revenue for the third quarter of 2018, reaching $13 billion, with the results held back by bad luck. VIP volume was up 14 percent year-on-year, above market performance, while mass and slots GGR tracked at 9 percent year-on-year growth, in line with the market. […]
Some of Macau’s operators on Wednesday celebrated the first trips across the new Hong Kong-Macau-Zhuhai bridge, which is expected to drastically improve accessibility to the gambling hub. Sands China held a welcoming party at The Parisian Macau for several busloads of passengers who arrived at 11 a.m. from Hong Kong after crossing the world’s longest […]
Galaxy Entertainment Group has announced the addition of a new VIP room at its Galaxy Macau property, named JinMen8. According to a press release from the operator on Wednesday, the new VIP room is located at the top of The Ritz-Carlton hotel at Galaxy Macau – and is said to have costed MOP 300 million […]
Lui Che Woo, chairman of Galaxy Entertainment, says he is “very confident” that his company’s project on Boracay will go ahead, despite Philippine president Duterte’s insistence that no casinos will be built on the island. Speaking in a CNBC Interview, which aired on Monday, Dr. Lui said that when Galaxy first indicated their interest to […]
No casinos, either new or existing will be allowed on the island of Boracay once it reopens after a tourism ban to reverse environmental damage, Tourism Secretary Bernadette Romulo-Puyat was cited as saying at a conference in Manila.
Galaxy Entertainment Group (GEG) delivered record performance in the first half of 2018, driven by strong mass, VIP and operational execution, although the results were in line with market expectations. Group net revenue reached HK$28.1 billion in the six months ended June 30, up 25 percent year-on-year, while net profit rose 56 percent year-on-year to […]
Galaxy Entertainment announced on Monday its “Japan-Macau Integrated Resort Management Mentorship Pilot Scheme,” a partnership with Toyo University to educate Japanese students about IR management, looking forward to the development of the new industry in the mid-2020s. The press release noted that “the Mentorship Scheme is intended to identify and give the coming generation of […]
While Macau stocks underperformed the Hang Seng Index in 18H1, Morgan Stanley analysts believe Macau casinos will “meet or beat” earning estimates for the full year 2018. The underperformance of the HSI was “partially explained by China’s macro slowdown, World Cup impact, and lower win rate. However, most of the companies should be able to meet […]
The Philippine Amusement and Gaming Corp said the decision to put a moratorium on issuing further land-based casino licenses in the country was designed to protect investments made by existing operators.
Galaxy Entertainment has been working with a Hong Kong-based digital agency to monitor and manipulate staff on social media to weed out negative comments and promote a positive image, the South China Morning Post reports.
The latest financial results from Macau’s operators showed a healthy increase in slot machine revenue, indicating that a mix of product innovation, evolving customer preferences and new capacity are beginning to help them gain traction. According to figures from Macau’s Gaming Inspection and Coordination Bureau (DICJ), GGR from slot machines in the enclave was MOP […]
Jean-Louis Masurel, managing director of Société des Bains de Mer (SBM), the owner-operator of the Monte Carlo Casino and other major properties within the Principality of Monaco, minces no words in explaining why his storied European firm chose the Galaxy Entertainment Group as its Asian partner—because they are “the best.”
Leisure & Resorts World Corp. said its Q1 profit dropped nearly 70 percent following its divestment from the City of Dreams, non-recognition of deferred tax assets and pre-opening expenses from a planned casino on Boracay.
Macau gaming operators Sands, Melco and Galaxy are best placed to capitalize on the rise of the Chinese premium market, according to Bernstein Research. The brokerage published its latest report, titled “China Consumer: Where to Play, How to Win… Premium is the New Mainstream,” on Friday, covering the latest trends in premium mass spending, preferences […]
Galaxy Entertainment Group on Wednesday unveiled their vision for their proposed integrated resort in Japan. Appealing to both Japanese and international guests, GEG and their partner, Monte-Carlo Société des Bains de Mer, said they envision the development of an IR that will have a transformative impact on the Japanese economy and the city and community […]
Gaming operator Galaxy Entertainment Group on Friday announced the appointment of Michael Mecca as the company’s non-executive director, with effect from May 4, 2018. The service contract for the position is for a term of 3 years commence on May 4, and will be subject to retirement by rotation and re-election in accordance with corporate […]
Philippine president Rodrigo Duterte on Sunday said there was never any plan to put a casino in Boracay, local media reports. “There will never be one” said Duterte in a press briefing after returning from the ASEAN Summit in Singapore. “All of them made a courtesy call before they started on a project. They were […]
The Philippines gaming regulator has denied recent claims that Galaxy Entertainment Group would abandon its plans for an integrated resort in Boracay, saying that a final decision has yet to be made on the issue. In a text message, Philippine Amusement and Gaming Corp. (Pagcor) chair Andrea Domingo reportedly expressed surprise at the statements made […]
Macau-based Galaxy Entertainment will not be able to build its planned $500 million integrated resort on the Philippine island of Boracay, local media reported a spokesman for President Rodrigo Duterte as saying. “There will be no new casino in Boracay,” Harry Roque said in a news conference in Hong Kong that was aired on local […]
President Rodrigo Duterte, who earlier this week denied knowledge of plans for a casino on Boracay, in December met with officials from Galaxy Entertainment Group to discuss the project, local media reports. According to ABS-CBN news, a press release from the President Communications Operations Office showed the meeting was held on Dec. 6th. “Galaxy Entertainment, […]
Philippine President Rodrigo Duterte says he’s opposed to the building of a casino complex on Boracay and vowed to hand over the land to local farmers, local media reports. Speaking at a press conference before flying to China, Duterte told reporters, “There are no plans for a casino. Let’s stop it because it’s too much. […]
MGM Resorts has expressed an interest in buying Wynn Resorts through back-channel approaches, the New York Post reported, citing unnamed sources. Wynn Resorts is not on the block, but the newspaper cited one source close to the situation as saying the company’s new CEO would sell if he got the right price.“I think if the […]
The Secretary for the Department of Environment and Natural Resources has expressed concern that a plan to build a $500 million casino resort on the Philippine island of Boracay runs counter to the government’s plan to rehabilitate the environment there. Local media reports that Secretary Roy Cimatu met with local stakeholders on the island on […]
The proposed Boracay resort to be developed in partnership between Galaxy Entertainment Group and Leisure and Resorts World Corp. (LRWC) will not be a “mega casino” but rather, a family oriented leisure destination. In a statement, LWRC on Monday defended its $500 million resort, noting its focus on providing family entertainment, rather than gaming services. […]
Galaxy Entertainment has bought a stake of just under 5 percent in Wynn Resorts from the company’s founder Steve Wynn, calling the purchase a “unique investment opportunity.” The Macau-based operator bought a total of 5.3 million shares at $175, resulting in gross proceeds of $927.5 million to Wynn. Steve Wynn also sold a further 4.1 […]
The Philippines is in a strong position to capture a growing share of the premium mass market to help diversify its tourism base, according to Bloomberg Intelligence. The industry in the Philippines has been reliant largely on the local mass market, though with the development of new IRs in the Entertainment City hub in Manila […]
Philippine Amusement and Gaming Corp (Pagcor) Chair Andrea Domingo says the regulator expects to double the revenue it receives from its offshore online gaming license once a new audit platform is up and running. Giving the keynote speech at the ASEAN Gaming Summit, Domingo said last year Pagcor earned PHP3.9 billion ($74.8 million) from the […]
Leisure & Resorts World Corp (LRWC) said one of its units has bought a 23-hectare site on Boracay island to develop a $500 million integrated resort with Galaxy Entertainment. In a filing with the Philippine Stock Exchange, the company said it expects the Philippine Amusement and Gaming Corp to issue a provisional license for the […]
Galaxy Entertainment Group’s proposed $500 million casino in Boracay will be proceeding despite an impending closure of the island for up to one year, said PAGCOR on Friday. “Yes, we are signing the contract for their provisional license before the end of the month,” said Pagcor chairman Andrea Domingo to GMA News on Friday. The […]
Shares in Macau’s gaming operators have surged 82 percent since the fourth quarter of 2016 and as a result most are overvalued, with investors failing to factor in potential risks from a cyclical economic downturn and license renewals, Morningstar warns. The firm says that Galaxy Entertainment, Wynn Macau and its parent company Wynn Resorts, Melco […]
Several employees of Galaxy Entertainment Group on Friday gathered at the Labor Affairs Bureau claiming unfair treatment by the casino operator, local media reports. Cloee Chao, president of the New Macau Gaming Staff Rights Association said the workers, around 60 years of age, have been required to resign voluntarily by the gaming group. Chao said […]
While bad luck affected its Macau operations, casino operator Galaxy Entertainment Group (GEG) reported a 67 percent increase in net profit for the full year 2017. Total gaming revenue for the group went up 17 percent year-on-year, with mass and VIP revenue up 15 and 19 percent year-on-year, respectively. GEG derives most of its gaming […]
Galaxy Entertainment Group celebrated its inclusion this week on the Nikkei Asia300 Investable Index, which is designed to recognize Asia’s biggest and fastest-growing companies. Galaxy was one of 34 Hong Kong-listed companies to be included on the list, and the only Hong Kong gaming company. A press release stated, “Participation in the Nikkei Asia300 Investable […]
Outsized VIP gains and premium mass strength saw Wynn, Melco and Galaxy “significantly” outperform its Macau peers, according to Bernstein analysts in a note on Friday. Bernstein says its 2018 top picks are Melco and Wynn, with Melco’s growth driven by Morpheus at City of Dreams and continued ramp up at Studio City. Wynn will […]
Galaxy Entertainment Group held a press briefing in Tokyo on Tuesday, led by Jeremy Walker, Galaxy’s vice-president of international development, and featuring Patrick Medecin, the ambassador of the Principality of Monaco to Japan. Ambassador Medecin’s support for Galaxy’s bid to build an IR in Japan is connected to the fact that Galaxy is working in […]
Catholic priests on the Philippine island of Boracay have vowed to oppose plans by Galaxy Entertainment to build a $500 million IR on the island, according to local media. Father Jose Tudd Belandres of the Most Holy Rosary Parish, told media that church leaders in the province have been consistent in campaigning to make Boracay […]
Macau casino operator Galaxy Entertainment Group has confirmed that it is planning on opening a casino resort in Philippines, Bloomberg reports. Rumors that the company was looking to expand its gaming business in the Philippines came about in August after a subsidiary of Galaxy Entertainment Group, Galaxy Casino reportedly chose Negros Occidental Rep. Alfredo “Albee” […]
Macau casino operator Galaxy Entertainment reported third quarter results mostly in-line with analyst estimates, with adjusted EBITDA reaching HK$3.5 billion and revenue of HK$15.9 billion. Galaxy Entertainment on Thursday posted revenue growth of 23 percent year-on-year in the quarter, while adjusted EBITDA grew 31 percent year-on-year. Galaxy however said that bad luck in gaming operations […]
Galaxy Entertainment Group has become the first casino operator in Macau to accept WeChat Pay across its property portfolio. The company made the announcement on Wednesday, the day it launched its partnership with ICBC (Macau) and WeChat to accept the payment method. “GEG’s first-in-Macau partnership with ICBC (Macau) and WeChat answers the needs of Mainland […]
In support of the environmental policies of the Macau SAR Government and the objective of turning Macau into a green city, the city’s six casino operators are to introduce new energy/electric shuttle bus services for passengers, for which the trial run will start with the Cotai Connection route. To alleviate road traffic, the six operators […]
Shares in Macau’s casino operators listed in Hong Kong fell on Monday after figures from the key Golden Week holiday showed a “disappointing” mix in gross gambling revenue. According to Bernstein Research, GGR from Oct. 1 to 8th was MOP8.5 billion ($1.06 billion), which was in line with estimates. The figure is 49 percent higher […]
Employees of Macau casino operator Galaxy Entertainment Group (GEG) gathered outside Galaxy Macau on Tuesday, disgruntled over a recent bonus offering from the company, local media reports. The protests, organized by the New Macau Gaming Professionals Association, demanded the workers to be paid a full 14-months salary, rather than the bonus that was offered recently. […]
Galaxy Entertainment Group (GEG) posted an 81 percent rise in net profit for the first half of the year due to the rebound in VIP and mass revenue. Net profit for the half year reached HK$4.6 billion (US$587.8 million), while revenue increased 12 percent year-on-year to HK$28.5 billion. The group’s total gaming revenue increased 9 […]
Casino operator Galaxy Entertainment Group is looking to expand its gaming business to the Philippines, according to industry sources. A subsidiary of Galaxy Entertainment Group, Galaxy Casino has reportedly chosen Negros Occidental Rep. Alfredo “Albee” Benitez as its local partner, reports The Star. Benitez is the founder of Leisure and Resorts World Corp. (LRWC). It […]
Galaxy Entertainment Group has deployed Tangam System’s Table Games Yield Management (TYM) system to increase table games profitability and enhance the guest experience. TYM is now operating across all mass and mass premium table games at Galaxy Macau, Starworld, and Broadway. “TYM was instrumental in delivering growth in EBITDA by improving operational and labor efficiencies […]
The Macau government is looking at the possibility of amending the terms and conditions relating to the refreshment of gaming rights for Macau’s current gaming concessions and sub-concessions. SJM’s and MGM’s concessions are set to expire in 2020, while Wynn’s, Galaxy’s, Melco’s and Sands’ licenses are set to expire in 2022. According to a government […]
Wynn and Galaxy are expected to outperform over MGM, Melco and SJM during the 17Q2 results season, driven by market share gains in both VIP and mass, says Morgan Stanley. The brokerage in a Thursday note pointed to Galaxy and Wynn Macau to be their top picks (previously Melco) due to more attractive valuation and […]
Gross gambling revenue for May in Macau jumped 23.7 percent, far exceeding analysts’ expectations, most likely due to continued strength in the VIP market. Total revenue was MOP22.7 billion ($2.8 billion), according to figures from the DICJ. That far exceeded the consensus expectation for growth of 16 percent in the month. The strong gain came […]
Lawrence Ho, chairman and CEO of Melco Resorts and Entertainment Ltd says he is more interested in building a casino in Osaka over Tokyo as the integrated resort model makes more sense there, Bloomberg reports. “When you go to the Kansai region, it’s more fun, really, and we’re a company that focuses on fun and […]
AGB today announced the winners of Asia Gaming Awards 2017, recognizing achievements from Asia’s leading land-based operators, suppliers and entrepreneurs. Held at the Parisian Macao on Tuesday, each of the 12 winners on the night took home a magnificently crafted award, moulded into the shape of a dragon – a symbol of strength and good […]
Galaxy Entertainment Group executive director Francis Lui is calling for closer co-operation between Macau’s gaming regulator and its concessionaires and suggested the government should consider cutting taxes to help Asia’s gambling hub remain competitive. Lui made the comments during his opening speech of the G2E Asia conference on Tuesday. He was speaking about the importance of […]
Gross gambling revenue is likely to gain more than 16 percent in Q2, but will be down about 5 percent sequentially from Q1, while the second half of the year will decelerate further due to a fall off in VIP revenue, Bernstein Research estimates. In 2H, the firm expects growth to be about 5 percent […]
Macau casino operator Galaxy Entertainment Group has signed an agreement with Tange Associates, a Japanese architectural firm, to design a “suitable” IR in Japan, Macau Business reports. “Tange is probably the leading architectural firm in Japan and have designed and built many of Japan’s most iconic buildings. Tange [Associates] are assisting us in a design […]
Influential industry speakers are set to address attendees at this year’s Global Gaming Expo Asia (G2E Asia). Francis Lui, deputy chairman of the Galaxy Entertainment Group, will provide opening remarks at 9:30am on May 16. The conference program includes other industry experts who will address: Status and projections for the Asian market; Integrated Resort products […]
Macau gambling operator, Galaxy Entertainment Group is looking to enter the heated battle over one of Japan’s casino licenses with the help of Monaco’s Societe des Bains de Mer, SCMP reports. “We see loads of potential in the Japanese market and aim to win a casino license there in cooperation with Societe des Bains de […]
Macau casino operator Galaxy Entertainment Group saw first quarter revenue increase 5 percent year-on-year to $14.1 billion, according to the company’s filing to the Hong Kong Stock Exchange on Thursday. Q1 group adjusted EBITDA increased 31 percent year-on-year to $3.2 billion, up 7 percent quarter-on-quarter, higher than anlayst expectations. Adjusted EBITDA over the last 12 […]
Morgan Stanley analysts are estimating Macau property EBITDA to reach US$1.8 billion in 17Q1, representing a 20 percent year-on-year growth. March GGR grew 5 percent quarter-on-quarter and 13 percent year on year to MOP 63.5 billion (US$7.9 billion), said the brokerage in a note on Thursday. Looking at the quarter, the brokerage expects Melco Resorts […]
Casino operator Galaxy Entertainment Group has plans to partner with its associate in Monaco, Societe des Bains de Mer (SBM), to pursue casino resort development opportunities in Japan and other markets in Asia-Pacific. In an interview with Nikkei Asia Review, Galaxy president Michael Mecca said the passage of the casino gambling bill made it “a […]
Galaxy Entertainment Group Deputy Chairman Francis Lui Yiu Tung says his company has studied plans for a casino in the Japanese cities of Osaka and Tokyo and is confident of obtaining a license. In an interview published in Hong Kong Economic Times, he said the operator will need to wait for confirmation of the timetable […]
Macau’s gross gaming revenue growth is expected to moderate in March after a near 18 percent jump in February that topped expectations, analysts say. Buckingham Research Group says it sees March GGR growth in a range of 10 percent to 12 percent, while Bernstein is expecting a range of 9 percent to 11 percent. Buckingham […]
The consensus EBITDA forecasts for 2017 for Macau’s operators now look to be achievable for this year, after targets lacked harmony with gross gaming revenue growth throughout 2016, Deutsche Bank said in an analysis. The firm said that previously, forecasts for EBITDA has failed to take account of the cost pressures stemming from the opening […]
Galaxy Entertainment has followed MGM China and Las Vegas Sands in announcing pay increases for employees this year. Eligible team members who joined on or before April 1 will receive a performance-based salary increase ranging from 2.5 percent to 5.5 percent. In addition, Galaxy announced the “Special Reward Program” in 2014 under which eligible full-time […]
HK-listed Galaxy Entertainment Group posted better-than-expected results for the full-year 2016, with full year net profit up 51 percent year-on-year to HK$6.3 billion (US$811.7 million). Full year group revenue increased 4 percent year-on-year to HK$52.8 billion, while adjusted EBITDA increased 18 percent year-on-year to HK$10.3 billion. Galaxy Macau was the primary contributor to group profits, […]
Macau’s casino operators tumbled 3 percent on Tuesday after the Chinese currency regulator announced extra requirements for citizens to buy foreign exchange, Bloomberg reports. Over the weekend, China’s foreign exchange regulator said it would step up scrutiny on individual foreign currency purchases and strengthen punishment for illegal money outflows. “There have been leaks in China’s […]
Macau’s gross gambling revenue is likely to grow by 10 percent in 2017, according to analysts at Morgan Stanley, who raised their forecast from a prior estimate of 2 percent. “We believe the Macau cycle has turned and 2017 could show 10 percent GGR and 13 percent EBITDA growth, the first in four years,” it […]
A former dealer previously employed by the Galaxy Entertainment Group, along with gaming labor group Union of New Macau Gaming Workers Rights has submitted a petition letter to the Labour Affairs Bureau (DSAL) on Monday, reports Macau Business Daily. The dismissed dealer, surnamed Chao was allegedly unfairly dismissed in September last year. “Right after the […]
Macau casino operator Galaxy Entertainment Group posted a 28 percent year-on-year rise in net profit in the third quarter of 2016, above analyst expectations. In a filing to the Hong Kong Stock Exchange on Wednesday, the operator said it was “encouraged by the continuing signs of market stabilization.” The company reported profit of HK$2.7 billion […]
Macau’s casino shares saw a dip in price after it was announced that Chinese authorities detained 18 employees of Crown Resorts for suspected “gambling crimes.” According to a report from Bloomberg, Sands China Ltd. dropped 3.3 percent, while Galaxy Entertainment Group Ltd. shares fell 4.3 percent. The Bloomberg Intelligence index of Asia Pacific casino stocks […]
Galaxy Entertainment Group says it was the one to terminate the VIP rooms run by Iao Kun Group Holdings Ltd, after the junket operator breached agreements made with the casino operator. Last week, IKGH announced it has closed its VIP gaming rooms at the Galaxy Macau and StarWorld, effective September 10. In a press release […]
Galaxy Entertainment Group Ltd has reported first half profit up 26 percent year-on-year, citing a rise in non-gaming revenue and casino market share as a result of new resort openings. According to a filing to the Hong Kong Stock Exchange on Thursday, the casino operator reported net profit of HK$2.6 billion ($335.31 million) for the […]
The planned Hong Kong-Zhuhai-Macau bridge will “transform” the Macau gaming and tourist industry, says Galaxy Entertainment Group chairman Lui Che-woo. “Macau’s hospitality market will see a new phase of development when the bridge starts operating,” he said during an interview with South China Morning Post. Lui added the gaming firm will focus on non-gaming activities, […]
Macau’s gaming slump will not affect Galaxy’s plans to develop its Phase III and IV projects, said Galaxy Entertainment Group’s vice chairman, Francis Lui Yiu Tung. In an interview with Macau Daily, Lui said the company is sticking to its original schedule, with Phase III kicking off at the end of the year and Phase […]
Macau has introduced new anti-money laundering rules for its gaming industry, which have been effective since May 13, local media reports. The tightened rules come at a time when junkets and casinos are facing increased scrutiny and higher entry requirements in the region. The new measures include providing “adequate” risk management systems, keeping daily records […]
The Macau government is reportedly tightening its visa policy for executives working in the territory’s casinos in an effort to promote more locals into managerial positions. The Human Resources Office of Macau told the Portuguese-language Jornal Tribuna de Macau that the bureau can deny requests for renewals of non-resident casino executives’ working visas if “there […]
SJM Holdings executive Angela Leong has said Macau needs to introduce more flexibility in its policy of capping the number of table games. Speaking at a meeting of the Macau government and Legislative Assembly on Wednesday to discuss the city’s five-year plan, Leong said the current table cap policy in Macau would “not be able […]
Macau casino operator Galaxy Entertainment Group has reported solid results for 16Q1, according to unaudited 2016 first quarter financial data released on Wednesday. The Group posted quarterly revenue of HK$13.4 billion (US$1.7 billion), up 1 percent sequentially and down 2 percent year on year. Adjusted EBITDA was HK$2.4 billion, down 2 percent sequentially and up […]
Galaxy Entertainment Group Ltd chairman, Lui Che-Woo says he will be venturing into family friendly theme parks as part of the next two phases of the HK$86 billion (US$11 billion) Galaxy Macau project, according to an interview with Bloomberg. Lui said the theme park will be “something special and high-tech” similar to the movie “Avatar.” […]
Hong Kong-listed Galaxy Entertainment Group Ltd reported a profit of HK$4.1 billion (US$531.1 million), down 60.2 percent for the year ended Dec. 31, 2015. Group revenue for the year fell 29 percent to HK$51 billion from HK$71.8 billion in 2014, and adjusted EBITDA was HK$8.7 billion, down 34 percent year on year. However, figures for […]
Shares in Macau’s casino operators started the year on a black note, with all recording sharp losses after weaker-than-expected Chinese economic data added to yet another month of steep declines in local gaming revenue. SJM Holdings was the biggest loser, closing the first trading day of the year down 4.5 percent, followed by Sands China, […]
Chairman of Galaxy Entertainment Group Limited, Lui Che Woo, said he anticipates better results from the mass gaming segments starting in February, 2016, Hong Kong media reports. During the 60th anniversary of K. Wah Group on Thursday Dec. 10, the chairman said he believed the city’s drop in gaming earnings is bottoming out, and added […]
Galaxy Entertainment Group announced that it has become the first gaming operator in Macau to receive accreditation to offer an engineering graduate scheme. The accreditation of Engineering Graduate Scheme “A” Training will be recognized by the Hong Kong Institution of Engineers. Graduates from the University of Macau with an Electromechanical Bachelor degree or above will be eligible to […]
Galaxy led in VIP market share gain in October by 6.3 percent month on month, boosted partly by win rate and at the expense of MGM which had a strong and lucky month in September, HSBC Research said. MGM’s share dropped 5.7 percent, while Sands relatively outperformed by adding 0.9 percent to its share. Sands […]
Las Vegas Sands was awarded the right to register the trademark ‘FAB’, or Fast Action Baccarat, by the Court of Final Appeal, local media reported citing a court statement. The case relates to an objection Galaxy Entertainment raised in 2013 over LVS’ right to register the trademark, which subsequently led to the authorities rejecting LVS’ […]
Combined gross gaming revenue in 15Q3 from mass market and slots in Macau was flat sequentially from 15Q2, amounting to MOP25.4 billion ($3.2 billion) and an indication of market stabilization, according to official data. Combined mass and slots GGR had previously declined sequentially every quarter since 14Q1, indicating this quarter is, according to Union Gaming […]
Galaxy Entertainment Group posted revenue of $12.3 billion and adjusted EBITDA of $2.1 billion in 15Q3, year-on-year declines of 29 percent and 36 percent respectively, after experiencing bad luck in gaming operations. According to Bernstein Research, the results were in line with expectations. The company is showing a slow shift to the mass market as its Galaxy […]
The chairman of Galaxy Entertainment, Francis Lui, said Macau’s gaming market has “stabilized” and that the situation there has “calmed down.” In an interview with the British Broadcasting Corporation on China’s slowing economy, Lui said, “I think the situation [in Macau] has already calmed down. It has stabilised. I am optimistic that in one year […]
Macau’s gross gaming revenue for the month through September 6 was MOP4.1 billion ($513.6 million), according to Bernstein Research channel checks. Last week’s average daily revenue was MOP683 million, 14 percent higher than August’s ADR of MOP601 million. “It is the most robust week since late May 2015. We believe part of the strength may […]
Galaxy Entertainment Group announced that it has appointed Kevin Kelley as chief operating officer, effective September 1. Kelley, who has 40 years of gaming, hospitality and entertainment experience, will oversee various departments including business development and international premium and mass market, along with operations at the company’s hotels and casinos. “It gives me great pleasure […]
Galaxy Entertainment Group announced that criminals have been fraudulently selling and promoting the operator’s hotel room and other packages over the phone. GEG said such agents have been “defrauding members of the public to provide personal and credit card information.” The company said none of its properties have conducted telephone sales and marketing of its […]
Galaxy Entertainment Group reported half year revenue of $25.4 billion, down 34 percent year-on-year, on the back of “bad luck.” The company’s adjusted EBITDA for the period was $4.2 billion, down 43 percent year-on-year. Half year net profit attributable to shareholders was $2.0 billion, down 66 percent year-on- year including $1.0 billion of non-recurring charges. […]
Sterne Agee says Melco Crown Entertainment will not show quarter-on-quarter margin sustainability in 15Q2 in the same way Las Vegas Sands and Wynn Resorts did in their 2Q15 results. Analyst David Bain said the reasons for this include Melco Crown’s employee count build-up, which is more intense than the others due to the proximity of […]
Bernstein Research said the strategic value of Galaxy Macau’s investment in Monaco casino and hotel operator SBM lies in potential access to luxury European brands. “The long-term strategic value of this investment stems from the strategic relationship that can be developed with SBM and LVHM and future potential access to the luxury European brands owned […]
Galaxy Entertainment Group announced it has invested in an owner and operator of luxury hotels and casinos in Monaco. GEG is acquiring ordinary shares equivalent to approximately 5 percent in Societe Anonyme des Bains de Mer et du Cercle des Etrangers a Monaco (SBM), which is listed on the Euronext in Paris. SBM’s hotel properties […]
Analysts put Macau’s table-only gross gaming revenue at close to MOP11 billion ($1.3 billion) from July 1 to July 19. According to Sterne Agee, including slot assumptions, the July GGR run was MOP10.8 billion from July 1 to July 19, which indicates a drop of 35 percent year-over-year monthly result, or MOP18.4b. Sterne Agee’s July […]
Casino stocks surged in Hong Kong, after local media reported that the government may soften on plans to ban smoking rooms on gaming floors. Wynn Macau jumped 5.7 percent as of 2:01 p.m. local time, as Galaxy Entertainment Group Ltd. and Sands China Ltd. rallied at least 4.7 percent, Bloomberg reported. The stocks rose after […]
Galaxy Macau has launched a host of new premium mass services at its Cotai resort including three private gaming rooms. The new features will also include 19 tables and 143 slot machines, TDM Macau reported. Despite a difficult year for Macau operators and falling revenues, the company is optimistic of the future. “In any business […]
Macau’s operators are likely to see a decline of about 14 percent quarter-on-quarter and 42 percent year-on-year in their Q2 earnings before interest, tax, depreciation and amortization due to additional operating costs from new resorts, according to UBS analysts. The Q2 estimates compare to a fall in EBITDA of 18 percent QoQ and 42 percent […]
Morgan Stanley says investors are too focused on weekly data for signs of bottoming revenue, while the risk of significant margin dilution due to higher fixed costs and oversupply is underappreciated. By the end of 2018, the analysts expect table growth of roughly 20 percent – based on 200 tables for each new casino – […]
Maybank Research says the messages from Macau and Beijing remain mixed with the recent proposed total smoking ban and Beijing’s new transit visa rules, resulting in it being too early to say which ‘signal’ will prevail. Assuming July GGR is 5 percent higher month-on-month, Maybank estimates that it will come in at MOP18.9 billion or […]
Hong Kong-listed shares of the big casino operators in Macau are soaring after changes to visa rules allowing mainland visitors to stay seven days in Macau rather than five. A six-member index of China gaming stocks tracked by Bloomberg jumped more than 12 percent, the biggest jump since October 7, 2011, on the news. Wynn […]
Gambling at Galaxy’s recent expansion has been weaker than expected, chairman Lui Che Woo told reporters in Hong Kong after the company’s annual general meeting. According to Bloomberg, business at Galaxy Phase II, which opened last month as the first new casino projects in three years, “is satisfactory, but not as good as what we […]
Gross gambling revenue in Macau will show another significant drop in June, despite the easier year-on-year comparison, with the opening of Galaxy Entertainment’s Galaxy Phase 2 and Broadway Macau failing to generate as much traffic as expected, analysts say. UBS expects June GGR to drop 32 percent to 37 percent year-on-year, analysts Anthony Wong and […]
Melco Crown Entertainment Ltd. is leading the decline in Hong Kong trading, down 5.1 percent to HK$50.85, after stocks tumbled amid several analysts slashing their forecasts for June’s gambling revenue in Macau, Bloomberg reported. It’s the biggest loss in three months for Melco Crown, while Wynn Macau Ltd. lost 4.5 percent, Galaxy Entertainment Group Ltd. […]
Galaxy Entertainment Group completed in May the first major part of its new four-month “Accelerated Development Program,” aimed at training and promoting team members for supervisory and management roles. Of the 692 program participants, 98 percent have graduated and been promoted into more advanced positions, the company said in a media release The Program focused […]
The Macau government has granted 150 new tables to Galaxy Macau phase 2, a number in line with what the industry expected after 200 plus tables seemed unlikely, said UBS. UBS analysts in a note said they maintain that the number of gaming tables has not been an operational constraint for growth for the industry […]
The Macau government said it has granted 150 tables to a new resort scheduled to open soon, according to Lionel Leong, Macau’s Secretary for Economy and Finance. He didn’t name the resort in the statement, however, Galaxy Entertainment is scheduled to open its new project on May 27th. The 150 number is far short of […]
Investors are still not cautious enough on Macau gaming stocks despite the sell off that has resulted in a 37 percent underperformance relative to Hong Kong’s benchmark Hang Seng Index this year, Morgan Stanley says in a note. “While sell side is generally negative, we see investors are inclined to add positions. We see further […]
Ratings agency Fitch said it has turned more negative on Macau in the near term after a recent visit by analysts and has cut its estimate for gross gambling revenue in 2015 to a drop of 29 percent from a decline of 22 percent previously. The revision reflects continued revenue weakness in April and an […]
Moody’s Investors Service says that the continued decline in Macau gaming revenue is “credit negative” for rated gaming companies. Following Macau’s Gaming Inspection and Coordination Bureau announcement that year-on-year GGR declined 38.8 percent in April, Moody’s analysts say overall GGR is expected to remain weak for the rest of the year. “The decline is credit […]
Following Galaxy Entertainment’s financial results, UBS said there have been some signs of gradual stabilisation in mass segment revenue in recent weeks but it is too early to call it a “trend.” “This is especially true for the mass segment, where management noted mass Buy-Ins in the last 3-6 weeks (i.e. from late Q1) have […]
Galaxy Entertainment Group suffered a 32 percent year-on-year decline in revenue in the first quarter of this year, while adjusted EBITDA during this period fell 40 percent. The company announced that its revenue fell to HK$13.7 billion, and adjusted EBITDA, to HK$2.3 billion. The company’s Galaxy Macau and StarWorld Macau saw revenues fall to HK$9.2 […]
In what has been a challenging quarter for casino operations in Macau, Galaxy Entertainment Group reported a decrease in fourth quarter EBITDA of 25 percent to HK$2.7 billion (348 million), though full year revenue rose 9 percent to HK$71.8 billion. The company’s Galaxy Macau casino raked in $46.9 billion in revenue for the entire year […]
Galaxy Entertainment has warned that unauthorized online gambling sites are using the trade names of its properties with the intention of defrauding the public and warned it will take legal action against any individual or group that it finds has infringed its trademarks. Galaxy said its properties, including Galaxy Macau, StarWorld Macau Hotel and Broadway […]
Marking a push to diversify from gaming, Galaxy Macau says it is planning to spend US$7.4 billion in new developments, including a recreation of New York’s Broadway district. The project, with the additions, is due to open its doors on May 27, 2015 and will double the size of the resort development to more than […]
Macau may choose to hike gaming taxes, already the highest in Asia, once the government renews the licenses for concessionaires, CLSA analyst Aaron Fischer was cited as saying. He said he expects all six current operators to see their licenses renewed and the possibility of one extra license perhaps being granted to a local company. […]
Morgan Stanley says Macau labor costs may be lower than the 10 to 15 percent increase most operators had been predicting for 2015 as casinos take measures to trim spending, though it sees rising capex costs and construction delays potentially reducing the return from Phase 2 projects. In a note, the U.S. bank said it […]
The sustainability of dividends at Macau’s casino operators is likely to become a major concern for investors as earnings deteriorate at the same time as capital spending requirements ramp up due to new projects, according to a Credit Suisse report. “In light of the risk of earnings deterioration in 2015 but ongoing capex requirement for […]
Gross gambling revenue in Macau suffered the first annual decline in 2014 since records began in 2002. According to figures from the Gaming Inspection and Coordination Bureau, GGR was down 2.6 percent to 351.5 billion patacas ($44 billion) in 2014. For December, there was a record monthly drop of 30.4 percent. Macau has seen seven […]
Political hurdles have slowed Asia’s progress towards a cashless model for casino gaming, but wider social trends and potential benefits to anti-money laundering (AML) efforts and responsible gaming checks could persuade regulators to reconsider.
The Abe government's decision to drag its feet on more detailed regulations governing the IR industry and to delay the establishment of the Casino Management Board may exercise an effect on which local governments get licensed and which IR operators are selected.
Gaming companies have long recognised the lucrative potential of teaming up with sports, and as new jurisdictions open up to casinos, operators are seeking to leverage these ties to boost brand recognition, woo the public and dull the gambling edge.
The first of Macau’s six casino concessions expire in less than 18 months, though the operators who have invested billions in the territory still have no clarity as to how, or even if, those licenses to operate will be renewed.
Macau gaming stocks are feeling the heat from the trade war between the U.S. and China, falling to their lowest levels in a year, with some analysts cutting their growth forecasts on concern for a slowdown in China’s economy.
Alongside a rebound in gross gaming revenue, Macau is enjoying a boom in retail sales, with operators seeking to drive further growth through innovative concepts, such as pop-up shops and retail cafes.
The year 2017 saw a distinct acceleration in the race to obtain licenses to build and operate Japan’s first IRs. While everyone agrees that the potential scope of the market is vast, without the precise locations and the terms of regulation yet being clarified, estimations of the ultimate size of this market remain little more than guesswork. Progress in the year was once again stalled by politics, though operators are hoping to push forward in 2018 with both the legislative framework and their own groundwork.
It’s 15 years since Macau flung open its arms to international gaming companies and major US operators wasted little time heading to the Far East to plant their flags firmly in the ground. US and Australian interests have dominated casino investment across Asia, with the Europeans notably absent, however, with Japan planning to open the market, there are signs that may be about to change.
Macau’s sixth Legislative Assembly elections will take place on Sunday, with gaming-related candidates proposing more concessions, a social fund and better workers’ rights as part of their platforms. Seven gaming-linked candidates are competing as part of a 24-strong field for the 14 available seats.
Excitement over the prospects for IR development in Japan was palpable at the just-concluded Japan Gaming Congress. Held at a major hotel in central Tokyo, it drew in a capacity crowd of 450 people, mixing international operators with local Japanese businesses and others who hope to become stakeholders in what is predicted to become a multi-billion dollar industry. More than half a dozen Japanese lawmakers spoke on the opening day of the two-day conference, including Deputy Chief Cabinet Secretary Koichi Hagiuda, a close aide to Prime Minister Shinzo Abe.
Macau’s gaming stocks have rebounded to trade at two-year highs, tracking the recovery in gross gaming revenue, however analysts warn against over optimism, saying growth may be nearing its peak, at least in the short term.
Chinese Premier Li Keqiang praised Macau’s efforts to diversify its economy during a three-day visit last year, but market experts say operators are still trying to get the recipe right when it comes to non-gaming attractions and face an uphill struggle. Revenue from non-gaming has improved, however, Macau is still far from being a destination that will attract visitors for its tourism offering off the casino floor.
Macau’s tourism development masterplan, which aims to transform the VIP gaming hub into a mass market, diversified leisure destination, forecasts as many as 40 million tourists a year by 2015. The blueprint contains a clear vision of what the government wants for the future, with tourists staying longer and spending more on non-gaming activities. However, tourism industry experts say Macau as a family destination faces significant headwinds and stakeholders still haven't reached consensus on what brand Macau should be.
With the construction of a theme park on the cards for Galaxy Macau, could this form of family friendly entertainment prove crucial in enticing mass-market tourists in their droves? A natural byproduct of China’s burgeoning middle class has been more discretionary money to spend. Research from the Boston Consulting Group predicts that China’s consumer economy will expand by about half, to $6.5 trillion, by 2020 with services overtaking goods as the chief engine for spending. The booming theme-park market is likely to be a key beneficiary, but could it drive traffic to Macau?
A Macau casino company CEO recently told a group of investors, “Hengqin is the most underreported story about Macau.”While many in the gaming and hospitality industries increasingly take note of Hengqin’s future plans, projects are beginning to rise from its ground. Cratered construction sites of a Cotai magnitude, along with extensive underground infrastructure, reveal the subterranean clues of projects yet to come. Many analysts and industry observers see the development of the island’s tourism facilities as being the real game changer for Macau as it tries to transform itself into a mass market leisure destination.
Macau’s casino operators have already cut the low hanging fruit when it comes to reducing operating costs and are now struggling to further pare expenses as the slump in the market drags into its 19th straight month.With labour cuts not an easy option in Macau, the casinos face a juggling act in scaling back customer service standards without losing the customer. They are looking for creative ways to cut back behind the scenes and make every penny count.
At this year’s Macau Gaming Show, experts were called upon to ponder whether Macau, the world’s largest gambling hub, can follow the example of Las Vegas and transform itself into an entertainment capital for the mass market.Views varied, but the one common thread was that it was going to be a long and painful transition. While Las Vegas revenue crumbled over a period of years following the financial crash of 2007, the Macau market has fallen off a cliff in little over a year largely as a result of a government policy decision in neighbouring China. That creates challenges for those trying to reinvent the market.
Asia Gaming Brief asked its advisors David Green, John English, Luis Mesquita de Melo, Andrew Klebanow and Steve Gallaway, to look ahead and share with us what they believe are the underlying currents for the Asian Gaming industry in 2016. Views may differ but the one common denominator is the shifting of the sands - something will have to give…An end to the IR “arms race," by David Green The strong will survive, by Steve GallawayEnough about the Millennials, by Andrew KlebanowMacau will continue the race to reinvent, by John EnglishThe “golden” gap for emerging jurisdictions, by Luis Mesquita de Melo
Macau, whose meteoric success was fueled by the high-spending VIP gambler, needs to improve its branding and tourism planning if it is to transform to a majority non-gaming model and replace income from the missing high rollers. The government is determined to effect a Las Vegas-style shift to a destination resort, but experts say it will be a difficult road.
With Macau gambling revenue falling for the 12th straight month in June and new multi-billion dollar casinos set to double capacity in the territory, it has become more important than ever for operators to find a way to stand out from the crowd -- but does it have to break the budget? Kevin Clayton, chief marketing officer for Galaxy Entertainment Group, cites the old saying “differentiate or die,” to describe the need for the companies to carve out their market niche and shape their brands through the best use of all available marketing tools.
Will the new supply coming to the Cotai resort district set Macau back on the road to growth and if it does will operators be allocated enough tables to make the new multi-billion dollar resorts profitable? They are billion-dollar questions with no ready answer as operators and investors adjust to an adverse political climate in China and the chilly “new normal” this has imposed on the world’s largest casino market.
Macau Chief Executive Fernando Chui Sai On sent a clear message to the casino industry in the first policy address of his second term in office this week - the government is no longer just paying lip service to diversifying the economy away from gambling. The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The territory, which in just over a decade has grown its industry to be more than seven times the size of Las Vegas, is currently dependent on gambling for about 85 percent of its income. However, after nine straight months of declining revenue that triggered a 17 percent contraction in Q4 gross domestic product, Chui said the industry is going through a phase of “adjustment.”The government has cut its projected revenue from gambling receipts this year to average 20 billion patacas ($2.5 billion) a month from 27.5 billion patacas, while analysts are forecasting a second year of contraction, possibly by as much as 30 percent, according to Deutsche Bank.In his address, Chui said the government will strengthen its oversight of the casino industry as licenses come up for renewal and may require the companies to regularly submit their investment and development plans for review, in particular with regard to non-gaming activities. A tourism panel, under Chui’s supervision, will draft a five-year plan for stable casino growth that will make the region less reliant on casino revenue. Macau, Chui said, will become a center of tourism and leisure travel.
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