Leading Macau concessionaire Galaxy Entertainment Group (GEG) reported net revenues of HK$11.3 billion (US$1.45 billion) in the three months to 31 December 2024, up 9% year-on-year and 6% sequentially, driven by a strong performance in gaming at Galaxy Macau.
According to information released Thursday afternoon, gross gaming revenues climbed by 19% year-on-year and 9% quarter-on quarter to HK$11.0 billion (US$1.41 billion), including mass win of HK$8.71 billion (US$1.12 billion). Rolling chip win totaled HK$1.54 billion (US$198 million) and slot win HK$780 million (US$100 million).
Group-wide Adjusted EBITDA also grew by 15% year-on-year and 10% quarter-on-quarter to HK$3.24 billion (US$417 million) – despite the company playing unlucky for the quarter.
The strong result was driven by flagship resort Galaxy Macau, where GGR win climbed 11% to HK$9.60 billion (US$1.23 billion). Hotel and F&B revenue of HK$1.13 billion (US$145 million) and mall revenue of HK$348 million (US$45 million) were both slightly higher than in Q3, while Adjusted EBITDA of HK$2.84 billion (US$365 million) was up from HK$2.56 billion (US$329 million) in the September quarter.
While Galaxy Macau enjoyed strong sequential growth, StarWorld saw its GGR decline by 4% quarter-on-quarter to HK$1.39 billion (US$179 million) – although this was up 6% year-on-year. Adjusted EBITDA at StarWorld reached HK$363 million (US$47 million).
Broadway Macau generated net revenue of HK$220 million (US$28 million), up 114% year-on-year, and Adjusted EBITDA of HK$24 million (US$3.1 million), reversing a HK$36 million (US$4.6 million) loss, while City Clubs saw net revenues fall 6% year-on-year to HK$209 million (US$27 million) with Adjusted EBITDA of HK$14 million (US$1.8 million).
For FY24, GEG’s group-wide net revenue grew by 22% year-on-year to HK$43.4 billion (US$5.58 billion), while Adjusted EBITDA was also up 22% to HK$12.2 billion (US$1.57 billion).
GEG Chairman Francis Lui said, “Throughout 2024 we continued to drive every segment of the business, in particular the premium mass which remains the main profit driver. In a competitive market we continue to allocate resources with discipline and focus on their most efficient use.
“GEG believes in competing with excellent products and service and not on price. Our efforts are reflected in the Group achieving full year Adjusted EBITDA of $12.2 billion (US$1.57 billion), up 22% year-on-year. Full year Net Profit Attributable to Shareholders was HK$8.8 billion (US$1.13 billion), up 28% year-on-year.
“We have a strong, healthy and liquid balance sheet with cash and liquid investments of HK$31.3 billion (US$4.03 billion), with minimal debt of HK$4.2 billion (US$540 million) giving a net position of HK$27.1 billion (US$3.49 billion). This financial strength allows GEG to fund our development pipeline, actively explore international development opportunities and return capital to shareholders via dividends.
“On 25 October 2024, we paid an interim dividend of HK$0.50 per share which was an increase from HK$0.30 per share paid in April 2024.”
GEG said it had as of Thursday recommended a final dividend of HK$0.50 per share payable in June 2025.
