{"id":777015489,"date":"2024-05-14T09:25:32","date_gmt":"2024-05-14T12:25:32","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777015489"},"modified":"2026-04-22T10:17:52","modified_gmt":"2026-04-22T13:17:52","slug":"galaxy-entertainment-group-net-revenue-up-50-in-q1","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/galaxy-entertainment-group-net-revenue-up-50-in-q1","title":{"rendered":"Galaxy Entertainment Group net revenue up 50% in Q1"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">First-quarter net revenue was HK$10.55bn (US$1.37bn).<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Macau.-\u00a0<strong>Galaxy Entertainment Group\u00a0<\/strong>has released its financial results for the first quarter of the year. Net revenue was HK$10.55bn (US$1.37bn),\u00a0<a href=\"https:\/\/focusgn.com\/asia-pacific\/galaxy-entertainment-group-posts-net-revenue-of-us901-45m-for-q1\" target=\"_blank\" rel=\"noreferrer noopener\">up 50 per cent in year-on-year terms<\/a>\u00a0and up 2 per cent sequentially.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter was HK$2.84bn (US$362.9m), up 48.7 per cent year-on-year, and up 1 per cent quarter-on-quarter.\u00a0GGR was HK$9.63bn (US$1.23bn), up 59 per cent year-on-year and up 4 per cent when compared to the previous quarter.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mass GGR was HK$7.7bn (US$990m), up 57 per cent year-on-year and down 1 per cent quarter-on-quarter. Rolling chip GGR was HK$1.3bn (US$166m), up 64 per cent year-on-year and up 43 per cent quarter-on-quarter. Electronic GGR was HK$600m (US$77m), up 78 per cent year-on-year and up 18 per cent quarter-on-quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Galaxy Macau<\/strong>\u00a0posted net revenue of HK$8.3bn (US$1.07bn), up 55 per cent year-on-year and up 2 per cent quarter-on-quarter. Adjusted EBITDA was HK$2.61bn (US$334m). The company reported occupancy across the seven hotels was 97 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>StarWorld Macau<\/strong>&nbsp;posted net revenue of HK$1.4bn (US$183m), up 46 per cent year-on-year and up 9 per cent quarter-on-quarter. Adjusted EBITDA was HK$435m (US$56m) and hotel occupancy was 100 per cent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Company chairman\u00a0<strong>Lui Che Woo<\/strong>\u00a0said: \u201cDuring Q1 2024, we made substantial adjustments to Galaxy Macau&#8217;s gaming floor, in the shorter term this was disruptive for\u00a0the month of\u00a0January and the early part of February.\u00a0&#8220;The renovation was completed just\u00a0prior to\u00a0Chinese New Year. With the completion of this renovation, we have seen a significant improvement in the flow of customer traffic across the entire floor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We were pleased to announce the addition of the Group\u2019s tenth hotel brand \u2013&nbsp;<a target=\"_blank\" href=\"https:\/\/focusgn.com\/asia-pacific\/geg-announces-development-of-capella-hotel-at-galaxy-macau\" rel=\"noreferrer noopener\">Capella Hotels and Resorts<\/a>. The 17-storey Capella at Galaxy Macau is expected to open in mid-2025 and offers approximately 100 ultra-luxury&nbsp;sky-villas&nbsp;and suites.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company stated: &#8220;We continue to ramp up the newly opened Phase 3 development with a particular focus on events and entertainment shows.\u00a0The development of Phase 4 continues and will greatly expand our capacity within Macau. We continue to remain confident in the outlook for Macau and are committed to supporting the Macau Government\u2019s vision to develop Macau into the World Centre of Tourism and Leisure.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First-quarter net revenue was HK$10.55bn (US$1.37bn).<\/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":"Galaxy Entertainment Group reported robust Q1 2024 financial results, with net revenue up 50% year-on-year to HK$10.55bn and GGR increasing 59% year-on-year, driven by strong performance across its Macau properties. The company highlighted strategic investments, including gaming floor renovations completed prior to Chinese New Year, the upcoming Capella hotel, and ongoing development of Phases 3 and 4, reinforcing its commitment to Macau's tourism and leisure vision.","focusai_entities":"Galaxy Entertainment Group, Lui Che Woo, Capella Hotels and Resorts, Galaxy Macau, StarWorld Macau","focusai_location":"Macau","focusai_target_profile":"ceo_executive (0.95), regulator (0.7), operator_casino (0.9), investor_analyst (0.98), supplier_vendor (0.75), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau Market Share","query":"How have Galaxy Entertainment Group's strategic gaming floor adjustments and Phase 3 ramp-up impacted its market share within Macau's mass and VIP GGR segments during Q1 2024?"},{"label":"Capital Allocation Strategy","query":"What is the projected ROI and timeline for the Capella at Galaxy Macau and Phase 4 developments, and how will these investments influence the group's long-term EBITDA margins and competitive positioning?"}],"footnotes":""},"categories":[16338,163],"tags":[23959],"class_list":["post-777015489","post","type-post","status-publish","format-standard","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\/777015489","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=777015489"}],"version-history":[{"count":2,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015489\/revisions"}],"predecessor-version":[{"id":777015500,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777015489\/revisions\/777015500"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777015489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777015489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777015489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}