Monthly Archives: February 2020

CNIGA Elects New Chairman, Executive Board

The California Nations Indian Gaming Association (CNIGA) has elected a new chairman and executive board members. The largest association of gaming tribes in the Golden State elected James Siva as chairman, Mike Lopez as vice chairman and Isaiah Vivanco as treasurer. Siva said, “I am deeply honored to be elected chairman of CNIGA and am… Read more »

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Galaxy Entertainment weathers VIP slowdown, viral shutdown

Macau casino operator Galaxy Entertainment Group (GEG) saw fewer VIP gamblers in the final quarter, and even playing extra lucky couldn’t save the company from a full-year revenue and earnings decline.

Figures released this week show the Hong Kong-listed GEG generated gaming revenue of HK$10.74b (US$1.34b) in the final three months of 2019, an 11.4% decline from Q4 2018. Non-gaming revenue was essentially flat and the construction materials unit did what it could, but adjusted earnings fell 6.5% to HK$4.05b ($519.6m).

Like most Macau casino operators, GEG’s VIP turnover was on the decline in Q4, falling 35% year-on-year to HK$169b. VIP win rose 0.3 points to 3.8%, but VIP revenue still fell 28.4% to HK$6.46b. Similarly, mass table drop fell while the win rate rose, leaving mass table revenue flat at HK$7.3b. Electronic gaming volume and win were largely flat, as was revenue at HK$659m.

GEG’s flagship Galaxy Macau property bore the brunt of these declines, pushing the property’s revenue down 10% to HK$9.33b and earnings down 6.4% to HK$3.2b. On the plus side, the property’s five hotels enjoyed “virtually 100%” occupancy.