Galaxy Entertainment Group posts Q1 2024: Revenue up 50% to HK$10.6bn

With renovations completed just before Chinese New Year and more lenient tourism laws, GEG has seen improvements across the board.

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Galaxy Entertainment Group (GEG) published its Q1 2024 report for the period ending 31 March 2024.

Total net revenue was HK$10.6bn (US$1.36bn), an increase of 50% when compared to the same period the year prior.

Revenue from gaming increased 54% to HK$8.18bn and non-gaming grew 55% to HK$1.6bn.

For the gaming statistics, total gross gaming revenue (GGR) increased 59% to HK$9.63bn, when accounting for all clubs.

The rolling chip volume increased 78% to HK$38.46bn, mass table drop grew 52% to HK$31.5bn and electronic gaming volume more than doubled with 112% to HK$19.04bn.

This translated into a rolling chip GGR of HK$1.3bn, which was up 64%, mass table GGR of HK$7.7bn up 57% and electronic GGR of HK$600m, an increase of 78%.

Adjusted EBITDA jumped 49% to HK$2.84bn.

GEG Chairman Lui Che Woo said: “During Q1 2024, we made substantial adjustments to Galaxy Macau’s gaming floor, in the shorter term this was disruptive for the month of January and the early part of February, but the renovation was completed just prior to Chinese New Year.

“With the completion of this renovation, we have seen a significant improvement in the flow of customer traffic across the entire floor.”

Galaxy Macau accounts for the majority of the GEG earnings, with HK$8.31bn coming from this one brand alone.

This amount was a 55% increase from the year prior.

Che Woo continued: “Across our portfolio, we are in the process of implementing smart tables which will drive further efficiency across the gaming floor.

“Additionally, we are updating our slot machine products and we are working on a range of upgrades to StarWorld Macau.”

In the report, GEG explained that it was currently evaluating a range of upgrades to StarWorld Mauca, including its main gaming floor, lobby, arrival experience and hospitality options.

Che Woo concluded: “We hope that the industry will continue to receive the full support of the Central Government and the Macau SAR Government.

“As always GEG will support these important milestones with a range of supportive promotional activities and events and we are pleased to see that all those new initiatives on expanding Individual Visit Scheme (IVS) and visa policies may increase tourism to Macau.

“Finally, I would like to thank all our team members who deliver ‘World Class, Asian Heart’ service each and every day and contribute to the success of the Group.”

There are several new resorts in the pipeline for the company.

GEG expects the new Capella at Galaxy Macau to open in mid-2025, which will be a 17-storey hotel including over 100 villas and suites, each with their own infinity-edge pool, outdoor lounge, sunroom and hidden winter garden.

The GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau has entered into Phase 4 and is expected to open in 2027.

However, only this morning, Thailand's Deputy Finance Minister suggested imposing a 5% limit for casinos in the country, which would affect plans from both Galaxy and MGM.

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