Galaxy Entertainment said its Q1 adjusted EBITDA more than tripled from the same period last year, though was down from the prior quarter due to seasonal softness in its construction division.
Galaxy chairman Lui Che Woo said that while the group is encouraged by Macau’s gradual recovery, it remains cautiously optimistic that business conditions will continue to improve, whilst remaining “hypersensitive” about any future outbreaks of the pandemic.
Net revenue was $5.1 billion, up 1 percent year-on-year and flat quarter-on-quarter. Adjusted EBITDA was $859 million.
On Saturday, Galaxy Macau celebrates its 10-year presence in Macau.
“Since our launch in 2011, Galaxy Macau has delivered the highest level of entertainment and leisure options and provided exceptional experiences to our guests from all over the world.”
Woo noted that the company continues to make progress with its expansion plans including Cotai Phases 3 and 4 – which boasts a strong focus on non-gaming, and primarily targeting MICE, entertainment and family facilities. Though covid-19 could impact timelines, he said.
The chairman noted that it aims to open its exclusive all-suite tower, Raffles at Galaxy Macau towards the end of 2021 or early 2022.
Woo also confirmed that the company remains engaged in its international expansion plans in Japan, which is also being impacted by the pandemic.