Galaxy Entertainment Group chairman Dr Lui Che Woo has highlighted the improved performance of a reconfigured gaming floor at flagship resort Galaxy Macau after the company reported a 59% year-on-year and 4% sequential increase in group-wide GGR to HK$9.63 billion (US$1.23 billion) in 1Q24.
In prepared comments accompanying the company’s quarterly financial results, Dr Lui noted that “substantial adjustments” had been made to Galaxy Macau’s gaming floor which were disruptive through January and into the early part of February but since completion had resulted in “a significant improvement in the flow of customer traffic across the entire floor.”
The reconfiguration helped drive the Q1 performance, with mass GGR up 57% year-on-year and down 1% quarter-on-quarter HK$7.73 billion (US$990 million). Rolling chip GGR was up 64% year-on-year and 43% quarter-on-quarter to HK$1.30 billion (US$166 million) while electronic GGR of HK$600 million (US$77 million) was up 78% year-on-year and 18% quarter-on-quarter.
Adjusted EBITDA of HK$2.84 billion (US$364 million) was also up 49% year-on-year and 1% quarter-on-quarter.
By property, Galaxy Macau saw GGR increase by 3% sequentially to HK$8.14 billion (US$1.04 billion) with Adjusted EBITDA of HK$2.61 billion (US$334 million), while peninsula property StarWorld saw GGR rise by 9% to HK$1.43 billion (US$183 million) with Adjusted EBITDA of HK$435 million (US$56 million).
Broadway Macau booked net revenue of HK$46 million (US$5.9 million) and moved back into Adjusted EBITDA profit at HK$4 million (US$512,000), while City Clubs recorded HK$58 million (US$7.4 million) in net revenue with Adjusted EBITDA also at HK$4 million.
Dr Lui said the company was “particularly encouraged with our casino performance over the May Golden Week and post the reconfiguration of Galaxy Macau’s gaming floor,” adding that further refinement was in the works.
“Across our portfolio, we are in the process of implementing smart tables which will drive further efficiency across the gaming floor. Additionally, we are updating our slot machine products and we are working on a range of upgrades to StarWorld Macau.”
