Galaxy Entertainment reports H1 losses

By David Cook
Operator Galaxy Entertainment Group (GEG) has reported a 34% year-on-year revenue decrease to $25.4bn for the first half of 2015.

Adjusted EBITDA went down 43% to $4.2bn, while net profit attributable to shareholders dropped 66% to $2bn.

Reduced profitability of approximately $265m was reported, which GEG put down to being “unlucky in gaming operations”.

The published results reflected just 35 days of operation of its expanded Galaxy Macau resort, Galaxy Macau Phase 2, following its opening in May, as well as the Broadway Macau, which also opened in May.

Galaxy Macau’s overall results for the first half of 2015 showed a 31% revenue downswing to $17.2bn and a 41% adjusted EBITDA drop to $3.2bn. In the second quarter alone, adjusted EBITDA for Galaxy Macau was reduced by approximately $300m, which GEG also put down to being “unlucky”.

Broadway Macau’s revenue for its first 35 days in operation totalled $64m, while StarWorld Macau’s revenue and adjusted EBITDA both declined 42% for the first half of 2015, to $7.1bn and $1.1bn respectively.

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