Pandemic-hit Macau casinos look to play the long game with cash pile [Reuters]
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Source: Reuters
Pandemic-hit Macau casinos look to play the long game with cash pile HONG KONG (Reuters) - Light on debt and cash rich, Macau’s Galaxy Entertainment ( 0027.HK ) is bleeding $3 million daily in operating cost as the coronavirus crisis upends its casino business. Such a jolt could sink most companies - a risk not taken lightly by global policymakers who have delivered various measures over the past two months to help cushion corporate losses. Yet Galaxy and many of its counterparts in the world’s biggest gambling hub have enough cash on hand to ride out the storm and, surprisingly, even survive on zero revenue for several months to a few years. Having enjoyed robust earnings growth in recent years, thanks to insatiable gaming demand from mainland Chinese, the balance sheets of Macau’s casino operators stand tall over those in Las Vegas, which are saddled with much higher debt. A Reuters calculation shows the Macau casino operators came into 2020 with a cumulative cash position of just
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