Good morning. Results, results, and more results. Looking at Macau, Galaxy Entertainment Group saw strong revenue growth, rising to $1.38 billion in 3Q24. This was boosted by steady hotel occupancy, which helped boost the group’s financial performance. Moving to Singapore, Genting Singapore saw its net profit plunge by 63 percent, with less visitation and more competition from MBS. In the Philippines, Belle Corp’s share of gaming revenue from City of Dreams Manila dropped during the first nine months of the year, but its leasing revenue from the property increased.
What you need to know
- Galaxy Entertainment’s revenue rises 11% YoY to $1.38B in 3Q24, with strong growth in gaming and hospitality despite a quarterly dip.
- Genting Singapore’s 3Q24 net profit plunges 63%, reflecting slow visitor recovery and increased competition.
- Gaming revenue for Belle Corp’s share in City of Dreams Manila contracted in Jan-Sept, but leasing revenue increased.
On the radar
- Macau operators and authorities strategize on New Law on Illegal Gambling.
- Jumbo Interactive: lottery revenue falls on ‘subdued jackpot environment’.
- Delta Corp sees a 24.4% Y-o-Y drop in revenue during 3Q24.
- Macau predicts 400k visitors during four-day Grand Prix.
- Entain appoints Dafne Guisard as new COO, effective January.
- Casinos a significant boost for Thailand’s tourism: Agoda CEO.
AGB Intelligence
RESULTS
Galaxy Entertainment revenue up 11% to $1.38 billion in 3Q24
Galaxy Entertainment Group delivered a strong financial performance in the third quarter, increasing group revenue by 11 percent yearly to $1.38 billion. Adjusted EBITDA was also up yearly, as Galaxy’s flagship property on the Cotai Strip saw strong hotel occupancy, leading to increases in revenue. The group’s peninsula property also fared well during the quarter, helping boost the group’s bottom line.
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