Galaxy Entertainment Group opened Macau’s first major resort since 2012 with its expanded Galaxy Macau resort and Broadway Macau. Opening with a carnival featuring street dance, acrobats and troops marching, The Galaxy Phase II and Broadway mark HK$43 billion of a HK$100 billion planned investment by the group in Macau. In four years the resort […]
Casino-linked crimes in Macau rose in the first quarter of 2015 as revenues plummeted, with the number of illegal detentions involving forced collection of gaming debts by triads almost doubling year-on-year to 67 cases. Authorities say there has also been a surge in the number of arson attacks, document forgery cases and what the authorities […]
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 […]
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 […]
Galaxy Entertainment Group’s deputy chairman said he is hopeful the company will bounce back after recent financial results, pinning future success on two new resorts due to open in May. After the company reported that earnings fell 25 percent in the fourth quarter, deputy chairman Francis Lui said the second half of the 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 […]
Macau’s six licensed casino operators appear to be to jumping on the bandwagon to help China diversify the gaming hub’s economy towards entertainment pursuits other than gambling. Following President Xi Jinping’s warning that Macau needs to have activities that do not center around betting, the companies’ move is a sound one, said an analyst. “We […]
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.