Published
FinancialIndustry

Galaxy Entertainment Group revenue jumps 71% for H1

Macau casino operator Galaxy Entertainment Group has reported its results for the three-month and six-month periods ended 30 June 2021.

galaxy

The Group’s H1 2021 results showed net revenue of HK$10.7bn (US$1.38bn), an improvement of 71% year-on-year.

In the second quarter of 2021, the group's net revenue of HK$5.6bn improved compared to HK$1.2bn in Q2 2020 and HK$5.1bn in Q1 2021.

Adjusted EBITDA of HK$1.1bn also grew compared to the HK$1.4bn loss of the second quarter 2020 – up 32% quarter-on-quarter.

The operator also reported that revenue from its non-gaming operations improved from HK$679m to nearly HK$1.39bn in H1 of this year, "due to a strong performance in retail which bodes well for the overall recovery prospects for Macau.”

As of 30 June 2021, Galaxy's cash and liquid investments were HK$43bn and net cash was HK$31.6bn.

Total debt for the second quarter 2021 was HK$11.4bn, including HK$10.9bn associated with the company's treasury yield enhancement program and HK$0.5bn of core debt.

Galaxy Macau’s first-half adjusted EBITDA was HK$1.7bn, compared to negative HK$848m for H1 2020.

The group's main property in Macau, StarWorld, announced adjusted EBITDA of HK$305m versus negative HK$202m in H1 2020.

The group’s total gross gaming revenue (GGR) in H1 2021 was HK$9.7bn – up 62% year-on-year as total mass table GGR was HK$5.9bn, and total VIP GGR was HK$3.5bn. Total electronic GGR was HK$333m, up 27% year-on-year.

Galaxy Entertainment says it will continue to upgrade its resorts and explore opportunities in overseas markets, including Japan.

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Executive Profiles
The Rank Group
Flutter Entertainment
Wynn Al Marjan Island
Kindred Group

Facing Facts: Looking back on how Asian operators fared in Q4 2022

Gambling Insider takes a closer look at various facts and fi...

GBGC Data: How betting has changed in the US and Europe over the years

Global Betting & Gaming Consultants (GBGC), the global gamin...

Taking Stock: How did Asian operators share prices fare over the last six months?

MGM China, Melco Resorts & Entertainment, Sands China and Wy...

AI in the gambling industry: Evolving or deskilling?

With expert industry insight from suppliers OPTX and Sportra...

Read Magazine