Galaxy Entertainment Group has released its unaudited financial results for the third quarter of 2024. Net revenues for the period were HK$10.7 billion (US$1.38 billion), representing a year-on-year increase of 11 percent and a quarterly drop of two percent.
The concessionaire generated adjusted property earnings before interest, taxes, depreciation, and amortisation (EBITDA) of HK$2.9 billion (US$373 million) for the quarter, a six percent year-on-year increase and seven percent quarterly drop.
According to a statement from Galaxy chairman Lui Che Woo, the group’s casinos experienced an “unlucky” third quarter – which decreased its adjusted EBITDA by about HK$165 million (US$21.2 million). When normalised, the figure climbed to HK$3.1 billion (US$398.9 million) – up 7 percent year on-year and down 3 percent compared with the second quarter of 2024.
By property, Galaxy Macau’s adjusted EBITDA came in at HK$2.6 billion (US$334.5 million) for the quarter; StarWorld Macau was at HK$396 million (US$50.9 million); and Broadway Macau’s was HK$11 million (US$1.4 million).
Net revenue by property was HK$8.4 billion (US$1.08 billion) for Galaxy Macau; HK$1.3 billion (US$167.2 million) for StarWorld Macau; and HK$62 million (US$7.9 million) for Broadway Macau.
[See more: Wynn Resorts releases its third quarter results]
Hotel occupancy across Galaxy Macau’s seven hotels stood at 98 percent for the third quarter, above the Macao average of 95 percent.
The group noted that its balance sheet “remains healthy and liquid.” Its cash and liquid investments totalled HK$28.6 billion (US$3.68 billion) as of the end of September, with a net position of HK$27.4 billion (US$3.52 billion) after subtracting debt.
“Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline,” the concessionaire’s statement read. It paid an interim dividend of HK$0.50 (US$0.06) per share on 25 October.
Galaxy Entertainment Group’s statement noted that it welcomed Beijing’s recent stimulus measures, describing them as “positive for consumer and investment sentiments,” and that it had opened “overseas business development” offices in Tokyo, Seoul and Bangkok in a bid to attract more high value international visitors to Macao.
It also provided an update on its smart table roll-out, saying it expected to “complete full roll-out” by the year’s end.
