Galaxy Entertainment returns to positive EBITDA
The Macau casino operator saw a notable improvement in operating revenue for the fourth quarter of 2020.
Macau.- Galaxy Entertainment Group has reported adjusted property EBITDA of HKD1.01bn (US$129.0m) for the fourth quarter of 2020, an increase of 207 per cent quarter-on-quarter from a HKD943m (US$121.6m) loss in Q3.
The company’s last financial report of 2020 shows full-year net revenue of HKD12.88bn, down 75 per cent year-on-year.
For the three months to December 31, net revenue was HKD5.1bn, down 61 per cent year-on-year but up 229 per cent quarter-on-quarter.
Gross gaming revenue (GGR) was HKD4.64bn, up 435.5 per cent, from the preceding quarter.
Galaxy Macau, the company’s primary revenue source, reported net revenue of HKD3.3bn, down 64 per cent year-on-year but up 430 per cent quarter-on-quarter.
Lui Che Woo, chairman and founder of Galaxy Entertainment, said: “The EBITDA improvement was largely driven by an increase in visitation which translated into increased revenue and continuing cost control.”
Woo said that the Covid-19 pandemic continued to “impact the community and businesses globally including Macau and GEG.”
The company recently announced that its Galaxy Macau Phase 4 will be complete in three years but has not specified an exact date.