Inside Asian Gaming

IAG NOV 2022年11月 亞博匯 56 1-10 1 VICE CHAIRMAN Galaxy Entertainment Group 副主席 銀河娛樂集團 POWER SCORE 權能指數: 3,510 POSITION LAST YEAR 去年排名: 1 FRANCIS LUI 呂耀東 CLAIMS TO FAME 名成事跡 Built Galaxy into Macau’s de facto local gaming champion Developing largest single land plot in Cotai, with Phase 3 expected to open in 2023 Holds strategic stakes in Monte Carlo casino operator SBM and in Wynn Resorts 把銀河塑造成澳門實際上的本地博彩業界王者 正在發展路氹單一最大地段，預計將於2023年開幕 在蒙地卡羅娛樂場營運商SBM及永利渡假村戰略持股 LIKE EVERY OPERATOR in Macau, Galaxy Entertainment Group (GEG) has felt the full force of the COVID-19 pandemic. From printing revenues of HK$51.9 billion (US$6.6 billion) and EBITDA of HK$16.5 billion (US$2.1 billion) in 2019, the group has endured two-and-a-half years of unprecedented hardship, with revenues falling to HK$12.9 billion (US$1.6 billion) in 2020, HK$19.7 billion (US$2.5 billion) in 2021 and HK$6.5 billion (US$828 million) in 1H22. All three periods saw GEG record net losses – a scenario that seemed incomprehensible during pre- COVID times. But despite such pandemic-induced headwinds, GEG has avoided the financial pitfalls faced by all five of its Macau concession peers thanks to a conservative fiscal policy focused on banking profits and minimizing debt. The result? GEG is the only concessionaire in a net cash position with cash and liquid investments of HK$29 billion (US$3.7 billion) and net cash of HK$20.3 billion (US$2.6 billion) as of 30 June 2022. That the company should find itself in this position in 2022 – some 20 years after it was first granted a Macau gaming concession – is remarkable given that neither Vice Chairman Francis Lui nor his father and group