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Galaxy Entertainment cautiously optimistic about Macau recovery

Galaxy Entertainment Group once again praised the Macao government for their "proactive leadership during the difficult pandemic crisis", with the group encouraged by the gradual recovery and cautiously optimistic that business conditions will continue to improve.

The operator says that in the later stages of 2020 and into this year, the COVID - 19 relaxation in the region has seen a gradual increase in visitor numbers, which has translated into increased revenue.

"We again applaud the Macau government for its proactive leadership during a difficult pandemic crisis, "said Lui Che Woo, president of Galaxy Entertainment Group .

"Their goal is not only to ensure the health and safety of the community, but also to provide a ring that Macau is well positioned to attract tourists, support economic recovery and maintain Macau's social stability.

"We are delighted that the Macau Government, through the Macau Government Tourism Office, is actively travelling across multiple continents of cities and actively promoting Macau.

"This marketing positions Macau's achievements in combating COVID 19 by promoting the various health and safety measures implemented in Macau and offering special tourism and accommodation packages to encourage visitors to Macau. We will continue to work with and support this important government initiative. "

group will release a financial update for the three months ending March 31, 2021, marking a one percent increase in revenue to HK 5 $. 09 billion (US$ 656. 07 m) from HK 5. 07 billion (US$ 625. 73 m).

Adjusted EBITDA was HK $ 859 m (US $ 110. 59 m), which is active 204 percent year-on-year from HK $ 283 million (US $ 36. 43 m) but down 15 percent quarter-on-quarter from HK $1. 01 billion USD 130. 03 m).

In addition, the company also reaffirmed its commitment to ongoing development projects, as well as maintaining that it sees Japan as "a long-term growth opportunity that will complement our operations in Macau and our other international expansion ambitions".

On the group's potential progress, Lui Che Woo added: "Moving forward in the medium to long term, we are confident about Macau's future. We have seen signs of early recovery following the reinstatement of the individual visit programme at the end of September 2020 and it may take a few more quarters for business turnover to pick up.

"However, we are aware of the continuing difficulties associated with COVID - 19 and potential future tightening of COVID - 19 could have a material adverse effect on our financial results. "

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