Macau’s Galaxy Entertainment Group reported gross gaming revenues of HK$10.3 billion (US$1.32 billion) for the three months to 30 June 2024, up 35.0% year-on-year and 7.4% sequentially in what was its biggest quarter post-COVID.
The 2Q24 result included mass table win of HK$8.29 billion (US$1.06 billion), up 31.9% year-on-year, while rolling chip win grew by 49.4% to HK$1.39 billion (US$178 million) and slot win by 48.5% to HK$658 million (US$84.5 million).
Adjusted EBITDA grew by 28.4% year-on-year and 12.0% sequentially to HK$3.18 billion (US$408 million).
The primary driver of GEG’s 2Q24 results was Galaxy Macau, which recorded a 39.5% year-on-year increase in GGR to HK$8.86 billion (US$1.14 billion), with Adjusted EBITDA of HK$2.78 billion (US$358 million). EBITDA margin was a healthy 32%, according to information released Thursday.
At StarWorld on the Macau peninsula, GGR grew by 13.6% year-on-year to HK$1.42 billion (US$182 million) with Adjusted EBITDA of HK$390 million (US$50.0 million) and EBITDA margin of 29%
GEG provided less detail on Broadway Macau and City Clubs, but said Broadway doubled its Adjusted EBITDA from Q1 to HK$ 8 million (US$1.0 million) while City Clubs saw EBITDA grow by 25% sequentially to HK$5 million (US$642,000).
“We continued to drive every segment of our business and further improve our resorts,” said GEG Chairman Dr Lui Che Woo in a statement.
“We are very pleased to report that for both Q2 and the first half 2024, our resort hotels reported virtually 100% occupancy.”
SMART TABLES
Providing an update on the implementation of smart table technology, GEG said it is now “well advanced” in the rollout having recently completed backend systems integration and customer database transfer.
“We successfully completed live back-of-house pilot testing of smart tables,” said Dr Lui. “In early July, we commenced the rollout of smart tables across Galaxy Macau’s main gaming floor. We anticipate completing the full rollout by year end.”
The company reiterated that it is in the process of fitting out its next hotel, Capella at Galaxy Macau, which remains scheduled to open in mid-2025. Development of Galaxy Macau Phase 4 is also ongoing, Dr Lui said, with a strong focus on non-gaming, primarily offering entertainment and family facilities, plus some additional gaming.
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