Galaxy Entertainment Group Q1 revenue down 20% year-on-year

May 13, 2022 Macau Earnings & Filings Industry Updates

Galaxy Entertainment Group (GEG) has posted revenue of HK$4.1bn (US$520m) for the first quarter of 2022, a 20% decline from the prior-year period.

The operator reported Q1 2022 adjusted EBITDA of HK$575m, down 33% from Q1 2021. GEG noted that the decline was a result of recent outbreaks of Covid-19 in greater China, which resulted in a tightening visitation policy to preserve public health and safety. And this subsequently impacted visitation to Macau, and thus GEG revenue and profitability.

Galaxy Macau was the primary contributor to Q1 2022 revenue with HK$3.1bn, down 10% year-on-year. StarWorld Macau revenue declined 58% year-on-year to HK$424m, with Broadway Macau revenue climbing 7% year-on-year to HK$16m.

“Covid-19 has continued to impact the community and businesses globally including Macau and GEG,” said Galaxy Entertainment Group Chairman Dr. Lui Che Woo.