Galaxy Entertainment Group net revenue up 11.4% in Q3

The casino operator posted a net revenue of HK$9.7bn for the third quarter of the year.

Macau.- Galaxy Entertainment Group has released its financial results for the third quarter of the year. The company posted net revenue of HK$9.7bn (US$1.24bn). The figure was up by 11.4 per cent sequentially and 374.4 per cent from the prior-year period.

The company posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$$2.8bn (US$354.2m). That’s a rise of 576 per cent when compared to last year and 12 per cent in quarter-on-quarter terms. Gross gaming revenue (GGR) was HK$8.75bn (US$1.12m), up 853 per cent year-on-year and 14.2 quarter-on-quarter. 

Galaxy Macau’s net revenue was up 612 per cent year-on-year at HK$7.6bn. Adjusted EBITDA was HK$2.6bn, up 957 per cent year-on-year and up 18 per cent quarter-on-quarter. StarWorld Macau’s net revenue was HK$1.2bn, up 677 per cent year-on-year. Adjusted EBITDA was HK$347m. Broadway Macau’s net revenue was up 4 per cent quarter-on-quarter at HK$24m. Adjusted EBITDA was HK$14m.

Chairman Lui Che Woo said: “From the business revenue perspective, we are very pleased to see a continuing ongoing recovery in both visitor arrivals and associated gaming revenue. 

“For Q3 2023, GEG’s mass gaming revenue was approximately 102 per cent when compared to 2019 levels, Galaxy Macau performed even better at 121 per cent of 2019 levels, whilst StarWorld Macau continues to grow and was approximately 71 per cent of 2019 levels. Retail sales and subsequent mall rental has seen demand normalized post re-opening. Mall rental in Q3 2023 across our portfolio was HK$379m, which was equivalent to 114 per cent of 2019 levels. 

“Beginning in July 2023, the exclusive 450 all-suite Raffles at Galaxy Macau was operating by invitation only. On 16 August 2023, we successfully soft opened its door which brings a new level of opulence, service and luxurious customer experience to Macau. 

“We opened Andaz Macau on 15 September 2023 which is designed to support the MICE and Arena facilities within Galaxy International Convention Center (“GICC”). We are continuing with the construction of Phase 4 which will include multiple high-end hotel brands, together with a 4,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping and a water resort deck. 

“Phase 4 is approximately 600,000 square meters of development and is scheduled to complete in 2027. We will continue to adjust the development timeline in accordance with the market demand.”

See also: Galaxy earnings to rebound to 2019 levels in 2024, analysts say