Galaxy Entertainment Group reports 7% decline in Q4 2021 revenue

February 24, 2022 Macau Earnings & Filings Industry Updates

Galaxy Entertainment Group (GEG) has reported net revenue of HK$4.8bn (US$620m) for the fourth quarter of 2021, a 7% year-on-year decline.

The total is, however, up 11% from the previous quarter. Adjusted EBITDA for the period was HK$1bn, up 3% year-on-year and up 107% quarter-on-quarter.

Galaxy Entertainment Group Chairman Dr. Lui Che Woo commented: “Macau like the rest of the world continued to experience the impact of Covid-19 throughout 2021, with sporadic outbreaks in Mainland China and the subsequent travel and quarantine restrictions impacting visitor arrivals.

“I would like to acknowledge the Macau Government for acting decisively and effectively controlling the pandemic. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work.”

Full year net revenue was HK$19.7bn, which represented an increase of 53% year-on-year. Adjusted EBITDA for the period was HK$3.5bn, with Adjusted net profit attributable to shareholders (NPAS) amounting to HK$1.3bn.