Macau’s Galaxy Entertainment Group saw its gross gaming revenues grow by 853% year-on-year and 14.2% quarter-on-quarter to HK$8.75 billion (US$1.12 billion), aided by particularly strong growth in mass gaming at flagship property Galaxy Macau.
According to details furnished early Thursday, mass gaming revenues at Galaxy Macau reached 121% of 2019 levels at HK$6.20 billion (US$794 million), comfortably outperforming peninsula property StarWorld where mass revenues reached just 71% of 3Q19.
Galaxy Macau also contributed VIP win of HK$778 million (US$99.6 million) in Q3, down from HK$931 million (US$119 million) in the June quarter, while electronic gaming win of HK$411 million (US$52.6 million) was 8.4% higher quarter-on-quarter.
Group-wide, total net revenues reached HK$9.65 billion (US$1.24 billion) – up from HK$8.66 billion (US$1.11 billion) in Q2 – including HK$1.52 billion (US$195 million) in non-gaming contribution and HK$713 million (US$91.2 million) from the company’s construction materials division.
Adjusted EBITDA of HK$2.77 billion (US$355 million) reversed a HK$581 million (US$74.4 million) loss from a year earlier and was 11.9% higher quarter-on-quarter.
GEG Chairman Dr Lui Che Woo said the company was “very pleased to see a continuing ongoing recovery in both visitor arrivals and associated gaming revenue” in 3Q23, which had translated well across the business.
“Retail sales and subsequent mall rental has seen demand normalized post re-opening,” he explained. “Mall rental in Q3 across our portfolio was HK$379 million (US$48.5 million), which was equivalent to 114% of 2019 levels.”
Noting the recent opening of Galaxy Macau Phase 3, including new hotels Raffles at Galaxy Macau and Andaz Macau, Dr Lui added, “We are continuing with the construction of Phase 4 which will include multiple high-end hotel brands, together with a 4,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping and a water resort deck. Phase 4 is approximately 600,000 square meters of development and is scheduled to complete in 2027.
“We will continue to adjust the development timeline in accordance with the market demand.”
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