Asian casino operator Galaxy Entertainment Group Limited has reportedly released its first-half financial results showing an improvement of almost 133% year-on-year in net profit to approximately $121.7 million.
According to a report from GGRAsia, the positive news for the Hong Kong-listed firm comes after it racked up a deficit of over $367.5 million for the same six-month period last year owing largely to the impacts of the coronavirus pandemic before posting an associated second-half shortfall of around $146.5 million.
Galaxy Entertainment Group Limited is responsible for the impressive StarWorld Macau, Broadway Macau and Galaxy Macau properties and reportedly saw its net revenues for the six months to the end of June rise by in excess of 71% year-on-year to roughly $1.3 billion. The source detailed that the operator moreover experienced a boost of just beyond 280% in its first-half adjusted earnings before interest, tax, depreciation and amortization to slightly under $257 million.
Lui Che Woo serves as the Chairman for Galaxy Entertainment Group Limited and he reportedly used an official filing to proclaim that the second quarter of 2021 had represented the ‘fourth consecutive quarter of gross gaming revenue growth’ in Macau. However, he purportedly went on to declare that this came despite the former Portuguese enclave having experienced ‘sporadic outbreaks’ of coronavirus that was capped off earlier this month by the appearance of four local ‘delta variant’ cases.
Galaxy Entertainment Group Limited reportedly disclosed that its first-half gross gaming revenues had swelled by 65.8% year-on-year to nearly $1.2 billion as receipts from ancillary activities such as hotel and retail operations grew by 104.6% to reach in the region of $178.6 million. The firm purportedly divulged that all of this saw its debt at the end of the six-month period stand at something like $1.4 billion, which included $64.2 million in core liabilities with the remainder being tied to its treasury yield enhancement program.
In terms of individual properties and Galaxy Entertainment Group Limited reportedly asserted that its 3,458-room Galaxy Macau experienced an almost 300% improvement in first-half earnings before interest, tax, depreciation and amortization to approximately $217.1 million as gaming receipts rose by 82.6% to top $764.5 million. Nearby and the StarWorld Macau venue purportedly saw its own associated earnings tally soar by 251% to $39.2 million with its gaming operation having recorded an 81.9% boost in receipts to roughly $239 million.
Despite this improved performance, Lui reportedly pronounced that his firm had decided not to issue investors with a first-half dividend ‘given the ongoing impact of coronavirus’ could still have on its business.