Galaxy Entertainment Reports Q3 Revenue Boost of 11% Year-on-Year

Galaxy Entertainment Group Ltd. (GEG), a household name in Macau’s gaming and hospitality industry, recently released its financial reports for Q3 2024. The reports showcased a strong performance in the Group’s net revenue, coming to HK$10.7 billion (US$1.36 billion), an 11% rise from the previous year.

Like other renowned groups in the region, such as Wynn Resorts, Galaxy Entertainment’s financial results indicate a robust recovery trajectory post-pandemic. However, revenue dips across the board have occurred compared to Q2.

A Closer Look at Earnings

According to the financial reports unveiled Thursday morning, GEG’s gross gaming revenue (GGR) was HK$10.2 billion (US$1.31 billion), a 16% rise year-on-year but a 2% decline quarter-on-quarter. Mass table win volume totaled HK$8.39 billion (US$1.08 billion), rolling chip wins came in at HK$1.10 billion (US$141 million), and electronic games at HK$666 million (US$86 million). The GGR accounted for 76.8% of the operator’s net revenue.

Non-gaming and construction material revenue also went up compared to last year. Non-gaming revenue totaled HK$1.67 billion, a 9.6% rise year-on-year. Unlike other sectors, it also went up quarter-on-quarter by 12.3%. Construction material revenue totaled HK$805 million, a rise from last year’s HK$713 million.

GEG’s adjusted EBITDA (Earnings Before Income, Taxes, Depreciation, and Amortization) was HK$2.94 billion (US$378 million), representing a 6% increase year-on-year but a 7% decline quarter-on-quarter. The Group’s gaming operations experienced some challenges, leading to a HK$165 million (US$21 million) deduction from EBITDA. However, once normalized, the adjusted EBITDA displayed a remarkable 68% growth of HK$11.8 billion (US$1.52 billion).

Galaxy Macau in the Lead

GEG’s flagship property, Galaxy Macau, raked in the most GGR of HK$8.64 billion (US$1.11 billion), up 10% from the previous year but down 3% quarter-on-quarter. Non-gaming revenue came in at HK$1.47 billion (US$189 million). The casino resort’s adjusted EBITDA was stable compared to last year, dropping only 4% compared to the same quarter in 2023.

Galaxy Macau’s mall revenue contrasted with other trends, rising to HK$347 million, up from Q2’s HK$326 million. However, it declined from last year’s HK$ 366 million. Hotel, food, and beverage showed positive year-on-year and quarter-on-quarter trends, rising 12.1% and 15.9%, respectively.

Ongoing Developments

Galaxy Entertainment is currently advancing Galaxy Macau Phase 4 to feature the new Capella hotel. The development is expected to be completed by mid-2025, and it will include approximately 100 ultra-luxury sky villas and suites. GEG seeks to focus on adding entertainment facilities to complement its gaming attractions and have diverse offerings for guests.

Lucas is a New Jersey-born and raised copywriter. His content encompasses casino, software provider, and game reviews, news, and blogs. Lucas’ professional writing experience spans more than six years. He works globally with clients from the US, the UK, New Zealand, Australia, South Africa, and Canada. Before he started writing gambling content, Lucas went to Rutgers University to pursue a bachelor’s degree in psychology. Just to shake things up, he became a painter, following in his father’s footsteps. He now writes full-time and doubles in painting now and then.

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