Galaxy Entertainment Group (GEG) Vice Chairman, Francis Lui, said on Thursday that the company is feeling a “relatively big” impact from the outbreak of COVID-19 but has yet to quantify the full extent of financial loss due to the duration of travel and border restrictions yet to be determined.
Speaking with reporters at a press conference following release of its 4Q19 and FY19 financial results, Lui revealed GEG’s expenditure is currently sitting at around US$3 million per day after the implementation of some cost cutting measures but added the company has not yet made any requests to the government for grants or tax breaks.
“We have not asked the government for any tax concession,” he said. “The government is already introducing a series of measures such as tax concessions for the community in Macau, which will benefit SMEs and different sectors of society to sustain and protect their ongoing livelihoods.
“If the government can be sympathetic to the gaming industry in the contribution that we have made for the community and society, that would be good.”
GEG said it has now opted to waive all retail rental leases at its Macau properties – namely Galaxy Macau, StarWorld and Broadway Macau – for the month of February, but added there were no plans to lay off staff.
In the meantime, Lui confirmed that construction of Galaxy Macau’s Phase 3 and 4 developments was now back underway after being temporarily suspended when casinos closed on 5 February, with the company confident there would be little to no delay to its previous schedule, which targets an early 2021 opening.
