Asian casino operator Galaxy Entertainment Group Limited has reportedly released its financial results for the third quarter showing that its overall net revenues rose by 34% when compared with the previous three-month period to top $199.8 million.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm is responsible for the impressive Galaxy Macau, StarWorld Macau and Broadway Macau venues and also saw its adjusted loss before interest, tax, depreciation and amortization for the three-month period improve by 31% quarter-on-quarter to approximately $121.6 million.
Galaxy Entertainment Group Limited moreover reportedly detailed that the third-quarter financials marked the start of its long road to full recovery following a recent coronavirus-induced economic slump and were helped as officials began easing travel restrictions between mainland China and Macau. However, the source explained that the operator’s third-quarter adjusted earnings before interest, tax, depreciation and amortization represented a drop of almost 123% year-on-year as its net revenues declined by an annually comparable 87.8%.
Lui Che Woo serves as Chairman for Galaxy Entertainment Group Limited and he reportedly stated that his firm ‘continued to focus on effective cost control measures’ during the third quarter at the expense of ‘revenue generation’. As such and the operator purportedly saw its gross gaming receipts for the three months topple by 94% year-on-year to about $111.8 million although this figure represented a boost of 79% quarter-on-quarter.
Woo reportedly proclaimed…
“Whilst it is pleasing to see a gradual increase in visitor arrivals to Macau with the reinstatement of Individual Visit Scheme visas, we would expect a gradual increase in visitor arrivals as well as revenue over the coming quarters.”
Breaking the financials down further and Galaxy Entertainment Group reportedly experienced a 160% quarter-on-quarter improvement in gross gaming revenues from its mass-market offerings to around $46.3 million while associated VIP receipts increased by some 50% to $60.8 million. The firm similarly purportedly saw takings from electronic gaming machines grow by 12% to $4.6 million although all of these finishing tallies represented year-on-year decreases of between 93% and 95%.