Galaxy Entertainment Group posts profit of US$564.7m for H1

Net profit for the first half was up 52 per cent year-on-year.

Macau.- Galaxy Entertainment Group has released its financial results for the first half of the year. Profit was up 52 per cent year-on-year from HK$2.89bn to HK$4.4bn (US$564.7m). Revenue was up 37 per cent year-on-year to HK$21.5bn (US$2.76bn) and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 37 per cent to HK$6bn (US$770m).

Gross gaming revenue (GGR) was HK$20bn (US$2.57bn), up 45 per cent year-on-year. Mass GGR was HK$16bn (US$2.05bn), up 43 per cent. Rolling chip GGR was HK$2.7bn (US$346.5m), up 56 per cent, and electronic GGR was HK$1.3bn (US$166.85m), up 61 per cent.

Galaxy Macau’s net revenue was up 43 per cent year-on-year at HK$17bn. Adjusted EBITDA was HK$5.4bn (US$693.1m), up 34 per cent. Gaming revenue was up 44.2 per cent at HK$14.23bn (US$1.83bn) and rolling chip volume reached HK$82.01bn (US$10.53bn), up by 62 per cent year-on-year.

StarWorld Macau’s net revenue was HK$2.7bn, up 25 per cent. Adjusted EBITDA was HK$777m (US$99.73m), up 34 per cent. Gaming revenues reached HK$2.42bn (US$310.6m), up 25.6 per cent. Broadway Macau’s net revenue was up 144 per cent at HK$100m (US$12.83m). Adjusted EBITDA was HK$12m (US$1.54m).

Chairman Lui Che Woo said the company had completed the backend systems integration and customer database transfer for the implementation of smart tables.

He said: “We also successfully completed live back-of-house pilot testing of smart tables. And in early July, we commenced the rollout of smart tables across Galaxy Macau’s main gaming floor. We anticipate to complete the full rollout by year-end.”

Looking ahead, Chee Woo said: “On the development front, we continue to move forward with the fitting out of the Capella at Galaxy Macau and Phase 4, which has a strong focus on non-gaming, primarily targeting entertainment, family facilities and also includes gaming.

“Phase 4 will include multiple high-end hotel brands new to Macau, together with an up to 5000-seat theatre, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is approximately 600,000 square meters of development and is scheduled to complete in 2027.”