Galaxy Entertainment has experienced a slight recovery in gaming revenue thanks to the increase in visitor arrivals.
Macau.- Galaxy Entertainment has shared its financial results for the first quarter of the year, reporting gaming revenue of HK$3.86bn, up 5.6 per cent when compared to the previous quarter but down 4.7 per cent year-on-year.
The company reported adjusted EBITDA of HK$859m (US$110.6m), up 203.5 per cent when compared to last year but down 15 per cent quarter-on-quarter. Net revenue was HKD5.07bn, up 0.5 per cent from Q1 2019.
For the three months to March 31, VIP gaming turnover was nearly HKD47.24bn, down 30.7 per cent year-on-year but up 7.6 per cent from the fourth quarter of 2020.
Mass table turnover was HKD11.59bn, down 3.8 per cent quarter-on-quarter but up 3.5 per cent year-on-year.
According to the group’s chairman, Lui Che Woo, Galaxy has been benefited from the easing of restrictions relating to Covid-19, which has translated into increased revenue.
Sanford C. Bernstein says Galaxy Entertainment Group is “in a prime position for post-pandemic recovery” as the group is the only major operator that hasn’t raised capital due to its debt-free balance sheet.
Galaxy Entertainment Group is working to complete the development of Galaxy Macau’s Phase 4. It recently announced the work will be complete in three years but has not specified an exact date.