Net revenue for the first three months hit HK$5.1 billion (US$658million) with Adjusted EBITDA down 93 per cent to HK$283 million.
Macau.- Galaxy Entertainment Group (GEG) saw net revenue plunge 61 per cent YoY to HK$5.1 billion (US$658million) in the first three months of the year.
The company also saw Adjusted EBITDA drop 93 per cent year-on-year to HK$283 million, which it attributed to the ongoing Covid-19 pandemic.
The numbers were revealed in GEG’s latest financial reports, where the company said it was in a position to survive the crisis and was focusing on controlling costs.
“Q1 2020 has been a very difficult period for the community and businesses globally due to the Covid-19 pandemic […] The introduction of immigration and quarantine restrictions has adversely affected visitations to Macau and impacted virtually all businesses in Macau the gaming concessionaire indicated,” said GEG founder Lui Che Woo.
“At this point in time it is difficult to quantify the full-year financial impact of the virus. Having said that, we are doing our best to adjust our operations to the current business environment and effectively control costs,” Lui added.
Galaxy Macau, located at Cotai, saw net revenue for the quarter decrease 62 per cent to HK$3.5 billion (US$451million) with Adjusted EBITDA down 89 per cent to HK$329 million (US$42.4million) and an average room occupancy of 39 per cent.
Starworld Macau reported a 66 per cent year-on-year fall in net revenues to HK$1billion (US$129million) and an 89 per cent drop in Adjusted EBITDA to HK$104 million (US$13.4million) with a room occupancy rate of 42 per cent.