• About Us
  • The Team
  • Advertise with Us

The latest news on the gaming industry in Asia

() () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () () ()
  • Home
  • Macau
  • Philippines
  • Singapore
  • Japan
  • Rest of Asia
  • World
  • Features
  • Industry Talk
  • Trends & Tech
  • follow
    • Facebook
    • Twitter
    • RSS Feed
    • LinkedIn

Galaxy takes US$13mln in social bonds to help Macau SMEs

Mar 06, 2020 Newsdesk Latest News, Macau, Top of the deck  


Galaxy takes US$13mln in social bonds to help Macau SMEs

Macau casino operator Galaxy Entertainment Group Ltd says it has subscribed to HKD100-million (US$12.9 million) worth of special social bonds issued by Bank of China (Macau Branch) Ltd.

The casino firm said in a Thursday announcement that the proceeds from its subscription to the instruments – described as “Covid-19 impact alleviation social bonds” –  would be used to provide “special loans and reduce the financing costs of Macau small and medium-sized enterprises [SMEs] that provide healthcare and medical supplies or manufacture medical devices, etc”.

Galaxy Entertainment said this was “to support the recovery of the local production and supply of epidemic-prevention and -control products”.

The statement said the instrument was the first certified social bond issued by a Chinese financial institution.

Galaxy Entertainment’s vice-chairman, Francis Lui Yiu Tung (pictured right), was quoted in the announcement as saying the subscription would “help offer prompt and efficient assistance to local SMEs and alleviate their operating and financing pressures amid this critical period.”

Lei Wai Nong (pictured centre), Macau’s Secretary for Economy and Finance, also attended a Thursday ceremony marking the bond subscription announcement.

Other Galaxy Entertainment initiatives during the coronavirus alert have included waiving the fixed-rental fee for all the group’s tenants during February, said the firm. That is understood to be a reference to shops and food and drink outlets at the company’s casino resorts.

Its flagship Cotai property is Galaxy Macau on Cotai. It also runs Broadway Macau next door, which hosts Broadway Food Street, a mix of outdoor food stalls and small local restaurants. The group’s main property on Macau peninsula is the StarWorld Hotel.

Investment analysts have noted that there is currently little clarity in terms of when the consumer side of the Macau gaming market – a key component of the local economy – will return to normality, with travel restrictions out of mainland China, the biggest single market for the city’s gamblers, still in place.

Galaxy Entertainment has, in common with other Macau casino operators, been making donations – amid the ongoing Covid-19 alert – of money, help and equipment to the Macau community and to Hubei province in mainland China, identified as the epicentre of the coronavirus outbreak.

All six Macau operators face the likelihood of a new public tender for Macau gaming rights, coinciding with the expiry in 2022 of their current gaming licences.


  • tweet
Related articles
  • Cotai expansion to aid Macau EBITDA to 2019 level: CICC
    Cotai expansion to aid Macau EBITDA to...

    Jan 26, 2021  

  • Crane affirms 1Q dividend, reports 4Q 2020 profit
    Crane affirms 1Q dividend, reports 4Q...

    Jan 26, 2021  

More news
  • Sci Games says ‘Singing Cats’ nodded in 9 APAC markets
    Sci Games says ‘Singing Cats’...

    Jan 27, 2021  

  • LT Game says 1Q Macau launch for its Jackpot Series
    LT Game says 1Q Macau launch for its...

    Jan 27, 2021  


Latest News

Sci Games says ‘Singing Cats’ nodded in 9 APAC markets

Sci Games says ‘Singing Cats’ nodded in 9 APAC markets

Jan 27, 2021  

Gaming supplier Scientific Games Corp has told GGRAsia that its new “Jin Ji Bao Xi – Singing Cats” slot machine game (pictured) is “approved and available” in nine Asia-Pacific...
Read More
LT Game says 1Q Macau launch for its Jackpot Series

LT Game says 1Q Macau launch for its Jackpot Series

Jan 27, 2021  

Macau’s licensed junket tally down to 85: govt

Macau’s licensed junket tally down to 85: govt

Jan 27, 2021  

Sign up to our FREE Newsletter

UB8V5.qr.16(Click here for more)

Partners

Pick of the Day

"We will continue supporting our people and the local communities in which we operate, reinvesting in our current markets, producing strong returns for our shareholders and aggressively pursuing new development opportunities"

Patrick Dumont

President and chief operating officer of Las Vegas Sands



Most Popular

  • China said to be expanding blacklist for overseas gamblingChina said to be expanding blacklist for overseas gambling January 27, 2021
  • Digital yuan eventually for Macau mass bets mulls BernsteinDigital yuan eventually for Macau mass bets mulls Bernstein January 22, 2021
  • Okada Manila warns against online casino, sale rumoursOkada Manila warns against online casino, sale rumours January 25, 2021
  • Cotai expansion to aid Macau EBITDA to 2019 level: CICCCotai expansion to aid Macau EBITDA to 2019 level: CICC January 26, 2021
  • Hoiana official opening scheduled for 2H 2021: UBSHoiana official opening scheduled for 2H 2021: UBS January 25, 2021
Copyright 2014-2020 TEAM Publishing and Consultancy Ltd / All rights reserved
  • Code of Ethics
  • Privacy Policy
  • Useful Links
  • Contact Us