Hong Kong-listed casino operator Galaxy Entertainment Group has revealed that its Galaxy Macau Casino Resort has reported better than expected customer numbers and expenditure over the first three days of the Golden Week holiday.
According to a report from the Macau Business Daily newspaper, Francis Lui Yiu Tung, Deputy Chairman for Galaxy Entertainment Group, made the revelation on Monday while additionally explaining that the Cotai Strip venue had been experiencing full occupancy.
Regarding the competition, the 61-year-old declared that he was not worried about Sands China Limited’s $2.5 billion Parisian Macao Casino Resort or the nearby $4.2 billion Wynn Palace Macau from Wynn Resorts Limited and stated that hotels of differing styles could actually enhance local tourism competitiveness and attract more tourists to Macau.
However, the gaming mogul claimed that he was remaining cautious about revenues despite casinos in the city recently posting year-on-year growth for two consecutive months following a 27-month slump.
Numerous gaming analysts have predicted that the rumoured visit of Chinese Premier Li Keqiang next week may adversely affect the city’s casino revenues for October but Lui explained that the trip is to encourage cooperation between Macau and China and that it is in the best interests of the central government to maintain the development of the gaming industry.
Lui Che Woo, the 87-year-old Chairman for Galaxy Entertainment Group and the father of Lui, told Hong Kong news domain Now.com recently that the future economic development of Macau is set to rely on the city’s non-gaming elements and that the policy of moving away from an over reliance on VIP gamblers is slowly starting to demonstrate its effectiveness.