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Galaxy’s second quarter Adjusted EBITDA down to negative HK$384 million

Group’s future performance may be impacted by further Covid-19 outbreaks, despite balance sheet showing net cash of HK$20.3 billion.

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Group’s future performance may be impacted by further Covid-19 outbreaks, despite balance sheet showing net cash of HK$20.3 billion.

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PUBLISHED

UPDATED: 22 Dec 2023, 12:53 am

Galaxy Entertainment Group (GEG) has reported further disappointing results in this year’s second quarter, with the group’s Adjusted EBITDA recorded at negative HK$384 million down from HK$1.13 billion profit in Q2 2021. 

Last quarter’s Adjusted EBITDA was HK$575 million, which was down 33 per cent year-on-year.

Galaxy’s net revenue in the second quarter of this year was recorded at HK$2.4 billion, down 56 per cent year-on-year and down 41 per cent quarter-on-quarter.

As in the previous quarter, GEG Chairman Lui Che Woo has again said the Covid-19 pandemic was the reason behind the group’s disappointing results in this year’s first six months ended 30 June.

Travel restrictions enforced across some cities in mainland China for a “significant part” of the first half of this year have impacted visitation to Macao and “adversely impacted both revenue and profitability”, Lui said.

He added that the recent Covid-19 outbreak that began on 18 June and led to the closure of all Macao’s casinos – among other local businesses – for nearly two weeks has further impacted visitation, revenue and profitability.

However, Lui stressed Galaxy’s balance sheet remains “liquid and healthy” with net cash of HK$20.3 billion and the group remains confident in the gaming industry in Macao, despite acknowledging that the group’s future financial performance may continue to be impacted if there are further outbreaks.

 

UPDATED: 22 Dec 2023, 12:53 am

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