Macau casino operator Galaxy Entertainment Group Ltd saw strong gaming earnings relative to the earlier part of the year, during the five-day holiday encompassing Labour Day on May 1, said brokerages Sanford C Bernstein Ltd, and Jefferies Hong Kong Ltd in respective Thursday memos, citing commentary from the gaming firm’s management.
The improvement was led by premium-mass play, and was accompanied by high levels of hotel occupancy, and strong sales in the luxury retail segment, said the institutions, in notes issued after highlights of Galaxy Entertainment’s first-quarter earnings were filed with the Hong Kong Stock Exchange. The company’s flagship resort is Galaxy Macau, (pictured in a file photo) on Cotai.
Business for Genting Singapore Ltd, the promoter of the Resorts World Sentosa casino complex (pictured in a file photo) in Singapore, is likely to be “one of the better tourism recovery stories due to its balance sheet strength and good control of Covid-19 in Singapore,” said a Sunday note from banking group Nomura, following the casino firm’s first-quarter earnings.
The firm had reported a net profit of SGD34.5 million (US$25.9 million) for the first quarter of 2021, down 73.7 percent from the previous quarter, according to a filing with the Singapore Exchange on Friday.
Nomura said it had anticipated there would be “not much further upside from domestic tourists” for Genting Singapore’s business, given the continued absence of meaningful numbers of foreign tourists, but that the extent of the decline in quarterly earnings had been “larger than we expected”.
by Bloomberg
|Friday, May 07, 2021
The cost of building blocks for everything from plastics to paint has surged over the past year.
(Bloomberg) Drive down any highway in the world and you’ll see countless reminders that the price of Big Oil’s primary product is rising. What’s less obvious is how the inflationary pressures from transport fuel are being amplified by another part of this sprawling industry chemicals.
The cost of the building blocks for everything from plastics to paint has surged over the past year. That’s great for companies like Exxon Mobil Corp. and Royal Dutch Shell Plc, whose petrochemical units just earned their biggest profit in years.
Macau casino operator SJM Holdings Ltd expects to get up to 200 new-to-market live gaming tables for the opening of its HKD39-billion (US$5-billion) Grand Lisboa Palace gaming resort (pictured) on Cotai, a property the firm wants to open before the end of the first half.
That is according to a Tuesday note from brokerage Sanford C. Bernstein Ltd, citing commentary from the casino group’s management following its first-quarter earnings filed that day with the Hong Kong Stock Exchange.
“SJM has not yet had a table allocation” from the city’s government for Grand Lisboa Palace, stated Sanford Bernstein. It added the casino group expected a new-table allocation from the Macau government “similar to other recent Cotai property openings (150 to 200 tables)”.
Macau casino operator SJM Holdings Ltd plans to raise fresh cash via senior notes denominated in the city’s own currency the pataca (MOP), as well as in Hong Kong dollars, and to list the notes on Macau’s fledgling bond market, the Chongwa (Macao) Financial Asset Exchange Co Ltd.
It gave the information in a Wednesday filing to the Hong Kong Stock Exchange, where the group has its public stock listing. Macau – encouraged by China’s central government – has pledged to diversify its economy beyond tourism and casino gambling, including the creation of a market for financial services.
SJM Holdings has said it plans to open a first phase of its HKD39-billion (US$5-billion) new Cotai gaming resort, Grand Lisboa Palace, before the end of June.