Galaxy Entertainment reports 3Q adjusted EBITDA marking 12% increase

The third-quarter adjusted EBITDA of Galaxy Entertainment Group Ltd, a Macau casino operator, was slightly under HKD2.77 billion (US$354.2 million). This is an 11.9% sequential increase and a significant improvement over the same time previous year. At HKD9.65 billion, net sales climbed 11.4% sequentially, a 374.4% increase over the previous year. For the quarter, gross gaming revenue (GGR) exceeded HKD8.75 billion, up 14.2% from the previous quarter and 852.7% from the previous year.

Chairman of Galaxy Entertainment Lui Che Woo expressed gratitude for the consistent increase in visitor numbers and related gaming revenue. With Galaxy Macau doing even better at 121% and StarWorld Macau hitting almost 71% of the previous year’s levels, the mass-market gaming revenue was roughly 102% of the previous year’s levels.

The flagship property of the company, Galaxy Macau, generated net sales of HKD7.63 billion, up 16.5% from the previous quarter, and adjusted EBITDA of HKD2.56 billion, up 18.0%.

With HKD24.8 billion in cash and liquid investments as of September 30, Galaxy Entertainment has HKD23.3 billion in net cash and HKD1.5 billion in total debt. The company paid out a special dividend of HKD0.20 per share on October 27.

As part of Phase 3 of Galaxy Macau, Galaxy Entertainment opened the Andaz Macau and the Raffles at Galaxy Macau hotel tower during the reporting year. The company is now concentrating on Phase 4, which is scheduled to open in 2027 and will have retail, a water resort deck, a 4000-seat theater, and high-end hotel brands. However, the exact opening date may vary based on market demand.

Original story by: GGRAsia