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Galaxy Entertainment Group reports 7% decline in Q4 2021 revenue

Galaxy Entertainment Group (GEG) has reported net revenue of HK$4.8bn (US$620m) for the fourth quarter of 2021, a 7% year-on-year decline.

geg q4

The total is, however, up 11% from the previous quarter. Adjusted EBITDA for the period was HK$1bn, up 3% year-on-year and up 107% quarter-on-quarter.

Galaxy Entertainment Group Chairman Dr. Lui Che Woo commented: “Macau like the rest of the world continued to experience the impact of Covid-19 throughout 2021, with sporadic outbreaks in Mainland China and the subsequent travel and quarantine restrictions impacting visitor arrivals.

“I would like to acknowledge the Macau Government for acting decisively and effectively controlling the pandemic. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work.”

Full year net revenue was HK$19.7bn, which represented an increase of 53% year-on-year. Adjusted EBITDA for the period was HK$3.5bn, with Adjusted net profit attributable to shareholders (NPAS) amounting to HK$1.3bn.

“As we enter the third year of the pandemic, we have focused on turning this crisis into an opportunity,” a statement from Galaxy Entertainment Group read. “We have become better at adapting to the ‘new normal’ through creative thinking and constantly striving for improvement.”

“GEG team members have been working hard to do more with less and have been very supportive of the various company initiatives. As a socially responsible corporation, GEG continues to support the Macau Government’s epidemic preventive work and the overall Covid-19 vaccination rate for GEG’s team members has now reached 94%.

“We believe that the reoccurrence of Covid-19 cases will continue to impact Macau for the immediate future, which in turn could impact our financial results going forward.”


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