Galaxy Entertainment Group net revenue up 211% in 2023

Galaxy Entertainment Group has posted net revenue of HK$35.7bn.

Macau.- Galaxy Entertainment Group (GEG) has released its full-year financial results. Net revenue of HK$35.7bn (US$4.56m), up 211 per cent year-on-year. Galaxy Macau net revenue was up 274 per cent year-on-year at HK$27.7bn, with adjusted EBITDA of HK$9.1bn. 

StarWorld Macau’s net revenue was HK$4.6bn, up 343 per cent year-on-year. Adjusted EBITDA was HK$1.3bn.

For the fourth quarter of the year 2023, GEG reported net revenue of HK$10.3bn (US$1.32bn), up 254 per cent year-on-year and up 7 per cent in quarter-on-quarter terms. The casino operator posted EBITDA of just under HK$2.81bn (US$358.7m), up 1.4 per cent when compared to the previous quarter and up from negative HK$163m (US$20.8m) in the fourth quarter of 2022.

Galaxy Macau’s net revenue was HK$8.2bn, up 347 per cent year-on-year and up 7 per cent quarter-on-quarter. Adjusted EBITDA was HK$2.6bn, versus HK$58m in Q4 2022 and HK$2.6bn in Q3 2023. 

StarWorld Macau’s net revenue was HK$1.3bn, up 410 per cent year-on-year and up 2 per cent quarter-on-quarter. Adjusted EBITDA was HK$353m, up 349 per cent year-on-year and up 2 per cent quarter-on-quarter. Broadway Macau’s net revenue was HK$38m, up 100 per cent year-on-year and up 58 per cent quarter-on-quarter. 

Chairman Lui Che Woo said: “In 2023 GEG had a busy year with the completion of multiple development projects. These included the opening of the 450 all-suite Raffles at Galaxy Macau and the new premium mass Horizon Club, the opening of both the Galaxy International Convention Centre and Galaxy Arena. 

“The progressive opening of Andaz Macau was fully opened prior to Chinese New Year 2024. In 2023, GEG held approximately 200 MICE events and 85 concerts and performances across GICC, Galaxy Arena and Broadway Theatre. 

“Moving to Phase IV, we continue to progress with its construction. Phase IV is approximately 600,000 square meters of development and is scheduled to be completed in 2027. Phase IV will include multiple high-end hotel brands new to Macau, together with a 4000-seat theatre, extensive F&B, retail, nongaming amenities, landscaping, a water resort deck and a casino, which is targeted to capture the ongoing expanding market that seeks a more encompassing lifestyle experience.”