Galaxy Entertainment posted adjusted EBITDA of HK$1 billion for Q4, an increase of 207 percent from its loss in the prior quarter. Revenue surged 229 percent quarter-on-quarter.
Galaxy Entertainment Q4 and full-year results (Company filing)
As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.
Galaxy Entertainment has become an investor favourite and is likely to boost its mass and premium mass market share as the Macau market recovers, Bernstein Research wrote in a note upping its target share price on the company.
Francis Lui, Vice Chairman of Galaxy Entertainment Group, received the insignia of Officer of the Order of Arts and Letters from the French Government for his contribution in promoting the arts and culture of France.
To celebrate the Lantern Festival, recently, Galaxy Entertainment and the Macau Youth Volunteer Association co-organized a family responsible gaming activity where over fifty parents and children were invited to Broadway Macau for a celebration.
Galaxy Entertainment Group has signed an accord with Accor to bring storied hotel brand, Raffles, to Macau with the opening of an exclusive all-suite tower, Raffles at Galaxy Macau in the second half of 2021.
The last two of Macau’s operators released Q4 results on Thursday, with both returning to profit at the EBITDA-level and expressing confidence in the market recovery.
Galaxy Entertainment Group said it recently obtained the ISO 45001 Occupational Health and Safety Management Systems (“ISO 45001”) certification, and became the only company in Macau to achieve an OSH standard that covers its entire business scope and large workforce.
Galaxy Entertainment Group has entered into an agreement with China Construction for construction services at the Galaxy Macau Phase 4 development. The cost is MOP13 billion (US$1.63 billion).
In a series of announcements in recent days, all six Macau operators have now announced staff bonuses to most of their employees, generally equivalent to one month of extra pay.
Galaxy Entertainment Group told Macau News Agency that recent wage dispute involving workers employed at its Cotai expansion projects, originated from fee disputes between the workers and mainland employment agencies.