MACAU BUSINESS
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Gaming results tumble in August after local Covid-19 cluster
he disruption caused by the discovery of four local Covid-19 cases in August led to a 47.3 per cent month-to-month drop in gross gaming revenue to about MOP4.4 billion (US$554.5 million), the lowest monthly result reported this year so far, data
published by the Gaming Inspection and Co-ordination Bureau (DICJ) reveals. On August 3 it was revealed that a family of four had tested positive for Covid-19 leading to the city’s fi rst mass citywide testing and to the reinforcement of cross-border
requirements. The measures led to another drop in tourist visitation, with numbers later recovering to more than 20,000 average daily entries by the end of the month as measures were eased. Still, the local cluster led to another hiccup in the recovery of the local tourism and gaming sector, which had been in recovery in July following another dip in June following an outbreak in Guangdong Province. A total of MOP61.9 billion in cumulative gaming revenue was reported between January and August of this year, a 71 per cent year-on-year rise.
G G Wynn Macau losses reduced in Q2
aming operator Wynn Macau Limited ended the second quarter of this year with its net losses reduced by 27 per cent sequentially to some US$116.5 million, as revenues jumped up by 9 per cent to US$454.3 million. According to the group’s
latest fi nancial report, gaming revenues improved by 9 per cent quarter-to-quarter, with CEO Matt Maddox attributing the improvement to the positive results in the May 1 Labour Day Golden Week. ‘While there have been some fi ts and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments,’ Maddox noted in the report. Adjusted Property
EBITDA from Wynn Palace reached US$53.6 million for the fi rst quarter of 2021, with Wynn Macau ending the three-month period with US$14.1 million. Wynn Resorts total current and long-term debt outstanding as of March 31, 2021 amounted to US$11.95 billion, comprised of $5.96 billion of Macau related debt, US$3.12 billion of Wynn Las Vegas debt, US$2.26 billion of Wynn Resorts Finance debt, and US$612.5 million of debt held by a consolidated retail joint venture.
Galaxy sees sequential improvement in Q2
aming operator Galaxy Entertainment Group reported a sequential improvement in net revenues and operating results for the second quarter of this year. The group generated a total of HK$5.6 billion (US$719.7 million) in net revenue between April and June, a 10 per cent
quarter-to-quarter bump, with Adjusted EBITDA rising by 32 per cent to HK$1.4 billion. The group’s chairman, Lui Che Woo, noted that the SAR continued to gradually recover, with its gaming market reporting its fourth consecutive quarter of gross gaming revenue growth despite sporadic outbreaks of COVID-19 in Mainland and, most recently, in Macau itself. The group’s mass table GGR in the second quarter
reached HK$3.1 billion, rising from the previous quarter HK$2.8 billion, while total VIP gaming results dropped from HK$1.8 billion in the fi rst quarter to HK$1.7 billion in the most recent three-month period. As of 30 June 2021, the group held HK$43.0 billion in cash and liquid investments were and HK$31.6 billion in net cash, with total debt amounting to HK$11.4 billion. GEG’s fl ag property Galaxy Macau ended the second quarter with an 11.7 per cent quarter-to- quarter rise in net revenue, about HK$3.8 billion, while adjusted EBITDA grew by 21 per cent to HK$924 million. Hotel occupancy in this last quarter across the fi ve hotels reached 53 per cent.
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Melco Resorts hands out MOP3 mln in lucky draw for vaccinated employees
elco Resorts & Entertainment has held its lucky draw for vaccinated staff members, with three colleagues each winning MOP1 million (US$125,000). The company has established that after reaching a vaccination rate of over 70 per cent
for colleagues in Macau and Hong Kong, it would hold a MOP3 million lucky draw, with three employees to receive MOP1 million each. Another MOP3 million prize draw will be scheduled upon
22 OCTOBER 2021
reaching a 75 per cent inoculation rate for Macau and Hong Kong colleagues. The Chairman and CEO of Melco Resorts, Lawrence Ho, hosted a live stream lucky draw event to colleagues in all Melco’s Macau and Hong Kong properties and offi ces on August 26. All six gaming concessionaires and sub-concessionaires have advanced with vaccination incentive initiatives for their employees, as a way to boost the local vaccination rate.
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