Galaxy Entertainment revenue up 71.1% for H1
Galaxy Entertainment has shared its financial results for the first half of the year, reporting net revenue of HK$10.7bn (US$1.38bn), up 71 per cent year-on-year.
Macau.- Galaxy Entertainment has shared its financial results for the first half of the year, reporting net revenue of HK$10.7bn (US$1.38bn), up 71 per cent when compared to H1 2020.
Gross Gaming Revenue (GGR) reached HK$9.48bn, up 65.8 per cent from HK$5.71bn in the prior-year period. Revenue from non-gaming operations improved from HK$679m to nearly HK$1.39bn, up 104.6 per cent year-on-year
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in just under HK$2bn, compared to negative adjusted EBITDA of HK$1.1bn during the first half of 2020.
For the first six months of the year, the casino operator property’s net gaming revenues were up 81.9 per cent compared to the first half of the year 2020.
Galaxy posts $719.7m in net revenue for Q2
The company also revealed its financial results for the second quarter, with net revenue of HK$5.6bn (US$719.7m), up 10 per cent from the previous quarter.
It reported adjusted EBITDA of HK$1.1bn after a HK$1.4bn loss in the second quarter of 2020.
Referring to local Covid-19 cases detected in Macau, the company stated: “We are pleased to report that the Macau Government acted promptly and decisively by testing the Macau community of over 700,000 for Covid-19 within three days, which is a remarkable achievement.”
The company also referred to the opening of the new Raffles brand hotel at Galaxy Macau and announced it will feature an approximate 450 all-suite tower and is targeted to open in early 2022.
As of 30 June 2021, Galaxy Entertainment reported cash and liquid investments were HK$43bn and net cash was HK$31.6bn. During the first quarter, the casino operator reported 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.
In May, Sanford C. Bernstein said 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.
