Good Morning: Galaxy Entertainment continued to see strong returns in the third quarter, with revenues up 374 percent yearly, topping $1.24 billion. The results reflect the overall upturn of the Macau market and support its ongoing build-out within Cotai. Meanwhile, MGM Resorts has its eye on the UAE, with its CEO expressing interest in a possible property in Dubai.
What you need to know
- Galaxy Macau’s 3Q23 performance surpasses pre-COVID levels. Galaxy Entertainment reported net revenue with a 374 percent year-on-year increase to $1.24 billion.
- The possible legalization of gambling in the UAE would be a considerable opportunity: CEO of MGM Resorts International.
On the radar
- Paradise Co. records “highest ever” quarterly operating profit in 3Q23.
- Morningstar trims Melco revenue forecast for the coming years.
- Sega Sammy reaches agreement to acquire US online gaming operator GAN.
AGB Intelligence
MACAU
Galaxy Entertainment sees $1.24bln in 3Q23 revenue
Galaxy Entertainment continued to see strong results, bolstered by an overall improvement in the Macau market, with revenue topping $1.24 billion during the third quarter. The group’s main Cotai property outperformed 2019 levels, while Star World struggled to keep pace. The group continues the build out of its next phase in Cotai, with its founder praising increased visitation due to infrastructure improvements.
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