Galaxy Macau Casino Resort Posts Better-than-expected Figures
Galaxy Entertainment Group, a Hong Kong-listed casino operator, says its Galaxy Macao casino resort reported higher-than-expected customer numbers and spending during the first three days of the Golden Week holiday.
According to a report in the Macau Business Daily newspaper, Francis Louis Yiu Tung, vice president of the Galaxy Entertainment Group, revealed the fact on Monday, explaining that the Kotai strip venue was experiencing a full capacity.
Regarding this competition, 61-year-old Sands China Limited's $2.5 billion Paris Macau Casino Resort or Win Palace Macau, Wynn Resort Limited's $4.2 billion Wynn Palace declared that they were not worried and said that the different styles of hotels could actually increase the regional tourism competitiveness and attract more tourists to Macau.
However, the gaming mogul claimed that the city's casinos remain cautious about their earnings despite year-on-year growth for the second consecutive month after a 27-month slump.
Numerous game analysts predicted that Chinese Premier Li Keqiang's visit next week may adversely affect the city's casino revenues, but Luiz explained that the visit was aimed at encouraging cooperation between Macau and China and that it was in the best interest of the central government to maintain the development of the game industry.
Louis Chew, the 87-year-old chairman of the Galaxy Entertainment Group and Louis' father, recently told Hong Kong news domain Nowcom that Macau's future economic development has become dependent on the city's non-gaming elements, and its policies away from overreliance on VIP gamblers are slowly beginning to show its effectiveness.