The company’s adjusted EBITDA was also down year-on-year at HK$200m, versus HK$1bn in Q4 2021 and HK$600m in Q3 2022.
This represented a quarterly decrease of HK$40m, which the company attributed to ‘bad luck.’
The release of Galaxy Entertainment’s Q4 results completed its financial picture for the full year 2022, in which its net revenue of HK$11.5bn represented a 42% drop year-on-year.
Full-year adjusted EBITDA of HK$600m was also down on $3.5bn for 2021, while net profit attributable to shareholders stood at HK$3.4bn compared to HK$1.3bn in the previous year.
These poor results for Galaxy Entertainment compared to last year are a result of its hamstrung position in Macau throughout 2022 – with a series of lockdowns restricting business operations for a third consecutive year in 2022.
However, with China’s national lockdown ending in January 2023, Galaxy feels its Macau operation is well-positioned for future growth.
Galaxy Macau recorded Q4 net revenue of HK$1.8bn, down 43% year-on-year but up quarterly by 71%.
Adjusted EBITDA for the quarter of HK$58m represented a dramatic drop for Galaxy Macau, which had adjusted EBITDA of HK$763m in the prior-year period.
The financial announcement also saw Galaxy release its plans to enter phase 3 of the development of the Galaxy Macau resort.
Galaxy Deputy Chairman Francis Lui Yiu Tung said: “We are scheduled to progressively open Phase 3 Galaxy International Convention Center, Galaxy Arena and Raffles at Galaxy Macau in the second quarter of 2023, with our first meetings, incentives, conferences and exhibitions event being held in April 2023.
“We will continue to monitor market conditions and when appropriate we will open Andaz Macau.”