Galaxy Entertainment Group has once again reasserted its commitment to ongoing development projects, in addition to that of securing an integrated resort licence in Japan.
The casino resort developer and operator says that it views Japan “as a long term growth opportunity” that would complement its Macau operations and further international expansion ambitions.
Lui Che Woo, chairman of Galaxy Entertainment Group, commented: “We continue to make good progress with our development projects including Cotai Phases three and four.
“In the meanwhile, we renovate, reconfigure and introduce new products to our resorts. In addition, we remain engaged in our international expansion plans including Japan, which is also being impacted by the pandemic.”
The comments come as the group publishes its fourth quarter and full-year 2020 financial update, within which the group emphasises that, in the medium to long term, “we have great confidence in the future of Macau”.
During the fourth quarter of the year, revenue plummeted 61 per cent to HK$5.1bn (US$657.7m) from HK$12.9bn (US$1.66bn), with adjusted EBITDA coming in at HK1bn (US$128.9m) from HK4bn (US$515.8m).
On a full year basis, revenue fell 75 per cent from HK$51.9bn (US$6.69bn) from HK$12.8bn (US$1.65bn), with adjusted EBITDA coming in at a loss of $1bn from $16.4bn.
“I wish to take this opportunity to update you on the status of Macau and the performance of GEG in 2020. COVID-19 has continued to impact the community and businesses globally including Macau and GEG,” added Lui Che Woo.
“In Q4 2020, Mainland China, Hong Kong and Macau continued to experience travel restrictions and social distancing measures as they continued to effectively contain the pandemic. Given the subdued revenue the group’s adjusted EBITDA was $1bn for the fourth quarter.
“This represents a 207 per cent improvement compared to the adjusted EBITDA loss of $0.9 billion reported in Q3. This improvement was largely driven by an increase in visitation which translated into increased revenue and continuing cost control.”