Good morning. Happy Friday! After the sunshine comes the rain. At least that’s the attitude of Galaxy’s Chairman, who notes he is “optimistic” about the company’s ongoing recovery in 2023, even after it posted a $439 million loss last year. Further storm clouds remain though for Macau’s junket industry, as operators wait to reenter the market until the impact of new laws becomes clear. And industry veteran Alidad Tash gives a preview of topics he and fellow analysts will delve into at the ASEAN Gaming Summit!
What you need to know
- Galaxy records a $439 million loss for 2022, but Lui Che Woo says the company is optimistic about its recovery this year.
- Macau’s junket sector collapse has left employees high and dry, and VIP room operators are biding their time before reentering the market.
- Alidad Tash gives a sneak peek of what he and fellow analysts will delve into at the ASEAN Gaming Summit.
On the radar
- Aristocrat buying back $340mln in stock, expects profit growth in FY23.
- LVS Independent Director Yibing Mao resigns.
- Macau’s Airport expects full recovery, 2022 revenue down 32 percent.
- Matt Ballesty shaking things up at Three Points Consulting.
- Malaysia proposes tougher laws to reduce job scams.
AGB Intelligence
MACAU
Galaxy records $439 million FY22 loss, optimistic for recovery
Galaxy’s chairman says he remains optimistic for an ongoing recovery in 2023, despite the company recording a $439 million loss in FY22, as it suffered from COVID restrictions in Macau. The group notes that it is on schedule to open its Phase 3 within the second quarter, with MICE events already scheduled for April and concerts to take place in its new 16,000-seat arena.
Industry Updates
- MGM announces events partnership with Robb Report Hong Kong.
- NOVOVISION™ wins European Casino Award in London.
- 40th Asian Racing Conference to be held in Japan in 2024.
Meet at ASEAN 2023
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