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Galaxy shrugs off 3Q17 typhoon hit to continue upward surge

Thursday, 09 November 2017 18:37
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Galaxy Entertainment Group (GEG) says it is “business as usual” at the company’s Macau properties following the devastation of Typhoon Hato in August, with the company reporting a 23% year-on-year increase and 10% sequential increase in revenue to HK$15.9 billion for the three months to 30 September 2017.

Despite Galaxy Macau and Broadway suffering significant damage from the T10 storm, which saw Broadway forced to temporarily cease casino operations, GEG still saw significant uptick led by VIP at its Galaxy and StarWorld properties.

Galaxy Macau reported revenue of HK$11.3 billion in 3Q17, up 20% year-on-year and 15% sequentially, including HK$5.9 billion in VIP revenue. VIP rolling chip volume grew a whopping 41% year-on-year and 24% quarter-on-quarter to HK$164.9 billion. Adjusted EBITDA was HK$2.7 billion, up 23% year-on-year. Mass gaming revenue for 3Q17 was HK$4.2 billion, up 17% year-on-year and up 8% quarter-on-quarter.

At StarWorld on the Macau Peninsula, revenue increased 36% year-on-year and 5% sequentially to HK$3.8 billion with VIP rolling chip volume up 35% to HK$66.9 billion. This translated into revenue from the VIP segment of HK$2.3 billion, up 62% year-on-year and up 9% quarter-on-quarter. Adjusted EBITDA was HK$799 million, up 49% year-on-year.

GEG’s City Clubs also enjoyed a rise, with Adjusted EBITDA of HK$29 million to the group, up 12% year-on-year and up 16% quarter-on-quarter.

However, Broadway suffered significantly from its month-long closure with gaming revenue down 53% year-on-year and 25% quarter-on-quarter to HK$48 million.

Group-wide Adjusted EBITDA for the three months to 30 September 2017 was HK$2.7 billion, an increase of 23% year-on-year and 9% quarter-on-quarter.

In a statement accompanying GEG’s results, Chairman Lui Che Woo pointed to the impact of Typhoon Hato and the T8 Typhoon Pakhar that followed, saying, “Our recent efforts over the past few months have been very focused on repairing and supporting the recovery of Macau.

“We continue with our repair works to the damages from the typhoon at our Macau resorts, but, in the main, we are back to business as usual. Thanks to the tireless efforts of our team members, Broadway Hotel and Casino smoothly reopened for business on 25 September 2017. Despite the impact of Typhoons Hato and Pakhar, our businesses continued to perform well and have delivered satisfactory results for the three month period ended 30 September 2017.”

 

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