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China – Galaxy Entertainment sees revenues up 257 per cent

By - 17 August 2023

Macau operator Galaxy Entertainment generated Group Net Revenue of $8.7bn, up 257 per cent year-on-year and up 23 per cent quarter-on-quarter.

Group Adjusted EBITDA was $2.5bn, versus $384m in Q2 2022 and $1.9bn in Q1 2023. The group said Galaxy Macau was aell positioned for future growth with second quarter revenue of $6.6bn, up 356 per cent year-on-year and up 22 per cent quarter-on-quarter. StarWorld Macau generated revenue of $1.2bn, up 456 per cent year-on-year and up 30 per cent quarter-on-quarter.

Dr. Lui Che Woo, Chairman of GEG said: “I would like to take this opportunity to update you on GEG’s most recent activities and financial results for the second quarter and half year of 2023. During the period Macau continued its business recovery and the Group’s primary focus was on operational execution, recruitment and project development. We believe that non-gaming is the future of Macau to drive a longer staying and more diverse visitor base which aligns with Macau Government’s vision of building Macau into a World Center of Tourism and Leisure. Our investment into world-class, non-gaming
facilities such as the Galaxy International Convention Center and the Galaxy Arena supports this vision. Our vote of confidence in Macau is demonstrated by the fact that GEG is the first Macau concessionaire to resume dividends and return capital to shareholders after the border reopened.

For first half of 2023, Group Net Revenue increased 141 per cent year-on-year to $15.7bn and Adjusted EBITDA increased significantly from $191m in 1H 2022 to $4.4bn.

Dr. Lui added: “Our balance sheet continues to be exceptionally liquid and healthy. Following the reopening of Macau in early January 2023, we have continued to be very active into Q2 in expanding our resort offering and enhancing our service standards. This includes the soft opening of GICC and Galaxy Arena in April 2023. In late June, we opened a new promoter room in line with the new gaming regulations. We also opened a number of additional F&B outlets during Q2. In July, as part of Phase 3 development, we opened our new Horizon Premium Club and associated non-gaming amenities. We are in the process of opening our first overseas business development office in Tokyo and we are planning to open additional offices in Bangkok and Seoul.

“On 16 August 2023, we successfully soft opened the exclusive 450 all-suite Raffles at Galaxy Macau which brings a new level of opulence, service and luxurious customer experience to Macau. The Raffles will drive high-value customers in-line with the Government’s goal to attract longer staying and high-value visitors to Macau. Further, we will open the 700-room Andaz Macau in September 2023.”

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