GGRAsia – MGM China mass biz 60pct of pre-pandemic: Hornbuckle ggrasia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ggrasia.com Daily Mail and Mail on Sunday newspapers.
The chairman and chief executive of the parent firm of Macau casino operator Sands China Ltd said on Wednesday he was “disappointed” about the pace of recovery in the Macau gaming market, but understood the Macau and mainland China authorities had opted for a safety-first approach amid the Covid-19 pandemic.
Robert Goldstein (pictured, top left), boss of United States-based Las Vegas Sands Corp (LVS), was speaking during the Bernstein Annual Strategic Decisions Conference, in a session held online and hosted by Sanford C. Bernstein Ltd analyst Vitaly Umansky (pictured, top right).
Mr Goldstein stated regarding the pace of Macau’s rebound: “We are disappointed… we were hoping for a quicker recovery”. But the Las Vegas Sands executive added he understood that the authorities in Macau and the mainland were “very cautious” on travel easing, as they had a “zero-tolerance policy” toward Covid-19.
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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.