{"id":777009900,"date":"2023-10-05T07:06:36","date_gmt":"2023-10-05T10:06:36","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777009900"},"modified":"2026-04-22T17:25:42","modified_gmt":"2026-04-22T20:25:42","slug":"galaxy-earnings-to-rebound-to-2019-levels-in-2024-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/galaxy-earnings-to-rebound-to-2019-levels-in-2024-analysts-say","title":{"rendered":"Galaxy earnings to rebound to 2019 levels in 2024, analysts say"},"content":{"rendered":"\n

Jefferies says the rebound will be driven by the full opening of the company’s phase 3 project.<\/p>\n\n\n\n\n\n\n\n

Macau.-\u00a0Galaxy Entertainment Group (GEG)’s Phase 3 opening will see its earnings reach levels comparable to 2019. That’s according to investment bank Jefferies. Analyst\u00a0Andrew Lee says the amenities at Galaxy’s Phase 3 project will be a pivotal differentiator in 2024, primarily due to a shifting customer profile. <\/p>\n\n\n\n

It says the project, which saw the openings of\u00a0the Andaz hotel in September<\/a>\u00a0and\u00a0the Raffles hotel in August<\/a> will attract younger customers, more women, an increased presence of non-Guangdong players, and more families. The new hotels expanded the total number of hotel rooms to 5,000.<\/p>\n\n\n\n

Other factors contributing to the improvement in earnings include Macau\u2019s gross gaming revenue recovery and the resurgence of premium mass tables to pre-pandemic levels after the opening of the Raffles hotel.<\/p>\n\n\n\n

Jefferies forecasts the potential for GEG to increase its dividend payout ratio in the medium to long term, supported by a favourable net cash position, reduced capital expenditure, and positive free cash flow.<\/p>\n\n\n\n

In the first half of the year, Galaxy posted a profit of HK$2.89bn (US$369.0m), compared to a HK$850.47m loss\u00a0in the same period of 2022<\/a>. Revenue was up 141 per cent year-on-year to HK$15.72bn (US$2.04bn) and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was up 2,193 per cent to HK$4.4bn.<\/p>\n\n\n\n

GGR was HK$13.73bn (US$1.75m), up 198.4 per cent year-on-year. Adjusted EBITDA for gaming was up by HK$$63m. Mass GGR was HK$11.2bn, up 194 per cent, rolling chip GGR HK$1.7bn (US$217m), up 140 per cent and electronic GGR HK$780m (US$100m), up 228 per cent.<\/p>\n\n\n\n

The Phase 4 project has been rescheduled for 2026 and will provide an additional 1,600 rooms.<\/p>\n","protected":false},"excerpt":{"rendered":"

Jefferies says the rebound will be driven by the full opening of the company’s phase 3 project.<\/p>\n","protected":false},"author":176,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Jefferies projects Galaxy Entertainment Group's (GEG) Phase 3 opening in Macau will restore earnings to 2019 levels, driven by new hotel amenities attracting a diversified customer demographic. The expansion, including Andaz and Raffles hotels, has increased room capacity and is supported by Macau's GGR recovery and a resurgence in premium mass tables. Jefferies anticipates potential dividend increases due to strong financial performance and a favorable net cash position.","focusai_entities":"Galaxy Entertainment Group, GEG, Jefferies, Andrew Lee, Andaz, Raffles","focusai_location":"Macau","focusai_target_profile":"ceo_executive (1.0), operator_casino (1.0), product_ux (0.7), marketing_crm (0.9), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Market Share Impact?","query":"What is the projected impact of GEG's diversified customer acquisition strategy on its market share within Macau's premium mass segment, considering the competitive landscape?"},{"label":"Dividend Payout Analysis?","query":"How does Jefferies' forecast for GEG's dividend payout ratio compare to its peers, and what are the underlying assumptions regarding future free cash flow generation and capital expenditure requirements?"}],"footnotes":""},"categories":[157,16338],"tags":[22935],"class_list":["post-777009900","post","type-post","status-publish","format-standard","hentry","category-business-news","category-east-asia-news","tag-galaxy-entertainment"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009900","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=777009900"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009900\/revisions"}],"predecessor-version":[{"id":777041195,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777009900\/revisions\/777041195"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777009900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777009900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777009900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}