By Yi Wei Wong
Galaxy Entertainment Group Ltd. said its earnings fell in the first quarter, as Covid-19-related travel restrictions weighed on visits to Macau.
The Macau-based casino operator said Thursday that its group adjusted earnings before interest, taxes, depreciation, and amortization fell 33% on year to 575 million Hong Kong dollars ($73.2 million) amid the current restrictions.
Net revenue fell 20% on year to HK$4.1 billion, the casino operator said.
The casino operator said it will continue to renovate its resorts to capture recovering tourism demand in mainland China once borders reopen, although it remains cautious on the possibility of restrictions easing.
The recurrence of Covid-19 cases in China is likely to continue to weigh on the company’s revenue and profit this year, it added.
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