One of the largest casino operators in Macau, Galaxy Entertainment Group, has reported a massive loss of HK$2.8 billion, or roughly $361 million, for its first two quarters of this year – a dizzying departure from its HK$6.7 billion profit over the same period in 2019.

In its filing with the Hong Kong stock exchange, Galaxy Entertainment blamed its poor performance during the first half of the year to the impact of the coronavirus pandemic on tourism. The company explained that the lack of visitors to its establishments due to the travel restrictions and social distancing measures significantly hampered its ability to generate any profits.

For the first half of the year, the company's revenues declined by more than 75 percent to only HK$6.2 billion. This was a significant drop from the HK$26.2 billion revenue the company reported over the same period last year. Galaxy Entertainment's share price finished the week at HK$58.95, a surprising climb from Monday's opening price of HK$53.70, considering the revenue hit.

The company's chairman, Lui Chee Wo, said in a statement that they are still uncertain of when the industry would fully recover given the continually changing progress in the lifting of travel restrictions. He added that the company expects that spending on its establishments could also be impacted in the coming quarters given the global economic downturn, currency fluctuations, and uneasy geopolitical relations.

Some parts of China have been easing their travel restrictions to Macau, providing casino operators a glimmer of hope. Zhuhai government officials announced on Wednesday that the city will be accepting visa applications for Macau tourists starting this week. Other cities in Guangdong will also be allowing travel to the gambling hub starting next week.

Industry experts have pointed out that the gradual lifting of travel restrictions should see an influx of VIP players enter the city in the coming months. This is expected to accelerate the industry's rebound.

Casino stocks, including Galaxy Entertainment, mostly rallied earlier in the week on the news of lifted travel restrictions in China's Guangdong province. Sands China had the most gains on Tuesday, with its stocks surging by about 10 percent. During the same day, Galaxy Entertainment's share prices had also rallied by about 5.5 percent.