Galaxy Entertainment Group Limited posts mixed third-quarter financials

November 12, 2021 Earnings & Filings

Macau casino operator Galaxy Entertainment Group Limited has released its unaudited third-quarter financial results showing that it experienced an increase of 176% year-on-year in net revenues to approximately $549.5 million.

According to a report from GGRAsia, the result for the Hong Kong-listed firm nevertheless represented a sequential decrease of 23.1% when compared with the $714.1 million it had managed to chalk up for the three months to the end of June. The source detailed that this latter decline came as a direct result of Macau’s implementation of a series of strict coronavirus-related travel measures that seriously hindered visitation throughout September and October.

Rocketing receipts:

Galaxy Entertainment Group Limited is responsible for the impressive Broadway Macau, Galaxy Macau and StarWorld Macau properties and reportedly also saw its adjusted third-quarter earnings before interest, tax, depreciation and amortization rise by 153.3% year-on-year to slightly over $64.5 million. However, just like with its net revenues, this figure purportedly equated to a slump of 55.6% when compared with the $145.2 million it had managed to record for the preceding three-month period.