Galaxy Entertainment Group announces Q4 and full year 2024 results

Galaxy Entertainment Group has posted net revenue of HK$43.4bn (US$5.58bn) for full year 2024.

Macau.- Galaxy Entertainment Group (GEG) has shared its financial results for the financial year 2024. It posted net revenue of HK$43.4bn (US$5.58bn), up 22 per cent in year-on-year terms. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) reached HK$12.2bn (US$1.57bn), up 22 per cent year-on-year.

Galaxy Macau‘s net revenue was up 24 per cent year-on-year at HK$34.5bn. Adjusted EBITDA was HK$$10.8bn, up 18 per cent year-on-year. StarWorld Macau’s net revenue was HK$5.3bn, up 15 per cent year-on-year. Adjusted EBITDA was HK$1.6bn, up 24 per cent year-on-year.

For the fourth quarter of 2024, GEG reported net revenue of HK$11.3bn (US$1.45bn), up 9 per cent year-on-year and 6 per cent quarter-on-quarter. Gross gaming revenue was up 19 per cent year-on-year and 9 per cent sequentially to HK$11.0bn (US$1.41bn). The mass win was HK$8.71bn (US$1.12bn). Rolling chip win totalled HK$1.54bn (US$198m) and slot win HK$780m (US$100m). The casino operator posted EBITDA of HK$3.24bn (US$417m), up 15 per cent year-on-year and 10 per cent sequentially.

Galaxy Macau’s net revenue was HK$9.1bn, up 12 per cent year-on-year and up 9 per cent quarter-on-quarter. Adjusted EBITDA was HK$2.8bn (US$365m), versus HK$2.5bn (US$329m) in the third quarter. Hotel occupancy across its seven hotels was 98 per cent.

StarWorld Macau’s net revenue was HK$1.3bn, up 3 per cent year-on-year but down 4 per cent quarter-on-quarter. Adjusted EBITDA was HK$363m (US$47m), up 3 per cent year-on-year and down 8 per cent quarter-on-quarter. Hotel occupancy was 100 per cent.

Broadway Macau’s net revenue was HK$220m (US$28m), up 114 per cent year-on-year. Adjusted EBITDA was HK$24m (US$3.1m), reversing a HK$36m (US$4.6m) loss, while City Clubs saw net revenues fall 6 per cent year-on-year to HK$209m (US$27m) with Adjusted EBITDA of HK$14m (US$1.8m).

GEG chairman Francis Lui said: “Throughout 2024 we continued to drive every segment of the business in particular the premium mass which remains the main profit driver. In a competitive market, we continue to allocate resources with discipline and focus on their most efficient use. GEG believes in competing with excellent products and services and not on price.

“We have a strong, healthy and liquid balance sheet with cash and liquid investments of HK$31.3bn, with a minimal debt of HK$4.2bn giving a net position of HK$27.1bn. This financial strength allows GEG to fund our development pipeline, actively explore international development opportunities and return capital to shareholders via dividends. On 25 October 2024, we paid an interim dividend of $0.50 per share which was an increase from $0.30 per share paid in April 2024. Subsequently, the GEG Board recommends a final dividend of $0.50 per share payable in June 2025. These dividends demonstrate our continued confidence in the longer-term outlook of Macau and for the company.

“GEG has been working with the MGTO to actively promote Macau as an international tourist destination. We previously announced the opening of offices in Tokyo, Seoul and Bangkok. In 2024 international visitor arrivals to Macau increased by 66 per cent year-on-year to 2.4 million. We will continue to work with the MGTO and support this important initiative.

“On the development front, we continue to progress with the fitting out of Capella at Galaxy Macau and the construction of Phase 4 which has a strong focus on non-gaming, primarily targeting entertainment and family facilities, and also includes gaming.

“During the year we deployed smart tables across all of our casinos. We expect this technology to enhance the overall operating efficiency and customer management. In addition, we continue to make enhancements to our resorts including adding new F&B and retail offerings at Galaxy Macau.

“At StarWorld Macau we are evaluating a range of major upgrades, that includes the main gaming floor, the lobby arrival experience and increasing the F&B options. We have completed the upgrade of Level 3 and StarWorld Macau now hosts one of the largest scale Live Table Games (“LTG”) terminals in Macau.”