• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 29 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

COVID-19, VIP collapse impact Galaxy Entertainment Group in 1Q22

Ben Blaschke by Ben Blaschke
Thu 12 May 2022 at 13:48
Galaxy’s Banyan Tree Macau appoints first Macau native to helm Forbes five-star hotel

Galaxy Macau

39
SHARES
965
VIEWS
Print Friendly, PDF & Email

Galaxy Entertainment Group has reported a 20% year-on-year and 14% sequential decline in group-wide net revenues to HK$4.1 billion (US$522 million) in 1Q22 as COVID-19 outbreaks in mainland China and subsequent travel restrictions rewound many of the gains the company had made towards the back end of 2021.

Adjusted EBITDA of HK$575 million (US$73 million) was also down 33% year-on-year and 45% on the December 2021 quarter.

The Q1 results included gross gaming revenue of HK$3.4 billion (US$433 million), down 29% year-on-year and 13% quarter-on-quarter, with much of that due to the collapse of Macau’s junket industry. Rolling chip GGR fell 69% year-on-year to $566 million (US$72 million), while mass table GGR was down only 7% on 1Q21 to HK$2.7 billion (US$344 million). Electronic gaming machine (EGM) GGR showed a 25% annual and 2% sequential increase to HK$162 million (US$21 million).

At flagship IR Galaxy Macau, GGR fell 17.5% year-on-year to HK$2.8 billion (US$357 million) – also lower than the HK$3.0 billion (US$382 million) reported in 4Q21 – with Adjusted EBITDA down 5% to HK$724 million (US$92 million).

StarWorld, which no longer offers any rolling chip gaming, felt the effects with GGR plummeting by 65% to HK$420 million (US$54 million). Likewise, Broadway Macao – currently operating as a “self-health management hotel” – recorded no gaming revenue for the period with an Adjusted EBITDA loss of HK$17 million (US$2 million).

Despite the difficult quarter, GEG continues to outshine its Macau peers in terms of fiscal management and remains the only one of the six concessionaires to have remained self-sufficient throughout the COVID-19 pandemic without the need to raise liquidity via debt.

The company said its cash and liquid investments were HK$35.0 billion (US$4.5 billion) and net cash was HK$24.5 billion (US$3.1 billion) as of 31 March 2022.

GEG also expressed confidence in its prospects, although it has yet to confirm an opening date for its now “effectively completed” Galaxy Macau Phase 3 expansion project. Facilities will, it explained, open progressively based on “prevailing market conditions.”

“We are well positioned to capture mass customers when the market returns as well as MICE business with the opening of the Galaxy International Convention Center,” GEG said.

“Following the closure of the VIP business, we have been reallocating our resources and marketing efforts to the mass-oriented tourists whom appreciate GEG’s extensive array of resort offerings.

“Macau concessionaires continue to work with the Macao Government Tourism Office to actively promote Macau as a safe tourism destination and has hosted a series of roadshows and exhibitions in a numbers of Mainland cities. We will continue to actively support this important government initiative.

“Despite sporadic outbreaks in greater China over the past two years, Macau has demonstrated an ability to bounce back quickly when travel restrictions were eased, indicating solid pent-up demand. Moreover, we continue to remain optimistic and encouraged that we see strong signs of healthy demand for Macau and are very confident that the leisure and tourism sector will bounce back.”

RelatedPosts

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

Fri 29 Aug 2025 at 05:30
Asia market roundup

Higher business volumes, margins at Resorts World Genting drive improved 2Q25 results for Genting Malaysia

Fri 29 Aug 2025 at 05:09
Sands China celebrates 1.1 billion cumulative visitors to its Macau resorts

Sands China celebrates 1.1 billion cumulative visitors to its Macau resorts

Thu 28 Aug 2025 at 19:09
IAG names Grand Lisboa Palace Resort Macau as venue and SJM Resorts S.A. as Venue Sponsor for 2025 Power 50 Black Tie Gala Dinner

SJM reports widened 1H25 loss despite GGR growing almost 12% to US$1.90 billion

Thu 28 Aug 2025 at 18:54
Load More
Tags: covid-19Galaxy Entertainment GroupGalaxy MacauGamingMacauMass marketrevenueStarWorld MacauVIP
Share16Share3
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Flipping the script

Editorial – Flipping the script

by Ben Blaschke
Thu 28 Aug 2025 at 12:30

This month represents an important milestone for Inside Asian Gaming as we launch IAG EXPO – an expansion of the...

Asia market roundup

Asia market roundup

by Ben Blaschke
Thu 28 Aug 2025 at 12:26

Inside Asian Gaming takes a deep dive into the state of Asia-Pacific’s key gaming markets: who’s hot, who’s not and...

Rewriting the rules

Rewriting the rules

by Newsdesk
Thu 28 Aug 2025 at 11:43

IAG EXPO, taking place at Newport World Resorts from 8 to 10 September, is not your usual trade show. IAG...

Test of character

Test of character

by Newsdesk
Thu 28 Aug 2025 at 11:28

Since its establishment in 1989, Gaming Laboratories International (GLI) has developed into the world’s most trusted name when it comes...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Resorts World Las Vegas – Lighting up the north

Recovery of VIP gaming business helps Genting’s Resorts World Las Vegas book improved revenues of US$180 million in 2Q25

by Ben Blaschke
Fri 29 Aug 2025 at 05:30

Resorts World Las Vegas (RWLV), the US flagship of Malaysian gaming giant Genting Berhad, saw revenues grow by 8% quarter-on-quarter to US$180 million and EBITDA by 80% to US$18 million in 2Q25, with the company pointing to improved hold and...

Asia market roundup

Higher business volumes, margins at Resorts World Genting drive improved 2Q25 results for Genting Malaysia

by Ben Blaschke
Fri 29 Aug 2025 at 05:09

Genting Malaysia reported group-wide revenue of MYR2.92 billion (US$692 million) in the three months to 30 June 2025, up 9% year-on-year thanks to improvements across all regions including a 10% increase in revenue at flagship Resorts World Genting (RWG) in...

Sands China celebrates 1.1 billion cumulative visitors to its Macau resorts

Sands China celebrates 1.1 billion cumulative visitors to its Macau resorts

by Pierce Chan
Thu 28 Aug 2025 at 19:09

Sands China has now welcomed more than 1.1 billion guests across its Macau integrated resorts, representing a significant milestone in its more than 20-year history operating in Macau, the company stated Thursday. In an announcement that also coincided with the...

IAG names Grand Lisboa Palace Resort Macau as venue and SJM Resorts S.A. as Venue Sponsor for 2025 Power 50 Black Tie Gala Dinner

SJM reports widened 1H25 loss despite GGR growing almost 12% to US$1.90 billion

by Ben Blaschke
Thu 28 Aug 2025 at 18:54

Macau’s SJM Holdings reported a 7.5% year-on-year improvement in gross gaming revenue to HK$14.8 billion (US$1.90 billion) and an 11.8% increase in non-gaming revenue to HK$1.01 billion (US$130 million) in the first six months of 2025, although it wasn’t enough...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English