Macau’s Galaxy Entertainment Group reported an 11% increase in net revenues of HK$10.7 billion (US$1.38 billion) in the September 2024 quarter, with GGR hitting HK$10.2 billion (US$1.31 billion), according to information published by the company on Thursday.
The GGR result represented a 16% increase over the same period last year but was 2% lower compared to 2Q24, with mass table win of HK$8.39 billion (US$1.08 billion), rolling chip win of HK$1.10 billion (US$141 million) and electronic gaming win of HK$666 million (US$86 million).
Adjusted EBITDA of HK$2.94 billion (US$378 million) was also up 6% year-on-year but down 7% quarter-on-quarter, although GEG said it played unlucky in Q3 which reduced Adjusted EBITDA by HK$165 million (US$21 million). For the last 12 months combined, the company’s adjusted EBITDA has grown by 68% to HK$11.8 billion (US$1.52 billion).
By property, flagship Galaxy Macau led the way with 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). Adjusted EBITDA of HK$2.56 billion (US$329 million) was largely flat year-on-year on 30% margin, down from 34% in 3Q23.
StarWorld reported GGR of HK$1.45 billion (US$186 million), up both year-on-year and quarter-on-quarter, with Adjusted EBITDA of HK$396 million (US$51 million) while Broadway Macau’s net revenue of HK$62 million (US$8 million) was up 158% year-on-year and up 15% quarter-on-quarter. Adjusted EBITDA of HK$11 million (US$1.4 million) at Broadway improved on HK$8 million (US$1 million) in Q2 and reversed a HK$14 million (US$1.8 million) loss in 3Q23.
In its results release, GEG said it is making “ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests with a particular focus on adding new and innovative F&B and retail offerings.
“At StarWorld Macau we are evaluating a range of major upgrades, that includes the main gaming floor, the lobby arrival experience and increasing the F&B options. We have completed the upgrade of Level 3 and StarWorld Macau now hosts one of the largest-scale Live Table Games terminals in Macau.”
The company is also progressing with Galaxy Macau Phase 4, including fitting out its latest hotel offering, Capella at Galaxy Macau, due to open in mid-2025 offering around 100 ultra-luxury sky villas and suites.
RelatedPosts
