Galaxy announces its financial results for the first quarter of the year Link copied
Chairman Lui Che Woo says ‘solid pent-up customer demand following the relaxation of travel restrictions’ has paid off for the gaming operator.
The Galaxy Entertainment Group has reported a net revenue of HK$7.05 billion dollars in the first quarter of the year, on the back of what chairman Lui Che Woo called “solid pent-up customer demand following the relaxation of travel restrictions”.
The figure was up 142 percent compared to the preceding quarter and 72 percent up from the total posted during the same period in 2022, according to a statement on the group’s website.
Adjusted earnings before interest, taxes, depreciation and amortisation stood at $1.91 billion, versus $0.6 billion in the first quarter of 2022 and a $0.2 billion loss during the last quarter.
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“We would expect further improvements as more existing facilities come online following additional staff recruitment, expanded flight and ferry capacity, and the opening of new amenities such as Galaxy International Convention Center, Raffles at Galaxy Macau and Andaz Macau” said Lui.
At the end of the first three months of this year, the group’s cash and liquid investments stood at $28.7 billion with net cash at $21.3 billion.
Lui said that the group continued “to make good progress with Phase 4, our next generation integrated resort, which will include retail, F&B, entertainment, [a] resort deck, gaming and more upgraded hotel suites and rooms. This will bring our total Macau hotel capacity to around 7,500 rooms and suites”.