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Ronnie Harui
Galaxy Entertainment Group Ltd.’s third-quarter net income fell 52%, mainly due to Covid-19-related travel restrictions resulting in a 12-day casino closure during the quarter.
Total net income fell to HK$2.03 billion ($258.61 million) in the quarter ended September from HK$4.28 billion a year earlier, the company said in a Hong Kong exchange filing on Thursday.
The integrated resort operator’s adjusted EBITDA turned to a loss of HK$581 million in the third quarter from a profit of HK$503 million a year earlier.
“Our balance sheet remains liquid and healthy,” said the group’s chairman, Dr Lui Che Woo, noting that as of Sept. 30, cash and current investments were HK$22.5 billion and net cash was HK$19.3 billion.
The chairman said Galaxy Entertainment will continue to make incremental improvements to its resorts to ensure they remain competitive and attractive.
He said the company also continued to invest in Macau, with its “Cotai Phase 3” effectively completed and is moving forward with its next-generation integrated resort “Phase 4”.
“In the medium and long term, we are confident in Macau’s future,” he said.
However, he warned that possible future outbreaks of Covid-19 could affect Galaxy Entertainment’s future financial performance.
Write to Ronnie Harui at ronnie.harui@wsj.com
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