Galaxy Ent 2Q EBITDA grows, posts US$563mln interim profit
Galaxy Ent 2Q EBITDA grows, posts US$563mln interim profit
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Macau casino operator Galaxy Entertainment Group Ltd reported a first-half profit of nearly HKD4.39 billion (US$563.0 million), up 51.8 percent from the prior-year period. The firm also announced an interim dividend of HKD0.50 per share, payable on October 25.
The information was given in a filing to the Hong Kong Stock Exchange on Thursday.
Galaxy Entertainment reported net revenue of HKD21.47 billion for the six months to June 30, 36.6-percent higher than a year earlier.
Group-wide adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) – including share of results of joint ventures and associated companies – was HKD6.01 billion in the first half, a 37.2-percent increase year-on-year.
First-half adjusted EBITDA in the group’s gaming and entertainment segment rose by 38.7 percent year-on-year, to HKD5.72 billion.
Galaxy Entertainment’s main gaming operations are at Galaxy Macau (pictured) in Cotai, and StarWorld Hotel downtown on Macau peninsula.
For the second quarter, group-wide adjusted EBITDA grew by 11.6 percent sequentially, to nearly HKD3.18 billion. The company recorded net revenue of approximately HKD10.92 billion for the three months to June 30, up 3.5 percent quarter-on-quarter.
Lui Che Woo, chairman of Galaxy Entertainment, was quoted in Thursday’s announcement as saying: “We continued to drive every segment of our business and further improve our resorts. We are very pleased to report that for both the second quarter and the first half of 2024, our resort hotels reported virtually 100 percent occupancy.”
The chairman stated that the group’s balance sheet “continued to be healthy and liquid,” with total cash and liquid investments of HKD29.0 billion: a net position of HKD25.2 billion, and debt of HKD3.8 billion.
“Our strong balance sheet allows us to return capital to shareholders through dividends and to fund our longer-term development plans and international ambitions,” he added.
Mr Lui also said in his prepared remarks that the company was “well advanced with the implementation of smart tables” in its properties.
“Recently we completed the backend systems integration and customer database transfer. We also successfully completed live back-of-house pilot testing of smart tables,” said the chairman.
He added: “In early July, we commenced the rollout of smart tables across Galaxy Macau’s main gaming floor. We anticipate to complete the full rollout by year end.”
The Macau authorities have been encouraging use of smart tables 카지노사이트 as a way for the city’s industry to manage more effectively casino operations. In that regards, several Macau operators have flagged plans to use radio frequency identification (RFID) gaming tables.
Gross revenue from gaming operations was just under HKD19.97 billion in the first six months of 2024, up 45.4 percent from the prior-year period. For the second quarter, such revenue was HKD10.34 billion, a 7.4-percent increase quarter-on-quarter.
Galaxy Entertainment’s first-half VIP rolling chip volume – a combination of junket play and “in-house premium direct,” a reference to house-managed VIP play – was up 67.2 percent year-on-year, to HKD84.61 billion.
VIP rolling chip volume for the April to June period stood at HKD46.15 billion, up 20.0 percent from the preceding quarter.
In the first six months this year, group-wide mass table revenue was just under HKD16.02 billion, up 42.8 percent year-on-year. For the three months to June 30, mass table revenue was HKD8.29 billion, up 7.2 percent quarter-on-quarter.
Electronic gaming revenue in the first six months of 2024 was nearly HKD1.26 billion, an increase of 61.3 percent on the same period a year earlier. For the second quarter, such revenue was HKD658 million, up 9.7 percent sequentially.
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