Galaxy Entertainment Group has shared “personal concern as a result of the outbreak of the coronavirus,” as well as providing numerous updates on expansion plans as the firm publishes its latest financial report.
As full-year group net revenue and EBITDA finishes with 2019 decreases of six per cent and two per cent, respectively, to HK $51.9bn (US $6.6bn) and HK 16.5bn (US $2.1bn), GEG chairman Lui Che Woo begins the firm’s latest financial statement with a letter updating on impacts of the pandemic.
With the firm’s foundation donating US $2.5m to China’s Hubei Province to help fight the outbreak and assist in relief efforts, the firm details a re-acceleration of construction efforts following the lifting of a Macau Government imposed casino suspension last week.
“As you are aware in late December 2019, the coronavirus was confirmed and many people have been impacted at different levels. I wish to express my heartfelt sympathy to all those affected and to their family and friends,” Lui Che Woo explained.
Adding: “It is times like this that the entire community needs to work together to overcome these challenges. We have faced similar challenges in the past, and we have overcome these previous challenges. I am confident that in time we will overcome the current challenge.
“I would like to personally thank all of the related government departments and officials, emergency and medical personnel who have worked tirelessly to assist the community in this challenging time. I would also like to thank the GEG team members for their assistance during this period.”
GEG’s flagship Galaxy Macau property continues to take the lion’s share for the company, with a ten per cent Q4 revenue dip to HK $9.3bn (US 1.19bn) seeing its full-year performance drop five per cent to HK $37.4m (US $4.8bn).
StarWorld Macau dropped 11 per cent and 10 per cent for Q4 and FY to HK 2.7bn (US $346 445) and HK $10.9bn (US $1.4bn), with Broadway Macau increasing slightly across both time frames to HK $154m (US $19.7m) and HK $593m (US $76m).
Looking at ongoing expansion efforts, GEG comments that its Japan-based team is continuing with development efforts with the country viewed as a “great long term growth opportunity” that will complement current operations across the continent.
“GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, look forward to bringing our brand of world class integrated resorts to Japan. We continue to strengthen our Japan development team and build our resources as we move forward in the integrated resorts process,” it was further noted.
The company also updates that it has almost completed its $1.5bn property enhancement program at the Galaxy Macau and StarWorld Macau properties, with progress continuing to develop a Hengqin based lifestyle resort to complement Macau’s “high-energy entertainment resorts.”