Corporate bits | Galaxy posts first half-year net revenue of usd28.1 billion

Galaxy Entertainment Group yesterday reported the second quarter and half year results in 2018.

The group’s 1H results posted net revenue of USD28.1 billion, up 25 percent year- on-year, and generating Adjusted EBITDA of USD8.6 billion, up 34 percent year- on- year. Net profit attributable to shareholders increased to USD7.2 billion. Galaxy Macau’s Adjusted EBITDA was USD6.5 billion, up 28 percent year-on-year. StarWorld Macau’s Adjusted EBITDA was USD2 billion, up 41 percent year-on-year. Broadway Macau’s Adjusted EBITDA was USD15 million versus USD7 million in 1H 2017.

According to a statement issued yesterday by Galaxy Group. “during 1H 2018, GEG experienced bad luck in its gaming operation, which decreased its Adjusted EBITDA by approximately USD229 million.” Normalized 1H 2018 Adjusted EBITDA grew 38 percent year- on- year to USD8.9 billion.

The group’s total gross gaming revenue on a management basis 1 in 1H 2018 was USD34.3 billion, up 30 percent year-on-year as total mass table gross gaming revenue was USD13.5 billion, up 18 percent year-on-year.

VIP rolling chip volume was USD162.0 billion, up 29 percent year-on-year during the first half of the year. This translated to gross gaming revenue of USD5.1 billion, up 33 percent year-on-year. Q2 gross gaming revenue was USD2.4 billion, up 15 percent year-on-year and down 10 percent quarter- on-quarter. Total electronic gross gaming revenue was USD1.2 billion, up 13% year- on-year.

Quoted in the statement, Lui Che Woo, chairman of GEG, said that on the development front, the group “continued to move forward with its Cotai Phases 3 & 4, which will include approximately 4,500 hotel rooms, including family and premium high end rooms, significant MICE space, a 16,000-seat multi-
purpose arena, food and beverage, retail and casinos, among others. Further, we are advancing the conceptual plans for our development in Hengqin for a low density integrated resort that will complement our high energy resorts in Macau. The group has a clearly defined growth development pipeline.”