Galaxy sees tables about to be turned

Business | Victor Zhong 26 Feb 2021

Francis Lui Yiu-tung, vice chairman of casino operator Galaxy Entertainment (0027), said the worst has passed after it lost HK$3.97 billion last year compared to a profit of HK$13 billion the year before.

That meant no dividend was declared, though chairman Lui Che-woo expects a payout will return by year's end.

Annual adjusted earnings before interest, taxes, depreciation and amortization showed a loss of HK$1 billion versus a HK$16.5-billion profit in 2019.

A loss per share of 91.6 Hong Kong cents in 2020 was reported, and Galaxy Macau's net revenue was HK$7.8 billion, down 79 percent year-on-year.

But Lui Yiu-tung sees gaming powering up with Covid-19 being controlled.

It was noted adjusted EBITDA was HK$1 billion for the fourth quarter thanks to an increase in the number of visits.

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