Galaxy Entertainment Group posts profit of US$369m for H1

The casino operator posted gross gaming revenue (GGR) of HK$13.7bn (US$1.75m).
The casino operator posted gross gaming revenue (GGR) of HK$13.7bn (US$1.75m).

The company’s revenue rose 141 per cent year-on-year to HK$15.72bn (US$2.04bn).

Macau.- Galaxy Entertainment Group has released its financial results for the first half of the year. The company posted a profit of HK$2.89bn (US$369.0m), compared to a HK$850.47m loss in the same period of 2022.

Revenue was up 141 per cent year-on-year to HK$15.72bn (US$2.04bn) and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 2,193 per cent to HK$4.4bn.

GGR was HK$13.73bn (US$1.75m), up 198.4 per cent year-on-year. Adjusted EBITDA for gaming was up by HK$$63m. Mass GGR was HK$11.2bn, up 194 per cent, rolling chip GGR HK$1.7bn (US$217m), up 140 per cent and electronic GGR HK$780m (US$100m), up 228 per cent.

Galaxy Macau’s net revenue was up 164 per cent year-on-year at HK$11.9bn. Adjusted EBITDA was HK$4bn, up 650 per cent year-on-year.

StarWorld Macau’s net revenue was HK$2.2bn, up 236 per cent. Adjusted EBITDA was HK$578m. Broadway Macau’s net revenue was up 32 per cent at HK$41m. Adjusted EBITDA was HK$20m.

Chairman Lui Che Woo said: “Moving onto Q3 2023, we are pleased to see the continuing recovery in gaming revenue, effectively full hotel occupancy even after increasing hotel room count, retail remains solid, food and beverage remains strong. 

“The soft launch of GICC and Galaxy Arena in April has been well received and we continue to host a range of entertainment, cultural and sporting events. We believe that with the many additional facilities that we have added and will continue to add will position us strongly for longer term growth, including the opening of Raffles at Galaxy Macau and Andaz Macau.”

He added: “We continue to focus on our key priorities which include: operational execution, full opening of Phase 3 and the ongoing development of Phase 4. Cash flow from operations are positive, and combined with our strong balance sheet we are well capitalized to continue with our significant development expansion plans.”

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