Macau | Galaxy Q3 revenue up 23 per cent y-o-y

Macau (MNA) – Galaxy Entertainment Group (GEG) posted HK$15.9 billion (US$2.03 billion) in revenue for the third quarter ended September 30, up 23 per cent year-on-year and up 10 cent quarter-on-quarter, according to a filing of the company with the Hong Kong Stock Exchange today.

Adjusted EBITDA reached HK$3.5 billion, up 31 per cent yearly and up 7 per cent quarter-on-quarter.

However, the company noted that gaming operations decreased its adjusted EBITDA by approximately HK$110 million due to ‘bad luck.’ Total gaming revenue on a management basis for the period was up 24 per cent year-on-year and up 12 per cent quarter-on-quarter to HK$14.9 billion.

VIP gaming revenue jumped 34 per cent from a year earlier to HK$8.2 billion. Mass gaming increased 14 per cent year-on-year to HK$6.1 billion. Electronic gaming revenue was up 9 per cent year-on-year to HK$567 million.

Regarding the share of different properties, Galaxy Macau remains the group’s flagship operation with revenues of HK$11.3 billion, up 20 per cent year-on-year and up 15 per cent quarter-on-quarter, while adjusted EBITDA amounted to HK$2.7 billion, up 23 per cent year-on-year and up 9 per cent quarter-on-quarter.

Yet, the company said the property ‘experienced bad luck in its gaming operations,’ decreasing its adjusted EBITDA by some HK$159 million during the period under review. Excluding the ‘luck factor,’ EBITDA reached HK$2.9 billion, up 44 per cent year-on-year and up 11 per cent quarter-on-quarter.

VIP rolling chip volume in the property for the period totalled HK$164.9 billion, representing an increase of 41 per cent year-on-year, with revenues of HK$5.9 billion, up 27 per cent year-on-year. Mass gaming revenue amounted to HK$4.2 billion, up 17 per cent from a year before.

StartWorld saw its results broadly improved, with HK$3.8 billion in revenue, up 36 per cent year-on-year. Adjusted EBITDA reached HK$799 million, up 49 per cent yearly.

The company claimed Broadway Macau was affected by the temporary suspension of the hotel and casino operations after Typhoon Hato reached the property, with Lui Che Woo, Chairman of GEG, saying that ‘despite the impact of Typhoons Hato and Pakhar, our businesses continued to perform well and have delivered satisfactory results for the three months period ended 30 September 2017.’

GEG paid special dividends on October 27, 2017 of HK$0.33 per share, a 83 per cent increase when compared to October 2016, the company informed.