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    27   HK0027032686

GALAXY ENTERTAINMENT GROUP LIMITED

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Macau casinos to stop junkets at world's biggest gambling hub - Bernstein

12/07/2021 | 05:22am EST
FILE PHOTO: A night view of the Casino Lisboa after gambling recommenced at midnight, in Macau

HONG KONG (Reuters) - Macau's gaming regulator has ordered junket operators in the world's largest gambling hub to stop offering credit to customers, according to brokerage firm Bernstein.

Macau's Gaming Inspection and Co-ordination Bureau (DICJ) has ordered the operators, who bring big-spending clients from mainland China to VIP rooms in Macau casinos, often with loans to gamble with, to stop offering credit, Bernstein said in a research note on Monday, citing sources.

"Wynn and others are in the process of shuttering junket operations," Bernstein said in the note.

Separately, Bloomberg News reported on Tuesday, citing unidentified sources, that Wynn and Melco would close their junket rooms by Dec. 20 and Dec. 21.

Macau's gaming regulator did not respond to a request for comment.

Casino operators Wynn Macau, Sands China, Galaxy Entertainment, SJM Holdings and Melco International Development also did not respond to requests from Reuters for comment.

The news comes days after embattled junket giant Suncity closed all of its VIP gambling rooms in Macau after its chief executive, Alvin Chau, was arrested over alleged links to cross-border gambling.

Authorities in mainland China, where gambling is illegal, see junkets as responsible for helping to siphon billions of yuan overseas, a risk to a country that has always had strict controls on capital outflows.

Carlos Lobo, a Macau-based gaming consultant, said if the Macau government did make junkets stop offering credit to clients, it would mark the end of an era.

"If this is true, the junkets will have to operate as a travel agency, through activities such as receiving fees for bringing rich clients to casino operators, rather than receiving commissions from VIP gaming rooms which has been the main business model for years," he said.

(Additional reporting by Anne Marie Roantree; Editing by Robert Birsel)

By Eduardo Baptista


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED 0.22% 45.9 End-of-day quote.13.61%
MELCO INTERNATIONAL DEVELOPMENT LIMITED -0.22% 9.05 End-of-day quote.-4.84%
MGM CHINA HOLDINGS LIMITED 1.53% 5.32 End-of-day quote.12.47%
SANDS CHINA LTD. 1.92% 21.2 End-of-day quote.16.74%
SJM HOLDINGS LIMITED 0.39% 5.15 End-of-day quote.-1.90%
SUNCITY GROUP HOLDINGS LIMITED -1.83% 0.107 End-of-day quote.-15.08%
WYNN MACAU, LIMITED -0.42% 7.12 End-of-day quote.11.77%
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Financials
Sales 2021 20 649 M 2 651 M 2 651 M
Net income 2021 729 M 93,5 M 93,5 M
Net cash 2021 20 850 M 2 676 M 2 676 M
P/E ratio 2021 267x
Yield 2021 0,01%
Capitalization 200 B 25 691 M 25 675 M
EV / Sales 2021 8,68x
EV / Sales 2022 5,54x
Nbr of Employees 18 000
Free-Float -
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Galaxy Entertainment Group Limited Technical Analysis Chart | 27 | HK0027032686 | MarketScreener
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Mean consensus BUY
Number of Analysts 19
Last Close Price 45,90 HKD
Average target price 52,85 HKD
Spread / Average Target 15,1%
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Managers and Directors
Robert Charles Drake Group Chief Financial Officer
Che Woo Lui Chairman
James Houghton Director-Information Systems & Technology
Wai Ling Lui Group Director-Human Resources & Administration
James Ross Ancell Independent Non-Executive Director
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