Galaxy posts financial growth during third quarter

Galaxy Entertainment Group saw a 6% net revenue increase year-on-year during the third quarter and reached €11.4 billion.

Macau.- Asian gaming giant Galaxy Entertainment Group has released its financial results for the third quarter and revealed an improvement year-on-year. According to the report, net revenue for the period was up 6% after reaching €11.4 billion, while adjusted EBITDA reached €3.4 billion, up 10% year-on-year.

“All properties suffered bad luck in hold. Further, results were somewhat negatively impacted by construction disruption at both Galaxy Macau and StarWorld largely due to smoking room buildout impacting VIP and Premium Mass,” Bernstein Research said in a note. Furthermore, the brokerage explained that the StarWorld Macau was a standout property for the company as it posted its 13th consecutive quarter of table drop growth.

According to Union Gaming analysts, Galaxy Entertainment Group was also hurt during the third quarter by construction disruption as all gaming rooms had to be retrofitted for smoking lounges and were forced to be closed at some point.

Galaxy said it will continue to redevelop its properties to get ready for the upcoming full smoking ban in Macau, which is why it will introduce further smoking lounges next year. In addition, the company remains optimistic over the long term as it continues to improve its infrastructure and plans out a long-term growth in Macau.