International edition
June 23, 2021

Revenue dropped 14.7 % to us$ 694 million

Galaxy losses widen to us$ 951 million in the first half

(Macau).- Galaxy Entertainment reported a net loss of us$ 951 million in the first half compared to a net loss of us$ 35.9 million in the year ago period due mainly to a us$ 1 million write-down that was made to adjust the value of its gaming license.

T

he exercise slashed the annual amortization of its gaming license by about us$ 77.1 million, the casino operator said.

Losses per share hit us$ 0.24 and no interim dividend was declared. Revenue dropped 14.7 percent to us$ 694 million due to low gaming volumes in the increasingly competitive Macau market, less gaming wins at StarWorld casino and higher commission payments made to junket operators.

Galaxy said it welcomes the Macau government’s recent policy to control development in the enclave, which would include granting no more gaming venues.

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