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.<\/p>\n\n\n\n\n\n\n\n
Macau.- Galaxy Entertainment has shared its financial results for the first half of the year, reporting\u00a0net revenue of HK$10.7bn (US$1.38bn), up 71 per cent when compared to H1 2020.<\/strong><\/p>\n\n\n\n Gross Gaming Revenue (GGR)<\/strong> reached HK$9.48bn, up 65.8 per cent from HK$5.71bn in the prior-year period. Revenue from non-gaming operations<\/strong>\u00a0improved from HK$679m to nearly HK$1.39bn, up 104.6 per cent year-on-year<\/p>\n\n\n\n Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came in just under HK$2bn,<\/strong>\u00a0compared to negative adjusted EBITDA of HK$1.1bn during the first half of 2020.<\/p>\n\n\n\n For the first six months of the year, the casino operator property\u2019s\u00a0net gaming revenues were up 81.9 per cent\u00a0<\/strong>compared to the first half of the year 2020.<\/p>\n\n\n\n The company also revealed its\u00a0financial results for the second quarter<\/strong>, with net revenue of HK$5.6bn (US$719.7m)<\/strong>, up 10 per cent from the previous quarter.<\/p>\n\n\n\n It reported\u00a0<\/strong>adjusted EBITDA <\/strong>of HK$1.1bn after a HK$1.4bn loss in the second quarter of 2020.<\/p>\n\n\n\n Referring to local Covid-19 cases<\/a>\u00a0detected in Macau, the company stated: “We are pleased to report that the Macau Government acted promptly and decisively by\u00a0testing the Macau community<\/a>\u00a0of over 700,000 for Covid-19 within three days, which is a remarkable achievement.”<\/p>\n\n\n\n The company also referred to the\u00a0opening of the new Raffles brand hotel<\/strong>\u00a0at Galaxy Macau and announced it will feature an approximate 450 all-suite tower and is targeted to open in early 2022.\u00a0<\/p>\n\n\n\n As of 30 June 2021,\u00a0Galaxy Entertainment reported cash and liquid investments<\/strong>\u00a0were HK$43bn and net cash was HK$31.6bn. During the first quarter, the\u00a0casino operator<\/a>\u00a0reported\u00a0gaming revenue of HK$3.86bn, up 5.6 per cent when compared to the previous quarter<\/strong>\u00a0but down 4.7 per cent year-on-year.<\/p>\n\n\n\nGalaxy posts $719.7m in net revenue for Q2<\/strong><\/h2>\n\n\n\n