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Galaxy casino operator third quarter revenue up 23%

Galaxy Entertainment Group reported its unaudited financial results for the three-month-period ending September 30 on Thursday.

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Galaxy Entertainment Group (GEG) reported Thursday its unaudited financial results for the three-month-period ending September 30.

The third quarter performance saw revenue soar by 23 percent year-on-year and 10 percent quarter-to-quarter to a total of HKD15.9 billion (US$2.04 billion).

Similarly, Adjusted EBITDA in the third quarter grew 31 percent year-on-year and 7 percent quarter-to-quarter to about HKD3.5 billion. GEG noted that it had “played unlucky in gaming operations” during the third quarter which deflated its Adjusted EBITDA by some HKD110 million.

Total mass table games revenue was HKD6.1 billion, up 14 percent year-on-year, while total VIP revenue was HKD8.2 billion, up 34 percent year-on-year. Total electronic gaming revenue was HKD567 million, up 9 percent year-on-year.

By resort, Galaxy Macau remained the “primary contributor” to the Group’s bottom-line, recording revenue of about HKD11.3 billion (+20 percent year-on-year) in the third quarter, while StarWorld Macau’s was HKD3.8 billion (+36 percent).

In a letter accompanying the report, GEG chairman Lui Che Woo said that the August 23 Typhoon Hato had impacted the gaming operator, however, the “businesses continued to perform well and have delivered satisfactory results for the three months period ended 30 September 2017.”

Regarding its outlook for the future, the Group said it was confident over its long-term growth potential, with Phases 3 and 4 of Galaxy Macau on the horizon. It also noted continual progress on its concept plan for a Hengqin “leisure destination resort.”

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