Galaxy Entertainment Group (GEG) has released its financial results for the fourth quarter of 2023, as well as the full year, showing significant growth, as recovery continues in the region.
Overall results
GEG’s Q4 revenue rose 254% year-on-year to HK$10.3bn (US$0.13bn), while full-year revenue also saw significant growth by 211% to HK$35.7bn.
Adjusted EBITDA in Q4 was valued at HK$2.8bn compared with HK$(0.2)bn in the year prior, with full-year adjusted EBITDA sitting at $10bn in 2023 versus HK$(0.6)bn in 2022.
Full-year NPAS increased from HK$(3.4)bn in 2022 to HK$6.8bn in 2023.
Debt of the company as of 31 December 2023 was valued at HK$1.5bn.
Individual results
Galaxy Macau’s full-year revenue represented a significant section of GEG’s revenue, being set at HK$27.7bn in 2023, climbing 274% from the previous year. Its Q4 revenue was up 374% to a figure of HK$8.2bn. Adjusted EBITDA for the full year was HK$9.1bn compared with HK$295m in 2022.
StarWorld Macau’s revenue was also massively different from last year, with its full-year increasing by 343% to HK$4.6bn and its fourth-quarter figure up 410% to $1.3bn. Full-year adjusted EBITDA also saw growth from HK$(142)m to HK$353m.
Comments
GEG Chairman, Dr. Lui Che Woo, gave some comments on the results: “We are the first Macau concessionaire to resume dividends and return capital to shareholders after the border reopened. These dividends demonstrate our continued confidence in the longer-term outlook of Macau and for the Company. Our solid balance sheet and cash flow from operations allows us to fund our development pipeline and pursue our international expansion ambitions.
“Furthermore, we are actively working with the MGTO to develop international markets. We are aligning our business accordingly and supporting the Government’s vision. Non-gaming is focused on attracting a broader range of customers to our resorts, leveraging our existing facilities and growing the overall market.
"These efforts will take time and we are doing our best. GEG has opened overseas offices in Tokyo and Seoul in 2023, and will soon be opening another office in Bangkok. The competition for high-value international tourists is significant and we will strive to support this Government initiative.”
In other financial news, Light & Wonder released its results today and reported revenue growth in both Q4 and the full year of 2023.
