Galaxy vice chairman tops 2024 Asian Gaming Power 50 list
Francis Lui has topped the list for the sixth consecutive year.
Macau.- Galaxy Entertainment Group (GEG), has announced that its vice chairman, Francis Lui, has been recognised as the most influential figure in regional gaming according to the 2024 Asian Gaming Power 50 list, topping the list for a sixth year in a row. Kevin Kelley, chief operating officer – Macau, has also been included in this year’s list
Lui said, “This year marks a time of ‘Double Celebrations’ in Macau. GEG has been actively hosting, supporting and participating in a number of large-scale events and activities, showcasing Macau’s appeal as ‘One Center, One Platform, One Base’. We are particularly grateful to see our Phase 3 projects, including our two world-class MICE and entertainment venues – the Galaxy International Convention Center and Galaxy Arena – rapidly becoming popular choices for hosting various large-scale entertainment performances, MICE, sports, cultural and artistic events in Macau since they became operational last year, which further demonstrates GEG’s commitment to promoting the diverse development of Macau’s ‘1+4’ industries through pragmatic actions.
“We are encouraged and would like to thank the tremendous support from the different sectors of the community. Moving forward, GEG will continue to set an example for the industry and support Macau’s moderate economic diversification and sustainable development.”
At the 2024 IAG Academy IR Awards held earlier this year, Lui was named Outstanding CEO while the Galaxy Macau integrated resort received the Best Integrated Resort for the second time. It’s the Macay integrated and leisure enterprise that has received the most awards at the event.
See also: Galaxy Entertainment market share to grow in Q4, analysts say
GEG net revenue up 11% in Q3
GEG’s net revenue for Q3 was HK$10.7bn (US$1.38bn), up 11 per cent in year-on-year terms but down 2 per cent sequentially. The company posted adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of HK$$2.94bn (US$378m). That’s a rise of 6 per cent when compared to last year but down 7 per cent in quarter-on-quarter terms. For the last 12 months combined, the company’s adjusted EBITDA was up 68 per cent at HK$11.8bn (US$1.52bn).
Gross gaming revenue (GGR) was HK$10.2bn (US$1.31m), up 16 per cent year-on-year but down 2 per cent quarter-on-quarter. Mass table win was HK$8.39bn (US$1.08bn), rolling chip win was HK$1.10bn (US$141m) and electronic gaming win was HK$666m (US$86m).
Galaxy Macau’s net revenue was up 10 per cent year-on-year but down 3 per cent sequentially at HK$8.4bn (US$1.11bn). Gaming revenue was HK$6.9bn (US$911m), down 6.38 per cent sequentially but up 10.40 per cent year-on-year. Non-gaming revenue was HK$1.47bn (US$189m) while adjusted EBITDA was HK$2.56bn (US$329m), flat year-on-year and down 8 per cent quarter-on-quarter.
According to the company, Galaxy Macau “played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately HK$180m in the third quarter of the year.” Hotel occupancy across its seven hotels was 98 per cent.
StarWorld Macau’s net revenue was HK$1.3bn (US$171.61m), up 9 per cent year-on-year and 1 per cent sequentially. Adjusted EBITDA was HK$396m (US$51m), up 14 per cent year-on-year and 2 per cent quarter-on-quarter. Hotel occupancy for the third quarter of the year was 100 per cent.
Broadway Macau’s net revenue was HK$62m (US$8m), up 158 per cent year-on-year and 15 per cent quarter-on-quarter. Adjusted EBITDA was HK$11m (US$1.4m) compared with HK$8m (US$1m) in the second quarter of the year and HK$14m (US$1.8m) in the third quarter of 2023.
