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Galaxy Entertainment Groupi

Galaxy Entertainment owns and operates hotels and casinos in Macau, including its flagship Galaxy Macau on the Cotai Strip, as well as Broadway Macau and StarWorld Macau. The company was one of three original concessionaires in Macau when the gaming sector was liberalised in 2002, and most recently its licence was renewed for the 2022-2033 period.

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Macau’s six casino operators are expected to pump US$14.7 billion into the local economy with non-gaming projects required for new gambling licenses.

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The beauty parade was the culmination of years of work by Macau’s government to reform betting in the world’s gambling capital, as it continues to navigate a fine balance between a fiscal reliance on casino taxes, and Beijing’s push to diversify the city’s economy from betting.

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The consultation, released a day after the city’s second Five Year Development Plan, is likely to translate into a new gambling law, most likely coming into effect before Macau’s six casino concessions expire in June 2022.

With the extension, the casino concessions of SJM and MGM China would be synchronised with Sands China, Wynn Macau, Galaxy Entertainment and Melco Resorts.

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Adjusted earnings before interest, taxes, depreciation and amortisation for the quarter to March rose to HK$2.77 billion from HK$2.15 billion a year ago, Galaxy said in a statement. The median estimate of six analysts was HK$2.79 billion.