Inside Asian Gaming

IAG JAPAN NOV 2020 44 2020 POWER 50 FRANCIS LUI VICE CHAIRMAN Galaxy Entertainment Group 副会長 ギャラクシーエンターテインメントグループ CLAIMS TO FAME 評価理由 1 POWER SCORE パワースコア: 5,914 POSITION LAST YEAR 昨年の順位: 1 Built Galaxy into Macau’s de facto local gaming champion Developing largest single land plot in Cotai, Phases 3 and 4 due by 2022 Holds strategic stakes in Monte Carlo casino operator SBM and Wynn Resorts • • • • • • ギャラクシーをマカオゲーミング界の事実上王者へと押し上げた コタイ最大の単一土地区画を開発中でフェーズ3および4が2022年 オープン予定 モンテカルロのカジノ事業者SBMおよびウィン・リゾーツに戦略的な 株数を保有 フランシス・ルイ(呂耀東) LIKE EVERY OTHER OPERATOR in Macau, Galaxy Entertainment Group’s earnings have suffered significantly as a result of COVID-19. But unlike its peers in the global gaming hub, the company has not found reason to bolster debt in riding out the pandemic. Led by the calm, measured strategy of Vice Chairman Francis Lui, Galaxy’s conservative approach to fiscal management is reaping rewards in 2020, even accounting for a 93% fall in 1Q20 EBITDA to HK$283 million (US$36.5 million) and an EBITDA loss of HK$1.37 billion (US$177 million) in 2Q20. In announcing the company’s second quarter results in August, Lui pointed to cash and liquid investments totaling HK$49.8 billion (US$6.4 billion) and net cash of HK$43.6 billion (US$5.6 billion) as of 30 June 2020, adding that there was no need to consider raising any more liquidity via debt. Bernstein analysts observed in an early April note that Galaxy was not only the sole Macau operator in a net cash position but also had enough cash reserves to last for a full 40 months in a zero revenue scenario. There could be other benefits to this strategy too, with Japanese authorities having made it clear in recent times that the financial strength of companies bidding to develop an integrated resort would be one of the key factors in determining who ultimately prevails. Certainly Galaxy’s stocks have soared in the Japan IR race this year, with two of its key rivals in Yokohama – Las Vegas Sands and Wynn Macau – having pulled out of the race and another, Genting, under serious financial