Corporate bits | GEG announces Q4 editda up 20 percent

Galaxy Entertainment Group (GEG) yesterday reported the results for the fourth quarter of last year as well as the full year performance.

According to a statement issued by GEG, fourth quarter Adjusted EBITDA increased by around 20 percent year-on- year and 10 percent quarter-to-quarter to HKD3 billion. Meanwhile the Adjusted EBITDA for the full year increased by 18 percent to HKD10.3 billion.

Across the whole year, revenue increased by 4 percent to HKD52.8 billion, while “net profit attributable to shareholders” surged by more than 51 percent year-on-year to HKD6.3 billion.

“We have worked hard during the period to carefully control costs […] and to substantially grow our mass market business,” said GEG Chairman Lui Che Woo, according to the statement. “In the medium to longer term we are positive on the outlook for Macau.”

Another special divided of USD0.26 per share will be made payable on or about April 28, the statement added, representing a 73 percent increase compared to last year.

SJM records contraction in properties’ gaming revenue

SJM Holdings Limited has announced the audited consolidated annual results of the company and its subsidiaries for last year.

During 2016, gaming revenue earned by the company’s subsidiary, SJM, was HKD41.27 billion, a decrease of 14.5 percent from the previous year. Moreover, Adjusted EBITDA of the group also fell in the period compared with the previous year; down 11.5 percent to about HKD3.42 billion.

“Profit attributable to owners of the company” was around HKD2.33 billion, a decrease of 5.6 percent from the previous year.

According to a statement issued yesterday by the operator, SJM commanded a 19.1 percent share of Macau’s gaming revenue last year, including 22.7 percent of mass-market table gaming revenue and 17.3 percent of VIP gaming revenue.

The statement also informed that the group expects construction on the new integrated resort, the Grand Lisboa Palace, to be completed around the end of 2017 to open in the first half of 2018.