In addition to winning an integrated resort licence in Japan, Galaxy Entertainment Group has once again reaffirmed its commitment to ongoing construction ventures.
The developer and operator of the casino resort says that it sees Japan “as a long-term growth opportunity” that will supplement its activities in Macau and further plans for foreign expansion.
Good progress with development projects
Lui Che Woo, Galaxy Entertainment Group chairman, commented: “We continue to make good progress with our development projects including Cotai Phases three and four.
“In the meanwhile, we renovate, reconfigure and introduce new products to our resorts. In addition, we remain engaged in our international expansion plans including Japan, which is also being impacted by the pandemic.”
Q4 and full year statement
The remarks come as the company releases its financial statement for the fourth quarter and full year 2020, in which the group stresses that “we have great confidence in the future of Macau” in the mid to long term.
Revenue fell 61 percent to HK$5.1bn (US$657.7m) from HK$12.9bn (US$1.66bn) during the fourth quarter of the year, with adjusted EBITDA coming in at HK1bn (US$128.9m) from HK4bn (US$515.8m).
Revenue dropped 75 percent from HK$51.9bn (US$6.69bn) to HK$12.8bn (US$1.65bn) on a full-year basis, with adjusted EBITDA falling from $16.4bn to a loss of $1bn.
Macau and GEG status
“I wish to take this opportunity to update you on the status of Macau and the performance of GEG in 2020. COVID-19 has continued to impact the community and businesses globally including Macau and GEG,” added Lui Che Woo.
“In Q4 2020, Mainland China, Hong Kong and Macau continued to experience travel restrictions and social distancing measures as they continued to effectively contain the pandemic. Given the subdued revenue the group’s adjusted EBITDA was $1bn for the fourth quarter.
“This represents a 207 per cent improvement compared to the adjusted EBITDA loss of $0.9 billion reported in Q3. This improvement was largely driven by an increase in visitation which translated into increased revenue and continuing cost control.”