Macau casino operator Galaxy Entertainment Group Ltd plans to stengthen its focus on the mass and premium mass segments of the gaming market, as the city’s VIP sector is likely to be challenged by a series of legal changes introduced by the mainland China authorities. That is according to company deputy chairman Francis Lui Yiu Tung (pictured).
Mr Lui made the comments in a Thursday press briefing following the company reporting its fourth-quarter and full-year 2020 results.
“The [Chinese] central government has introduced a new series of laws that will pose challenges to VIP [gaming] business,” Mr Lui told reporters.
GGRAsia – Galaxy Macau Phase 3 MICE to launch in stages says exec ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Macau casino stocks surged the most in nearly two and a half months after the gambling hub reopened to quarantine-free travel from mainland China.Sands China Ltd. surged as much as 10%, the most since December 2018, and Galaxy Entertainment Group Ltd. rose much as 12%, its steepest gain since March 20. Shares in Wynn Macau Ltd., Melco International Development Ltd. and MGM China Holdings Ltd. each climbed about 9%. A Bloomberg gauge for the sector’s equities jumped as much as 8.5%, the most since November 10.Macau has gradually been easing quarantine rules on visitors from China, its biggest market, with the final lifting of restrictions on Monday adding to optimism after data showed casino revenue surged last week during the Lunar New Year holidays.“Easing quarantine policy between mainland China and Macau could provide a ground for foot traffic improvement for Macau casinos,” said Bloomberg Intelligence analyst Angela Hanlee. “We now need to
Macau casino operator Galaxy Entertainment Group Ltd (also known as GEG) has signed a MOP13.01-billion (US$1.63-billion) deal with a local unit of China State Construction International Holdings Ltd for the building of Galaxy Macau Phase 4, an addition to the gaming group’s flagship Galaxy Macau resort (pictured) on Cotai.
A Sunday filing to the Hong Kong Stock Exchange by Galaxy Entertainment said the work would take 1,053 calendar days – approximately three years – to complete. A start date was not mentioned, only that it would be “seven calendar days after the issuance of architect’s instruction”.
Galaxy Entertainment’s current Macau gaming rights expire in June 2022, in common with the city’s other five licensees. A public retender process is due to be held in association with the expiries, although the Macau government also has the possibility to extend the current licences for up to five years.
Construction firm hired for Galaxy Macau Phase 4 worldcasinodirectory.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from worldcasinodirectory.com Daily Mail and Mail on Sunday newspapers.