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NEWS 27 February 2020

Galaxy Entertainment reports falls in full-year revenue and EBITDA

By Tim Poole

Galaxy Entertainment Group has reported a 6% year-on-year net revenue fall for 2019, to HK$51.9bn (US$6.66bn).

Full-year adjusted EBITDA also fell 2% to HK$16.5bn, while full-year net profit was down 3% to HK$13bn.

For Q4, revenue fell 8% to HK$13bn, with adjusted EBITDA down 6% to HK$4.1bn.

Of the operator’s properties, Galaxy Macau generated the highest full-year revenue total of HK$37.4bn, although this was still down 5%.

StarWorld Macau saw revenue fall 10% to HK$10.9bn and Broadway Macau generated HK$593m, a 6% drop.

As part of the results presentation, Galaxy Chairman Dr Lui Che Woo wrote an open letter expressing his concern over the recent coronavirus outbreak.

Galaxy also referenced "periods of fluctuation" for investor sentiment throughout 2019 – the result of "a number of geo-political and economic issues" such as a slowing world economy, the introduction of the VIP smoking ban in Macau and China-US trade tensions.

Galaxy’s share price has fallen marginally since the opening of the market on the day of its trading update, dropping 2% to HK$52.50.

RELATED TAGS: Land-Based | Casino | Financial
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