Galaxy Leisure 1H Loss HK$850.5M Vs. Web HK$947.1M >0027.HK

By Yi Wei Wong

 
Galaxy Leisure Group Ltd. swung to a web loss within the first half of the yr as income and profitability plunged, worsened by a brief suspension of its Macau operations in July.
 
The on line casino operator reported a first-half web lack of 850.5 million Hong Kong {dollars} ($108.4 million), in contrast with a web revenue of HK$947.1 million in the identical interval a yr earlier.
      

       
Income fell to HK$6.52 billion within the first half, in contrast with HK$10.66 billion a yr in the past, the corporate mentioned Thursday.
 
“Quite a lot of cities throughout China skilled journey restrictions for a big a part of the primary half of 2022. These restrictions on inter-provincial journey impacted visitation to Macau and in flip adversely impacted each income and profitability,” mentioned Chairman Lui Che Woo in a inventory alternate launch.
 
Specifically, Macau skilled a Covid-19 outbreak which led to the federal government requesting a suspension of all business actions from July 11 to July 22, which additional weighed on the on line casino operator’s profitability, the chairman added.
 
Because of ongoing influence of Covid-19, Galaxy Leisure’s board of administrators determined to not declare a dividend.
 
The on line casino operator mentioned it has acquired an extension of its Macau gaming license till the tip of December.
 
It expects to finish the bidding course of for a brand new license by the tip of the yr.
 
Write to Yi Wei Wong at yiwei.wong@wsj.com