Galaxy Entertainment Group Ltd. posted a net loss in the first half of the year as revenue and profitability plummeted following the temporary suspension of operations in Macau in July.
The casino operator reported a first-half net loss of HK$850.5 million ($108.4 million), compared with a net profit of HK$947.1 million in the same period last year.
Revenue in the first half fell to HK$6.52 billion from HK$10.66 billion a year ago, the company said Thursday.
“Many cities across China experienced travel restrictions for much of the first half of 2022. These restrictions on interprovincial travel will impact visits to Macau, which in turn will impact both revenue and profitability. It has had a negative impact,” said chairman Lui Che Woo. Stock exchange release.
In particular, Macau experienced the Covid-19 epidemic, which prompted the government to demand the suspension of all commercial activities from July 11 to July 22, further straining the profitability of casino operators, the chairman said. added.
Due to the ongoing impact of Covid-19, Galaxy Entertainment’s board of directors has decided not to declare a dividend.
The casino operator has announced that it has extended its gaming license in Macau until the end of December.
We plan to complete the bidding process for the new licenses by the end of the year.
Email Yi Wei Wong at [email protected].