Galaxy Entertainment has shared its financial results for the fourth quarter of the year, reporting a decrease in net revenue to HK$4.8bn (US$620m).
Macau.- Galaxy Entertainment Group‘s net revenue declined 7 per cent year-on-year in the fourth quarter of 2021. The figure was, however, up 11 per cent from HK$4.3bn (US$551.9m) to HK$4.8bn (US$620m) when compared to the third quarter.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in at HK$1bn, up 3 per cent when compared to the previous year and up 107 per cent quarter-on-quarter. For the full year 2021, the company reported a 53 per cent year-on-year rise in net revenue to HK$19.7bn, concluding the year with HK$3.5bn in adjusted EBITDA.
Gross gaming revenue was HK$17.3bn, up 51 per cent. VIP hit HK$5.5bn, up 11 per cent, and mass-market revenue rose 83 per cent year-on-year to HK$11.2bn.
GEG chairman Dr Lui Che Woo, stated: “Macau like the rest of the world continued to experience the impact of Covid-19 throughout 2021, with sporadic outbreaks in Mainland China and the subsequent travel and quarantine restrictions impacting visitor arrivals.
“I would like to acknowledge the Macau Government for acting decisively and effectively controlling the pandemic. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work.”
He added: “GEG team members have been working hard to do more with less and have been very supportive of the various company initiatives. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work and the overall Covid-19 vaccination rate for GEG’s team members has now reached 94 per cent.
“We believe that the reoccurrence of Covid-19 cases will continue to impact Macau for the immediate future, which in turn could impact our financial results going forward.”
Macau gaming tax revenue increases 13% year-on-year in 2021
Macau’s Financial Services Bureau has reported that the government collected nearly MOP33.9bn (US$4.22bn) in fiscal revenues from direct taxes on gaming in 2021. That figure represents a 13.8 per cent increase year-on-year.
The collection was just over the government’s last estimation in November (MOP33.7bn) but well below the original budget forecast of MOP50bn. Direct taxes from gaming accounted for 67.2 per cent of the Macau government’s total revenue of MOP50.4bn last year.