According to calculations, the figure would amount to around $12 billion. The trial will begin June 16, and it alleges that Sands breached its contract with Asian American for a casino license in Macau.

The lawsuit comes amid gambling revenues hurt by travel and health restrictions, and a few months ahead of the expiration of Sands’ casino license in Macau. The operator needs to renew bidding for license via a public tender in 2022.

Sands has been battling the claims from Asian American since 2007 when the case was first launched in the United States. It was lodged in Macau in 2012 after the U.S. case was dismissed for statute of limitations and procedural reasons.

The case dates to 2001, when the two companies jointly submitted a bid for gaming concession. During the process, Sands switched partners, teaming up instead with Galaxy Entertainment. The Sands-Galaxy combination went on to win a license over a decade ago.

Marshall Hao said that Sands terminated its joint venture and then submitted a near identical replica of its previous submission with new partner Galaxy.

“Asian American has been winning all major legal battles in the Macau lawsuit since we filed it in 2012…we are confident.” said Hao.

Editing by Rachel Hu

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The company said nonetheless that it “remains interested in pursuing an integrated resort license in Japan”.

Several other brands with Macau interests have either said they were not currently prioritizing an attempt at gaining a Japan casino license, or had for now withdrawn their interest.

Up to three resorts will be permitted under the legal framework for casino legalization in Japan.

Francis Lui Yiu Tung, vice chairman of Galaxy Entertainment, was quoted in Monday’s announcement as saying the decision factored the ongoing pandemic.

Mr Lui noted: “We greatly appreciate the opportunity to play an active role in Yokohama’s IR selection process but have decided to not participate at this time.”

He added: “We will continue our dialogue to support Japan in achieving its goal to develop a sustainable and world-class IR industry.”

The executive also mentioned that the group and a partner, Monte-Carlo Société des Bains de Mer from Monaco, a firm in which Galaxy Entertainment has an equity interest, had been “actively pursuing discussion” for several years with the Japanese national government and local communities “including Yokohama”.

Galaxy Entertainment is committed to expansion of its existing flagship Macau casino resort, Galaxy Macau.

In March, the company said it had signed an agreement with hospitality group Accor SA, to open an all-suite Raffles hotel at Galaxy Macau.

At the time, Galaxy Entertainment said the 450 suite hotel was planned to open in the second half of 2021.

Editing by Rachel Hu

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Revenue for the period was HKD 5.07 billion, up 0.5% from a year earlier, but flat from the fourth quarter of 2020. 

Net gaming revenue decreased 4.7% year-on-year, to nearly HKD 3.86 billion. The figure was up 5.6% sequentially. The numbers were given in a summary filed with the Hong Kong Stock Exchange.

Galaxy Entertainment runs its flagship casino resort Galaxy Macau on Cotai, the StarWorld Hotel, the group’s main venue on Macau peninsula, and Broadway Macau, the mass-market focused complex next door to Galaxy Macau.

Last month, the casino operator said in a statement that it was offering pit supervisors in its table games department a payment of MOP 380,000 if they wished to resign “voluntarily”. 

Galaxy Entertainment said the “one-off payment” would be settled together with the compensation for each volunteer’s last month of employment.

The company had already introduced a voluntary exit program for pit managers in the table games department, added the statement.

Editing by Rachel Hu

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Galaxy Entertainment Group (GEG) reported an 8.4% year-on-year decline in net revenue to HK$13.0 billion in the three months to 31 December 2019, although the results were boosted by good luck at flagship property Galaxy Macau and higher non-gaming income.

Net gaming revenue for the quarter fell 11.5% to HK$10.75 billion, while non-gaming revenue rose 4.2% to HK$1.43 billion. Group-wide Adjusted EBITDA fell 6.5% year-on-year and 1.5% quarter-on-quarter to HK$4.10 billion, despite both gaming and non-gaming revenue showing improvement over 3Q19 numbers.

Citing a range of macro-factors that impacted revenue, including “a slowing world economy, introduction of the VIP smoking ban, RMB fluctuation, continuing competition from regional markets and disruption in Hong Kong,” GEG saw its rolling chip volume across all properties fall 35.1% to HK$168.98 billion, with win of HK$6.46 billion. Mass table drop fell very slightly to HK$30.60 billion, although an improved win rate of 24.0% saw mass win edge out 4Q18 revenue at HK$7.33 billion. EGM volume was also down very slightly to HK$17.98 billion with win of HK$659 million.

Galaxy Macau contributes most

Galaxy Macau contributed the lion’s share of the company’s results, with net revenue falling 9.9% year-on-year to HK$9.34 billion including gaming revenue of HK$8.14 billion, down 11.6%. Adjusted EBITDA fell 6.5% to HK$3.21 billion.

Rolling chip volume at Galaxy Macau declined 33.5% to HK$114.67 billion, although a win rate of 4.0% helped win reach HK$4.61 billion. Mass table drop fell 1.3% to HK$18.36 billion with win of HK$5.22 billion while EGM handle declined 7.6% to HK$11.87 billion with win of HK$539 million.

At StarWorld, net revenue fell 11% year-on-year, but rose 5% quarter-on-quarter, to HK$2.65 billion on gaming revenue of HK$2.52 billion. Adjusted EBITDA declined 12.4% to HK$782 million.

Rolling chip volume was again down significantly, by 42.1%, to HK$50.54 billion, but a high 3.5% win rate, compared with 2.7% in the prior year quarter, kept win at HK$1.77 billion. Mass table drop fell 4.2% to HK$9.22 billion with win of HK$1.61 billion while EGM handle grew 20.4% to HK$2.42 billion with win of HK$55 million.

Mass-only property Broadway Macau reported net revenue of HK$154 million in 4Q19, up from HK$144 million on non-gaming revenue, ensuring a 100% increase in Adjusted EBITDA to HK$16 million. The increase was despite a decline in casino revenue, where mass table drop fell 7.5% to HK$320 million with win of HK$61 million and EGM handle by 17.9% to HK$471 million with win of HK$11 million.

GEG’s FY19 results saw a group-wide 5.2% fall in net revenue to HK$37.4 billion, with Adjusted EBITDA down 1.8% to HK$12.6 billion.

Impact of this Event

In comments accompanying the results release, GEG Chairman Dr Lui Che Woo noted the impact the event and subsequent 15-day closure of Macau’s casinos would have on the group’s financial results for the current quarter. However, he also issued his full support to preventative measures being undertaken by the Macau government, describing it as “critical for society to unite.”

Dr Lui also said the company has “re-accelerated” work on its Galaxy Macau Phase 3 and Phase 4 developments since the re-opening of casinos on 20 February.

[Editor：Doris Meng]

Illustrate:(picture/galaxyentertainment.com)

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[Editor：Diana Chin]

Illustrate:(picture/galaxyentertainment.com)

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