Galaxy Entertainment Group saw its net revenue and EBITDA fall 8% in 1Q19, impacted by the SAR-wide decline in the VIP market and the introduction of tighter smoking regulations.
Galaxy reported net revenue of HK$13 billion for the period, with gross gaming revenue of HK$15.4 billion – down 10% both year-on-year and quarter-on-quarter – due to a 25% fall in VIP GGR to HK$7.4 billion compared with the prior year period.
Total mass table GGR was HK$7.3 billion, up 9% year-on-year, with EGM GGR rising 1% to HK$606 million.
At flagship property Galaxy Macau, net revenue fell 11.2% to HK$9.3 billion after VIP rolling chip volume plummeted 34% to HK$135.3 billion. VIP win was down 26.6% to HK$5.3 billion.
Mass table drop at Galaxy Macau grew 6.9% to HK$17.9 billion with win of HK$5.1 billion. Normalized Adjusted EBITDA was HK$3.0 billion, down 13% year-on-year and 8% quarter-on-quarter.
At StarWorld, net revenue declined 7% year-on-year to HK$3.0 billion, down 7% year-on-year and flat quarter-on-quarter. Adjusted EBITDA was HK$949 million, down 5% year-on-year.
StarWorld’s VIP roll fell 17.9% to HK$67.6 billion with win of HK$2.2 billion but like Galaxy Macau, mass enjoyed an increase with mass table drop up 8.4% to HK$9.3 billion with win of HK$1.7 billion. EGM drop and win both grew slightly with win of HK$46 million.
Mass-facing property Broadway Macau saw its net revenue rise 6% year-on-year to HK$151 million, with Adjusted EBITDA up 15% to HK$15 million. Total GGR win was HK$85 million.
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