Galaxy Entertainment revenue up 5.2% in Q1 2017
Galaxy Entertainment, which operates casinos in Macau, has reported a 5.2% increase in gross revenue for the first quarter of 2017.
In its quarterly filings on the Hong Kong stock exchange, Galaxy reported gross revenue for the first three months of 2017 of HKD 14.1bn (US$1.81bn). Comparing these figures quarter-on-quarter, gross revenue declined by 2%.
Galaxy Entertainment Founder and Chairman Lui Che Woo said in a statement published with the results: “Our financial results continued to show positive momentum over the fourth quarter of 2016”.
The groups total gaming revenue increased 4% to HKD 13.1bn for Q1 2017 compared to the same period in 2016 but down 2% quarter-on-quarter.
Mass table gaming revenue increased 15% year-on-year to HKD 5.8bn, while revenue from VIP gaming fell 5% to HKD 6.8bn.
Woo said: “We continue to drive each and every segment of our business with a particular focus on yielding our resorts and delivering profitable volumes.”
The group’s flagship Galaxy Macau resort generated HKD 10.2bn in Q1 2017, an increase of 5% on Q1 2016. Its StarWorld Macau casino reported Q1 year-on-year growth of 6% generating revenue of HKD 3.1bn. However, Galaxy’s Broadway Macau resort revenue fell 25.4% in Q1 2017 TO HKD 135m.
Hotel occupancy across all seven of the group’s hotels averaged 97% in Q1 2017.
As a whole, Galaxy Entertainment reported debts of HKD 5.2bn in the first 3 months of 2017, a decrease of HKD 0.7bn from the last quarter of 2016. In its statement the company said that this debt “reflects a treasury management exercise where interest income on cash holdings exceeds corresponding borrowing costs”.
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