Galaxy Entertainment Group net revenue up 50% in Q1

First-quarter net revenue was HK$10.55bn (US$1.37bn).

Macau.- Galaxy Entertainment Group has released its financial results for the first quarter of the year. Net revenue was HK$10.55bn (US$1.37bn), up 50 per cent in year-on-year terms and up 2 per cent sequentially.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter was HK$2.84bn (US$362.9m), up 48.7 per cent year-on-year, and up 1 per cent quarter-on-quarter. GGR was HK$9.63bn (US$1.23bn), up 59 per cent year-on-year and up 4 per cent when compared to the previous quarter. 

Mass GGR was HK$7.7bn (US$990m), up 57 per cent year-on-year and down 1 per cent quarter-on-quarter. Rolling chip GGR was HK$1.3bn (US$166m), up 64 per cent year-on-year and up 43 per cent quarter-on-quarter. Electronic GGR was HK$600m (US$77m), up 78 per cent year-on-year and up 18 per cent quarter-on-quarter.

Galaxy Macau posted net revenue of HK$8.3bn (US$1.07bn), up 55 per cent year-on-year and up 2 per cent quarter-on-quarter. Adjusted EBITDA was HK$2.61bn (US$334m). The company reported occupancy across the seven hotels was 97 per cent.

StarWorld Macau posted net revenue of HK$1.4bn (US$183m), up 46 per cent year-on-year and up 9 per cent quarter-on-quarter. Adjusted EBITDA was HK$435m (US$56m) and hotel occupancy was 100 per cent.

Company chairman Lui Che Woo said: “During Q1 2024, we made substantial adjustments to Galaxy Macau’s gaming floor, in the shorter term this was disruptive for the month of January and the early part of February. “The renovation was completed just prior to Chinese New Year. With the completion of this renovation, we have seen a significant improvement in the flow of customer traffic across the entire floor.

“We were pleased to announce the addition of the Group’s tenth hotel brand – Capella Hotels and Resorts. The 17-storey Capella at Galaxy Macau is expected to open in mid-2025 and offers approximately 100 ultra-luxury sky-villas and suites.”

The company stated: “We continue to ramp up the newly opened Phase 3 development with a particular focus on events and entertainment shows. The development of Phase 4 continues and will greatly expand our capacity within Macau. We continue to remain confident in the outlook for Macau and are committed to supporting the Macau Government’s vision to develop Macau into the World Centre of Tourism and Leisure.”