Well-established Macau gaming operator Galaxy Entertainment Group has posted quarterly profit gain for the first time since 2014. The financial data, which was released on Wednesday, revealed solid results thanks to the increased number of casual gamblers and tourists visiting the owner’s new resorts.

The numbers show that the group generated quarterly revenue of $1.7 billion (HK$13.4 billion), which is improved by 15 sequentially and declined by 2% y-o-y. The situation is contrasting when it comes to adjusted EBITDA; this segment reached HK$2.4 billion, meaning it fell by 2% sequentially and grew by 6% y-o-y. The operator revealed that the mass-market revenue noted a 17% jump to HK$5 billion, whereas high-end gambling revenue dropped by the same number.

Their recognizable property Galaxy Macau reported adjusted EBITDA of HK$2 billion, whereas StarWorld Macau’s numbers showed adjusted EBITDA of HK$512 million. Their respective year on year changes are 12% up and 15% down. Boradway Macau’s adjusted EBITDA for the quarter was HK$3 million.

Galaxy Entertainment’s chairman, Dr. Liu Che Woo, commented on the report saying that the group was seeing signs of stabilization of the market. He also added that they were confident when it comes to long term prospects of the troubled gaming hub. In his statement, Liu pointed out that Galaxy’s hotels were virtually fully occupied during the quarter and highlighted that the performance was mainly driven by masses rather than VIPs.

To satisfy curiosity regarding Galaxy’s Cotai Phases 3 and 4, the group revealed that site investigation works were scheduled to start this year. The $11 billion project during the next two phases should get friendly theme parks, which are announced to be “special and high-tech” like the movie Avatar.

Furthermore, the operator mentioned that its plans to build a resort in Hengqin were moving forward, plus announced looking for investment opportunities in overseas markets.

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