Galaxy Entertainment Group has reported revenues of HK$7.05bn in the first three months of the year. This is a 72.0% increase, boosted by the end of Covid-19 restrictions on Macau.
Galaxy Chairman Dr Lui Che Woo said that since the end of Covid-19 restrictions, on 8 January 2023, there has been a growth in all operational fields.
The chairman said, “It is very pleasing to see the pent-up demand from customers following the relaxation in travel restrictions.” The chairman said that “visitors arrivals and hotel occupancy have seen good growth,” as well as gaming revenue, retail sales, and retail sales.
Lui Che Woo said that Galaxy submitted its investment plans to the Macau Government in the third quarter. This was a requirement outlined in Macau Government’s concession bid that completed in December 2022.
Galaxy, Las Vegas Sands International, MGM Resorts International Melco Resorts SJM Resorts & Wynn Resorts all received concessions.
He continued, “We have submitted to the Macau Government our investment plans for the next ten years and we are actively discussing with the Government how to refine these investment plans.”
We are confident that final plans mutually agreed upon will diversify and expand GEG’s nongaming offerings and attract a broader customer base, including international visitors and support Macau’s vision of being the World Centre of Tourism and Leisure.
First quarter results
The net revenue increased by 141.9% from quarter to quarter.
Net gaming revenue was HK$5.32bn, an increase of 83.4% compared to the previous year. Non-gaming revenues grew 65.8%, to HK$1.0bn. Revenue from constriction material revenue grew 21.4%, to HK$698m.
Galaxy Macau generated HK$5.34bn in net revenue. StarWorld Macau generated HK$938m while Broadway Macau generated HK$18m.
GEG’s City Clubs generated a net revenue of $52m in 2013, an increase of 550.0%.
The total adjusted earnings before tax, depreciation, and amortization (EBITDA), which is a measure of the company’s profit, was HK$1.91bn, a jump by 231.6%.
