Galaxy Entertainment Group posts net revenue of US$901.45m for Q1

First-quarter net revenue rose 72 per cent year-on-year.

Macau.-  Galaxy Entertainment Group has released its financial results for the first quarter of the year. Net revenue was HK$7.05bn (US$901.45m), up 72 per cent in year-on-year terms and up 142 per cent when compared to the previous quarter.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter was HK$1.91bn (US$244.2m), compared with negative HK$163m in the preceding quarter. Total GGR was HK$6.07bn (US$776.14m), up 79 per cent year-on-year and up 233 per cent when compared to the previous quarter. 

Mass GGR was US$4.93bn (US$630.37m), up 86 per cent year-on-year and 214 per cent sequentially. Rolling chip GGR was HK$794m (US$101.52m), up 40 per cent and 436 per cent. Electronic GGR was HK$337m (US$43.09m), up 108 per cent and 227 per cent.

Galaxy Macau posted net revenue of HK$5.35bn (US$684.08m) and adjusted EBITDA of HK$1.85bn (US$236.55m). The company reported that approximately 60 per cent of rooms were staffed and that these had 100 per cent occupancy.

StarWorld Macau posted net revenue of HK$938m (US$119.94m), up 121 per cent year-on-year and up 281 per cent quarter-on-quarter. Adjusted EBITDA was HK$216m (US$27.62m) and hotel occupancy was 96 per cent.

The company reported that it is planning to open its Raffles hotel and Andaz Macau this year, with 1,150 rooms.

Company chairman Lui Che Woo said: “GEG is committed to fulfilling its investment obligation under the new license and committed to invest in Macau’s economic diversification and support the Macau Government’s vision of becoming a World Centre of Tourism and Leisure by hosting a variety of world class shows and performances. 

“We will bring known proven events to Macau to support the Government’s non-gaming drive. Additionally, we will introduce new and innovative events to further diversify Macau’s economy and attract international tourists. In the medium to longer term, we remain confident in the future of Macau in general and GEG specifically.”

See also: Galaxy redesignates Michael Mecca as independent non-executive director