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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

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

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.

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