Galaxy Ent posts revenue decrease in Q2

The casino operator Galaxy Entertainment has reported that its second quarter brought negative results in revenue and flat EBITDA.

Macau.- Galaxy Entertainment has released its latest financial report, detailing financial activity from the second quarter of the year, ended June 30. Net revenue in the three-month period was down 5.4% year-on-year to €1.5 billion. The company reported that it experienced a solid performance in the mass-market segment, but it was offset by a challenging performance in VIP.

EBITDA for the second quarter were flat when compared to the previous year, at €495 million. However, the number was 8.8% higher from the previous quarter. The company said in a filing to the Hong Kong Stock Exchange that it increased adjusted EBITDA by €28.4 million.

Moreover, Galaxy Ent said that net revenue for the first half of the year stands at €2.9 billion. This figure represents a 6.6% decrease from the previous year. First-half adjusted EBITDA was €947 million, which is 3.8% less than a year before.

Dr Lui Che Woo, Chairman of Galaxy Entertainment, said: “This year is an important year for China and Macau with a particular focus on three major events. These include celebrating the 70th anniversary of the founding of the People’s Republic of China. It is also the 20th anniversary of the return of Macau to China. Further, we look forward to the election of the next Chief Executive in twelve days on August 25.”

“We do acknowledge in the shorter term the continued discussions on international trade can have an impact on consumer sentiment and spending habits. We remain committed to support the Macau Government’s vision to develop Macau into a ‘World Center of Tourism and Leisure.”