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.

More news from this jurisdiction

MacauFriday, Nov 24, 2017

Sociedade de Jogos de Macau, S.A. (SJM) has announced the opening of its Jai Alai Hotel at the Outer Harbor District of Macau.

MacauFriday, Nov 24, 2017

China’s National Day and the Mid-Autumn Festival holidays pushed visitor arrivals to Macau up 16.2 percent month-on-month, according to the Statistics and Census Service (DSEC).

MacauWednesday, Nov 22, 2017

Emperor Entertainment Hotel Ltd reported a 12.8 percent increase in profit for the six months ended September 30, 2017, reaching HK$118.6 million (US$15.2 million).

MacauTuesday, Nov 21, 2017

Total visitor spending in Macau, excluding gaming, grew 8.8 percent year-on-year in the third quarter of 2017, according to data from the Statistics and Census Service (DSEC).

MacauTuesday, Nov 21, 2017

The Macau government is expecting total expenditure in 2018 to be more than MOP109.6 billion (US$13.6 billion), a 14.5 percent increase from the budget this year.

MacauTuesday, Nov 21, 2017

Sands China Ltd. celebrated the 10th anniversary of The Venetian Macao Monday, highlighted by a ceremony at the outdoor lagoon of the iconic integrated resort.

MacauMonday, Nov 20, 2017

The Macau Grand Prix led to a slowdown in gross gaming revenue in Macau, with visitors deferring their trips in order to avoid busy traffic and road blocks last week, said Bernstein.