Skip to content
Menu

Galaxy reports 50 percent year-on-year revenue growth for the first quarter

Galaxy Entertainment Group chairman Lui Che Woo also made reference to the group’s strong performance over the extended Labour Day holiday.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

UPDATED: 14 May 2024, 2:50 pm

Galaxy Entertainment Group (GEG) announced first quarter results in a statement released to media today. The group reported net revenue of $10.6 billion, up 50 percent year-on-year and up 2 percent compared to the last quarter of 2023.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at $2.8 billion, up 49 percent compared to 2023 year-on-year and up 1 percent quarter-on-quarter.

As at 31 March, GEG said its cash and liquid investments amounted to $26.4 billion and its net position was $25 billion after a debt of $1.4 billion was taken into account. The group paid a special dividend of $0.30 per share on 26 April.

[See more: Galaxy Macau is opening a new Capella hotel next year]

GEG chairman Lui Che Woo, Chairman of GEG said “We were particularly encouraged with our casino performance over the May Golden Week.”

In the statement he also made reference to the group’s latest hotel, the 17-storey Capella at Galaxy Macau, which is expected to open in mid-2025. 

The project, he said, “represents our continued commitment to delivering unparalleled experiential luxury to our guests in Macao and supporting the government’s vision” to develop Macao into a global tourism destination.

UPDATED: 14 May 2024, 2:50 pm

Send this to a friend