Macau casino operator Galaxy Entertainment Group (GEG) saw its Q1 earnings plunge 93% and things would have been even worse had the operator not ‘played lucky’ with its customers.

Figures released Wednesday by the Hong Kong-listed GEG shows the company generated revenue of HK$5.1b (US$658m) in the three months ending March 31, down 61% from the same period last year and down the same rate from Q4 2019.

GEG’s adjusted earnings fared much worse, falling 93% year-on-year to just HK$283m, and would have fallen 95% had its casinos not ‘played lucky’ at its two major Macau properties, Galaxy Macau and StarWorld Macau.

GEG’s Q1 gaming revenue (after commissions and incentives) was down 63.5% to HK$4b as spending fell across the board due to the Macau casino market’s 15-day shutdown in February, the limited gaming options upon reopening and the COVID-19 quarantine restrictions that slowed Macau’s visitor traffic to a crawl.