Galaxy recovery fueled by premium-mass play, analysts say

Galaxy Entertainment showed high levels of hotel occupancy and sales during the Labour Day break in Macau.

Macau.- Sanford C Bernstein has reported that Galaxy Entertainment gross gaming revenue (GGR) during the Labour Day break reached nearly 50 per cent of pre-pandemic levels thanks to premium-mass play.

According to the analysts, premium-mass play recovered to between 60 per cent and 70 per cent of pre-pandemic levels, although VIP gaming revenue was between 20 per cent to 30 per cent of 2019 levels.

Galaxy Entertainment reached 80 per cent hotel occupancy during the Labour Day break.

The casino operator has recently revealed financial results for the first quarter of 2021, reporting gaming revenue of HK$3.86bn, up 5.6 per cent quarter-on-quarter but down 4.7 per cent year-on-year.

Sanford C. Bernstein has also reported that Macau GGR for the first nine days of May reached an average daily rate of MOP500m (US$75m).