Galaxy Q3 EBITDA in-line, revenue grows 23 pct

Macau casino operator Galaxy Entertainment reported third quarter results mostly in-line with analyst estimates, with adjusted EBITDA reaching HK$3.5 billion and revenue of HK$15.9 billion.

Galaxy Entertainment on Thursday posted revenue growth of 23 percent year-on-year in the quarter, while adjusted EBITDA grew 31 percent year-on-year.

Galaxy however said that bad luck in gaming operations decreased adjusted EBITDA by approximately HK$110 million.

Total gaming revenue was up 24 percent to HK$14.9 billion, with mass up 14 percent VIP up 34 percent year-on-year. Electronic gaming revenue increased 9 percent in the quarter.

Bernstein in a note on Thursday noted that the group had slightly gained market share in mass GGR, as well as VIP GGR in the quarter.

The analysts also noted that Galaxy Macau saw stronger than expected results largely due to strong rolling chip volume.

Broadway Macau was however, weaker than previous quarters as it was closed for a month due to damage following Typhoon Hato, but still stronger than estimates, said Bernstein.

Galaxy in a filing on Thursday said its efforts over the last few months have been on repairing and supporting the recovery of Macau following the typhoon which struck in August.

“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,” said Galaxy chairman Dr. Lui Che Woo.

“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 months period ended 30 September 2017,” he added.

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