Macao gaming operator Galaxy Entertainment Group (GEG) has announced that the first-quarter adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of its flagship Galaxy Macau integrated resort in Cotai rose by 132 per cent year-on-year and 4 per cent quarter-on-quarter to HK$764 million.
According to a GEG statement last week, its StarWorld Macau casino-hotel on the Macao peninsula recorded first-quarter adjusted EBITDA of HK$170 million, up by 63 per cent year-on-year and 13 per cent quarter-on-quarter.
The statement quoted a letter by GEG Chairman Lui Che Woo according to which his company is pleased that the Macao Government Tourism Office (MGTO) has been “actively touring numerous mainland cities and actively promoting Macao.”
Lui also underlined his company’s “healthy” balance sheet which stood at HK$42.4 billion in cash and liquid investments as at the end of the first quarter and HK$33.6 billion of net cash. Total debt stood at HK$8.8 billion.
Lui acknowledged that while Macao has seen signs of an early recovery from the adverse impact of the Covid-19 pandemic on the local economy, “it may take a few more quarters for business volumes to ramp up.”
Lui concluded his letter by saying that he “would again like to acknowledge and thank the Macao government and the health and emergency personnel who have worked so hard to ensure the safety of Macao.”
GEG owned six of Macao’s 37 casinos in operation at the end of the first quarter, according to the Gaming Inspection and Coordination Bureau (DICJ).