Galaxy Entertainment has shared its financial results for the third quarter of the year, reporting a decrease in net revenues to HK$4.3bn (US$551.9m).
Macau.- Galaxy Entertainment‘s net revenue declined 23 per cent quarter-on-quarter, from H$5.57bn to HK$4.3bn (US$551.9m) for Q3. GGR was down 26 per cent quarter-on-quarter to HK$3.7bn. For VIP results, Galaxy Entertainment posted HK$1.2bn, down 27 per cent. Mass-market results were down 25 per cent to HK$2.3bn.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in just under HK$503m, compared to negative adjusted EBITDA of HK$1943 for Q3 2020. Galaxy Entertainment’s Cotai venue registered net revenue of HK$2.84bn, down 25.5 per cent from the previous quarter. Adjusted EBITDA was down 50.9 per cent sequentially at HK$454m.
GEG chairman Dr Lui Che Woo, stated: “During Q3 both Mainland China and Macau experienced highly publicised periodic outbreaks of Covid-19. As a result, selected travel restrictions were implemented during these periods which severely impacted Macau visitation and revenue.
“It is pleasing to note that once travel restrictions were lifted visitor arrivals quickly rebounded. This gives us confidence that there is pent up demand for leisure, tourism, travel within Mainland China.”
Galaxy also mentioned the opening of the new Raffles brand hotel at Galaxy Macau. It said the hotel will feature a 450 all-suite tower slated to open in early 2022.
Galaxy and Melco report high rates of vaccination among staff
Casino operators have announced high vaccination rates among their employees in Macau. Galaxy Entertainment says that 82 per cent of its staff have been vaccinated although it is not known if that refers to full vaccination or a single dose.
Melco Resorts & Entertainment, which gave each employee a bonus of MOP1,000 (US$125) after getting vaccinated, has reported that more than 75 per cent of its employees have been fully vaccinated.