Macau casino operator Galaxy posts us$ 1.5 billion loss
Galaxy Entertainment Group Ltd. lost nearly us$ 1.5 billion last year compared to a us$ 60 million loss in 2007, the company said Friday. It wrote down the value of its gaming license by us$ 1.5 billion as the southern Chinese territory's gambling industry cooled amid tighter visa rules and a slowing economy.
Revenues fell almost 20 % to us$ 1.3 billion from us$ 1.6 billion. The company says it has enough cash - about us$ 645 million at the end of last month - but continues to talk with banks about expanding its credit facilities.
If economic conditions worsen and its cash flows weaken, the company could end up further slowing development of its 2,200-room Cotai Mega Resort. Galaxy said in November it would push back the hotel-casino's opening from this year to 2010 due to the financial crisis and lower demand in Macau.
Wazdan shortlisted in five categories at SBC Awards Americas 2026
Aristocrat Gaming showcases new Asia-focused portfolio at G2E Asia
Entain director Ricky Sandler to step down as Eminence prepares to liquidate shares
FanDuel CEO Amy Howe exits as Flutter faces industry shift and lowered forecast
Flutter boosts prediction market spending despite Q1 profit slump, cuts 2026 outlook
PrizePicks expands motorsports presence through Arrow McLaren IndyCar agreement
Sportsbook integration: Deploying betting widgets at scale
Riddec Games enters Nirmata Play distribution network through Stargate partnership
Flows secures Pennsylvania Gaming Control Board authorisation
Aristocrat Gaming showcases new Asia-focused portfolio at G2E Asia
