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).<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Galaxy Entertainment Group\u2018s net revenue<\/strong>\u00a0declined 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\u00a0third quarter<\/a>.<\/p>\n\n\n\n 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,\u00a0the company reported a 53 per cent year-on-year rise in net revenue<\/strong> to HK$19.7bn, concluding the year with HK$3.5bn in adjusted EBITDA.<\/p>\n\n\n\n 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.\u00a0<\/p>\n\n\n\n GEG chairman Dr Lui Che Woo<\/strong>, stated: \u201cMacau 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.<\/p>\n\n\n\n \u201cI 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\u2019s epidemic preventive work.\u201d<\/p>\n\n\n\n He added: \u201cGEG team members have been working hard to do more with less\u00a0<\/strong>and have been very supportive of the various company initiatives. As a socially responsible corporation, GEG continues to support the Macau Government\u2019s epidemic preventive work and the overall Covid-19 vaccination rate for GEG\u2019s team members has now reached 94 per cent.<\/p>\n\n\n\n \u201cWe 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.\u201d<\/p>\n\n\n\nMacau gaming tax revenue increases 13% year-on-year in 2021<\/h2>\n\n\n\n