Macau’s Galaxy Entertainment Group is expected to have increased its market share and outpaced industry growth in the three months to 31 December 2024, driven by a dynamic live events offering and the recent opening of revamped gaming supply, according to a note from Jefferies analysts Anne Ling and Jingjue Pei.
With the company due to release its Q4 results next month, the analysts are forecasting revenue of HK$10.9 billion for the quarter, up 7% quarter-on-quarter compared with industry growth of 3%, and Adjusted EBITDA of HK$3.10 billion, up 5% quarter-on-quarter. Galaxy’s Macau market share is seen increasing by 1ppt.
“This is driven by [Galaxy’s] rich offerings of events and concerts including Andy Lau (3 to 6 October), Dao Lang (8 to 9 November) and (G)I-DLE (25 to-27 October),” the analysts said, as well as “the continuous ramp-up of Phase 3 at Galaxy Macau and the upgrade of StarWorld’s level 3 that hosts the largest-scale Live Table Games terminals in Macau.”
Investors, they added, are likely to focus on whether Galaxy is making further progress within the premium mass segment over time given the upcoming opening of the 100-suite Capella hotel in mid-2025.
Jefferies has maintained a “BUY” rating on GEG shares with a target price of HK$47.
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