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Tag Archives: Galaxy Entertainment

China – Galaxy falls 52 per cent with 12 days of closures taking its toll

Macau’s troubles continued to weigh heavily on Galaxy Entertainment Group with net revenue down 52 per cent from last year and 16 per cent quarter-on-quarter with VIP play contributing little. Adjusted EBITDA was HK$581m versus HK$503m in Q3 2021 and HK$384m in Q2 2022. Galaxy Macau is the primary contributor to the group’s revenue and…

China – Galaxy bounces back with 53 per cent year-on-year improvement in 2021

Macau operator Galaxy Entertainment posted Net Revenue of $19.7bn, up 53 per cent year-on-year. Adjusted EBITDA was $3.5bn versus $1bn in 2020, which included a one-off expense reversal benefit of $0.2bn in Q4 2021. Net profit attributable to shareholders was $1.3bn versus $4bn in 2020. Galaxy Macau’s Adjusted EBITDA was $2.9bn versus $0.9bn in 2020….

China – SJM and Galaxy to maintain current deals with junket operators

Macau casino operators SJM Holdings and Galaxy Entertainment Group have both confirmed they will honour their existing agreements with junket operators at least until the end of their current deals. Morgan Stanley has said that more casino groups could terminate their arrangements with junkets. Tak Chun, the second-biggest junket operator in Macau, confirmed that some casinos have…

China – Hotels less than half full as Galaxy falls by 23 per cent

With hotel occupancy running at 45 per cent, Macau operator Galaxy Entertainment saw a dip in revenues over its third quarter by 23 per cent from the previous quarter but up 176 per cent year on year. Group Net Revenue was $4.3bn, Vs $1.6bn in Q3 2020 and $5.6bn in Q2 2021. Group Adjusted EBITDA…

Philippines – Leisure and Resorts World ‘looking forward’ to resuming Boracay talks with Galaxy

Leisure and Resorts World Corp (LRWC) has said it has yet to talk to its former project partner Galaxy Entertainment over relaunching its bid to build a casino-resort on the Philippine holiday island of Boracay. Leisure and Resorts World said: “We would like to clarify that the company has yet to talk to our partner,…

Philippines – Galaxy on alert as Philippines lifts ban on new casino projects

In an unexpected move, PAGCOR, the Philippine’s gaming regulator, has confirmed it is lifting the moratorium introduced by President Rodrigo Duterte in 2018 to ban new casino project, and that it will start looking at new applications for casinos, including any for holiday island Boracay. With the government keen to boost the economy following the…

China – Galaxy forced to delay opening of Galaxy Macau Phase 3 despite GGR bouncing back

Whilst delighted that second quarter revenues were rebounding, Macau operator Galaxy Entertainment has confirmed that COVID has delayed the unveiling of Galaxy Macau Phase 3 until 2022. The company said limitations on workforce access due to the COVID-19 pandemic has caused the delay to the project, that will include the Galaxy International Convention Center, several…

Japan – Galaxy and SBM pull out of race for Yokohama’s preffered casino partner

Galaxy Entertainment and Société des Bains de Mer have pulled out of the race to be Yokohama’s preferred casino partner for one of Japan’s three initial casino licences, although Galaxy has said it remains interested in other opportunities in Japan. Their withdrawal leaves three remaining candidates; Melco Resorts and Entertainment, Genting Singapore and Sega Sammy…

China – Galaxy sees 5.6 per cent quarter-by-quarter increase in GGR

Macau casino operator Galaxy Entertainment was ‘pleased with the outcome’ of its first quarter financials, which saw quarter by quarter GGR growth of 5.6 per cent, and a plateauing of performance compared to last year. In Q1 2021, the group posted net revenue of $5.1bn, up one per cent year-on-year and flat quarter-on-quarter. Adjusted EBITDA…