Gaming operator Galaxy, with four casinos in Macau, today announced a loss of 850 million Hong Kong dollars (106.7 million euros) in the first half of this year. Macau gaming operator Galaxy with a loss in Macau of 106.7 ME in the first half.
The result contrasts with Hong Kong’s profit of $947 million (€118.9 million) in the first half of 2021 and is due to the poor performance seen in the second quarter, with net revenues down 56% compared to the same period last year and 41% when compared to the first three months of the year.
The loss is mainly justified by the company with the restrictions due to covid-19. Casinos in Macau continue to post unprecedented losses, a situation aggravated since June due to the most severe outbreak recorded in Macau and which even led, in July, to the closure of casinos for almost two weeks, which happened for the second time since the beginning of the pandemic.
Read more about it: Gaming industry in Macau will have to get used to living with less profits
Moreover, gambling revenues in Macau fell in July by 95.3% year-on-year to MOP 398 million (48.7 million euros), the worst result since 2003.
Macau, the gambling capital of the world, is the only place in China where casino gambling is legal. Three concessionaires operate in the territory, Sociedade de Jogos de Macau, Galaxy and Wynn, and three sub-concessionaires, MGM, Venetian and Melco.
