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Galaxy Entertainment Group Q3 revenue down 52%

Galaxy Entertainment Group (GEG) has reported revenue of HKD$2bn (US$254.8m) for the third quarter of 2022, a 52% decline from the prior-year period.

galaxy entertainment group q3 2022
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The total is also a 16% quarter-on-quarter decline, with the operator noting that revenue continues to be impacted by Covid-19 and travel restrictions.

Adjusted EBITDA for the period was negative HKD$581m, compared with negative EBITDA of HKD$384m in the previous quarter.

Galaxy Macau reported revenue of HKD$1.1bn for Q3 2022, down 62% and 25% year-on-year and quarter-on-quarter respectively. Hotel occupancy of available rooms for the quarter across the five hotels was 26%.

For StarWorld Macau, revenue amounted to HKD$158m for Q3 2022, a 76% year-on-year decline and a 28% quarter-on-quarter decline. Hotel occupancy of available rooms was 24%.

Broadway Macau revenue was HKD$10m for Q3 2022, compared to HKD$14m in Q3 2021 and HKD$15m in Q2 2022, with a hotel occupancy of available rooms of 20%.

As of 30 September 2022, cash and liquid investments were HKD$22.5bn and net cash was HKD$19.3bn.

“We continue to remain very supportive of the Macau Government and actively promote public health and safety as well as economic and social stability,” said GEG Chairman Dr. Lui Che Woo.

“We have submitted our Macau gaming concession tender which has been formally accepted as a valid tender by the Macau Government. We are well-positioned to support the long-term development of Macau and its vision of becoming a World Centre for Tourism and Leisure.

“Moving onto our Q3 2022 performance, the elevated Covid-19-related travel restrictions imposed in Q2 flowed into Q3 and even resulted in the closure of casinos for 12 days during the quarter. This impacted visitation, revenue and profitability.”

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