Galaxy Entertainment reports strong Q2 performance

Galaxy Entertainment Group (GEG) has announced impressive financial results for the second quarter and first half of 2024, demonstrating a 37% year-on-year increase in net revenue to HKD21.5 billion. Adjusted EBITDA for the first half reached HKD6 billion, also up 37%, reflecting the company’s robust recovery following the pandemic.

In Q2 2024, GEG reported a group net revenue of HKD10.9 billion, a 26% increase compared to the same period last year. The group’s adjusted EBITDA for the quarter was HKD3.2 billion, reflecting a 28% rise year-on-year. These results underscore GEG’s strong market position and operational efficiency.

Galaxy Macau was the primary driver of GEG’s success, generating net revenue of HKD17 billion in the first half, up 43% year-on-year. The property’s adjusted EBITDA reached HKD5.4 billion, marking a 34% increase, highlighting Galaxy Macau’s crucial role in the group’s overall financial health.

StarWorld Macau also demonstrated positive growth, with a 25% increase in net revenue to HKD2.7 billion for the first half. Broadway Macau reported an adjusted EBITDA of HKD12 million, a significant turnaround from a loss in the previous year, indicating recovery in the entertainment sector.

Mass table games contributed HKD8.29 billion, a 31.9% increase, while rolling chip wins surged by 49.4% to HKD1.39 billion. Slot machine revenues also saw robust growth of 48.5%, totaling HKD658 million.

Adjusted EBITDA for the quarter rose 28.4% year-on-year to HKD3.18 billion, reflecting the company’s effective management and operational strategies. StarWorld Macau also contributed positively, with gross gaming revenue increasing by 13.6% to HKD1.42 billion.

As of June 30, 2024, GEG maintained a strong balance sheet with cash and liquid investments totaling HKD29.0 billion. The company announced an interim dividend of HKD0.50 per share, reflecting confidence in its long-term growth prospects and commitment to returning value to shareholders.

In addition to strong financial results, GEG is advancing its technological capabilities with the rollout of smart table technology, expected to be fully implemented by year-end. The company is also preparing for the mid-2025 opening of its new hotel, Capella at Galaxy Macau, as part of its ongoing expansion efforts. Nadia Shaw