{"id":777002715,"date":"2023-02-23T14:53:08","date_gmt":"2023-02-23T17:53:08","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777002715"},"modified":"2026-04-23T00:20:57","modified_gmt":"2026-04-23T03:20:57","slug":"galaxy-entertainment-group-posts-net-revenue-of-us371-7m-for-q4","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/galaxy-entertainment-group-posts-net-revenue-of-us371-7m-for-q4","title":{"rendered":"Galaxy Entertainment Group posts net revenue of US$371.7m for Q4"},"content":{"rendered":"\n

Revenue was up 43.4 per cent quarter-on-quarter but down 38.6 per cent year-on-year.<\/p>\n\n\n\n\n\n\n\n

Macau.- Galaxy Entertainment Group <\/strong>has released its financial results for Q4 2022 and the full year. Despite a quarter-on-quarter<\/a> increase of 43 per cent, Q4 net revenue decreased by 38.6 per cent year-on-year to HKD2.92bn (US$371.7m). Full-year 2022 net revenue was HKD11.5bn, down 42 per cent year-on-year. <\/p>\n\n\n\n

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the fourth quarter was negative HKD163m, compared with negative HKD581m in the preceding quarter. The casino operator reported a net loss of HKD3.43bn (US$437.5m) for the full year versus a profit of HKD1.32bn in 2021.<\/p>\n\n\n\n

As of December 31, 2022, cash and liquid investments were HKD26.4bn and net cash was HKD18.9bn. Gross gaming revenue (GGR) on a management basis was HKD7.5bn in 2022, a decrease of 57 per cent year-on-year. <\/p>\n\n\n\n

Mass GGR was HKD6.2bn, down 45 per cent year-on-year, VIP GGR was HKD923m, down 83 per cent year-on-year, and electronic GGR was HKD405m, down 37 per cent year-on-year.<\/p>\n\n\n\n

In the fourth quarter of 2022, the group’s net gaming revenues jumped by 93.7 per cent sequentially, to HKD1.59bn. However, in year-over-year terms, that was a 51.2 per cent decline.<\/p>\n\n\n\n

Company chairman Lui Che Woo<\/strong> stated: “Macau like the rest of the world continued to experience the impact of Covid-19 throughout 2022, with sporadic outbreaks in Mainland China, Macau and Hong Kong and the subsequent travel and quarantine restrictions impacting visitor arrivals. <\/p>\n\n\n\n

“I am pleased to report that in early 2023 all the travel restrictions were lifted and Macau is well positioned to welcome Mainland and international visitors in 2023.”<\/p>\n\n\n\n

Che Woo expressed optimism regarding a sustainable recovery in the coming years<\/strong>, particularly following the solid demand and associated revenue during the Chinese New Year<\/a> holiday period.<\/p>\n\n\n\n

GEG was recently awarded a new Gaming Concession by the Macau Government that will be valid through December 31, 2032. As part of this concession, GEG plans to invest nearly MOP28.4bn (US$3.5bn)<\/a> over the next decade to enhance its integrated resorts’ facilities and services, with a focus on non-gaming ventures and exploring overseas customer markets.<\/p>\n\n\n\n

GEG’s chairman confirmed that Cotai Phase 3 is effectively completed<\/strong> and that the company is continuing the development of Phase 4. Scheduled to progressively open in Q2 2023, Phase 3 will feature the Galaxy International Convention Center (GICC), Galaxy Arena, and Raffles at Galaxy Macau, with the first MICE event to be held in April 2023. <\/p>\n\n\n\n

Che Woo said “GEG is committed to invest in Macau\u2019s economic diversification and support the Macau Government\u2019s vision of becoming a World Centre of Tourism and Leisure by hosting a variety of world-class shows and performances. <\/p>\n\n\n\n

“We will bring known proven events into Macau to support the Government non-gaming drive. Additionally, we will introduce new and innovative events to further diversify Macau\u2019s economy and attract international tourists.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Revenue was up 43.4 per cent quarter-on-quarter but down 38.6 per cent year-on-year.<\/p>\n","protected":false},"author":176,"featured_media":25861,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Galaxy Entertainment Group reported a significant net loss of HKD3.43bn for FY2022, with GGR down 57% YoY, primarily due to COVID-19 travel restrictions. Despite Q4 sequential revenue growth, the group secured a new Macau Gaming Concession, committing MOP28.4bn to non-gaming diversification and international market expansion over the next decade, signaling a strategic pivot towards recovery and long-term growth.","focusai_entities":"Galaxy Entertainment Group, Lui Che Woo, Macau Government","focusai_location":"Macau, Mainland China, Hong Kong","focusai_target_profile":"ceo_executive (1.0), regulator (0.9), compliance_legal (0.7), operator_casino (1.0), marketing_crm (0.7), investor_analyst (1.0), supplier_vendor (0.9), journalist_researcher (1.0)","focusai_suggestions":[{"label":"Concession Investment ROI?","query":"What is the projected return on investment for GEG's MOP28.4bn non-gaming capital expenditure, and how will it impact the group's EBITDA margins post-2025?"},{"label":"Macau Market Diversification?","query":"How will GEG's strategic focus on non-gaming and overseas customer markets, as mandated by the new concession, alter Macau's overall GGR composition and visitor demographics by 2030?"}],"footnotes":""},"categories":[16338,163],"tags":[23959],"class_list":["post-777002715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-east-asia-news","category-finance-news","tag-galaxy-entertainment-group"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777002715"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002715\/revisions"}],"predecessor-version":[{"id":777002738,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777002715\/revisions\/777002738"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/25861"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777002715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777002715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777002715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}