Galaxy Entertainment Group saw its fortunes follow the same trend as other Macau concessionaires in 3Q21, with group-wide net revenue of HK$4.3 billion (US$552 million) representing a 176% year-on-year improvement but down 23% compared with the June quarter due to recent COVID-19 setbacks.
Adjusted EBITDA of HK$503 million (US$65 million) reversed a HK$943 million (US$121 million) EBITDA loss in 3Q20 was less than half the HK$1.1 billion (US$141 million) recorded in 2Q21, further impacted by playing unlucky to the tune of HK$47 million in the quarter.
At flagship IR Galaxy Macau, net revenue of HK$2.8 billion (US$359 million) was 26% lower sequentially with net gaming revenue of HK$2.3 billion (US$295 million) down by the same margin. The quarter included mass table win of HK$1.7 billion (US$218 million), VIP win of HK$907 million (US$116 million) and EGM win of HK$174 million (US$22 million).
At StarWorld, net revenue was down 29% on the June quarter to HK$664 million (US$85 million) with gaming revenue HK$627 million (US$80 million), comprising HK$453 million (US$58 million) from mass tables, HK$327 million (US$42 million) from VIP tables and HK$14 million (US$1.8 million) from EGMs.
Total net revenue at Broadway Macau was flat at HK$14 million (US$1.8 million) with negligible contribution from gaming, while City Clubs reported GGR win of HK$119 million (US$15 million).
GEG said its primary focus while business is subdued remains development of Galaxy Macau Phases 3 and 4. The company is planning to open Phase 3 in stages during 2022, starting with the 450 all-suite tower Raffles at Galaxy Macau, followed by Galaxy International Convention Center and Andaz Macau later in the year.
“We are also continuing to proceed with the construction of Cotai Phase 4, our next generation integrated resort, which will complete our ecosystem in Cotai,” said GEG Chairman, Dr Lui Che Woo.
“As you can see, we remain highly confident about the future of Macau where Cotai Phases 3 and 4 will support Macau’s vision of becoming a World Centre of Tourism and Leisure.”
