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Galaxy Macau reports major profits during 2023

The gaming concessionaire ended the year strongly and says it will pay out dividends to shareholders to show its ‘continued confidence’ in Macao’s future.

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Galaxy Entertainment Group has announced net profits during the fourth quarter of 2023 amounting to HK$2.8 billion (US$357.7 million), while 2023’s adjusted earnings before interest, taxes, depreciation, and amortisation totalled HK$10 billion (US$1.2 billion).

The fourth quarter result represents a significant increase compared to the corresponding period in 2022, when profits of $163 million (US$20.8 million) were recorded. The annual figure also marks a substantial jump against the HK$600 million (US$76.6 million) that was reported in 2022’s yearly earnings. Covid-19 pandemic measures were in force during 2022, severely restricting travel to Macao.

The gaming conglomerate said its full-year net revenue for 2023 reached HK$35.7 billion (US$4.5 billion), representing an increase of 211 percent year-on-year. 

[See more: Galaxy’s earnings continued their ascent in the third quarter]

The total cash and liquid investments of the gaming giant came to HK$25 billion (US$3.1 billion), as of 31 December 2023. 

Galaxy Entertainment Group will pay a special dividend of HK$0.30 (US$0.04) per share to its shareholders in April 2024, noting that “these dividends [including the ones in 2023] demonstrate our continued confidence in the long-term outlook of Macao and for the company.”

In a statement, Galaxy’s chairman Lui Che Woo said “Our solid balance sheet and cash flow from operations” would allow the company to “fund our development pipeline and pursue our international expansion ambitions.”

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