Galaxy Entertainment Group Ltd., a major player in Macau’s casino industry, recently unveiled its financial results for the third quarter of 2024, showing a robust increase in net revenues despite some operational headwinds. For the period ending September 30, the group reported net revenues reaching HK$10.7 billion (US$1.38 billion), an 11% increase year-on-year, indicating a strong recovery trajectory.
Earnings amidst unfavorable luck:
The detailed financial breakdown revealed a gross gaming revenue (GGR) of HK$10.2 billion (US$1.31 billion), marking a 16% rise from the previous year, although it saw a slight decrease of 2% from the second quarter of 2024. The figures included a mass table win of HK$8.39 billion (US$1.08 billion), rolling chip win of HK$1.10 billion (US$141 million), and an electronic gaming win of HK$666 million (US$86 million).
The adjusted EBITDA was another highlight, with Galaxy Entertainment posting HK$2.94 billion (US$378 million), up 6% year-on-year but experiencing a 7% decline quarter-on-quarter. The company noted it faced some adverse luck in the quarter, impacting the EBITDA by approximately HK$165 million (US$21 million). Despite these fluctuations, the adjusted EBITDA over the last 12 months showed an impressive 68% growth, reaching HK$11.8 billion (US$1.52 billion).
As Inside Asian Gaming reports, Galaxy Macau, the flagship property, continued to lead with a GGR of HK$8.64 billion (US$1.11 billion), up 10% year-on-year, and non-gaming revenue of HK$1.47 billion (US$189 million). The property’s adjusted EBITDA was relatively flat year-on-year at HK$2.56 billion (US$329 million), maintaining a 30% margin, a slight decrease from 34% in the same quarter the previous year.
StarWorld Macau also showed promising results, with its GGR climbing both year-on-year and quarter-on-quarter, and Broadway Macau’s net revenue jumping 158% year-on-year. As part of ongoing enhancements, Galaxy Entertainment is focusing on major upgrades at StarWorld, including the main gaming floor and lobby area, alongside expanding its food and beverage options.
Capella at Galaxy Macau and phase 4 developments:
The company is actively advancing its Galaxy Macau Phase 4 developments, which include the new Capella hotel expected to open in mid-2025. This phase will feature around 100 ultra-luxury sky villas and suites, emphasizing non-gaming attractions like entertainment and family facilities. This expansion aligns with Galaxy Entertainment’s strategy to diversify its offerings and enhance guest experiences.
Galaxy Entertainment’s financial health remains robust, with HK$28.6 billion in cash and liquid investments as of September 30. The company also declared an interim dividend of HK$0.50 per share on October 25, underscoring its commitment to returning value to shareholders while continuing to fund development projects and explore international expansion opportunities.
Lui Che Woo, chairman of Galaxy Entertainment, reiterated the company’s strong financial position and operational cash flow, which enable significant capital return to shareholders and ongoing investments in its expansion strategy, both locally and internationally. According to GGRAsia, he stated: “Our solid balance sheet and cash flow from operations allows us to return capital to shareholders through dividends, fund our development pipeline and pursue our international expansion ambitions.”
Play games casino online games refers to participating in casino-style games through an online platform. In essence, it combines the excitement of traditional casino games, like slots, blackjack, poker, and roulette, with the convenience of playing them online.
When you play games casino online, you can enjoy:
-
Variety of Games: Many online casinos offer a huge range of games, from popular slots to live dealer games, replicating the casino experience at home or on mobile.
-
Accessibility: Online casinos allow you to play anytime and anywhere, making it easy to enjoy your favorite games without traveling to a physical location.
-
Bonuses and Promotions: Online casinos often offer promotions, welcome bonuses, and rewards, enhancing your experience and providing extra funds to play with.
-
Real Money or Free Play: Most platforms offer options to play for real money or for fun, giving players the flexibility to test games before committing financially.
Online casino games bring the thrills and potential rewards of a real casino experience to your screen, with the added security, convenience, and bonuses that online platforms provide.
