Galaxy eyes further recruitment as revenues up 72%

Galaxy’s revenues during the first quarter (Q1) of 2023 surged up to 72% to HKD7.05 billion year-on-year amid the ongoing robust recovery of the casino sector following the border reopening.

In a statement, the gaming operator said that the figure is an increase of 142% quarter-to-quarter, while its EBITDA stood at HKD1.91 billion versus HKD575 million in Q1 2022 and a negative figure of HKD163 million in Q4 2022.

“We were particularly encouraged by the performance over the Chinese New Year Golden Week, which demonstrated solid demand,” said Lui Che Woo, chairman of Galaxy Entertainment Group.

Looking forward into Q2, the group expects further improvements as more existing facilities come online following additional staff recruitment, expanded flight and ferry capacity, and the opening of new amenities such as Galaxy International Convention Center, Raffles at Galaxy Macau and Andaz Macau.

According to Lui, the re-opening after Covid-19 and Phase 3 expansion will generate 900 new jobs for locals.

“We are recruiting additional staff in preparation for the opening of the highly anticipated Raffles at Galaxy Macau and Andaz Macau which will add another 1,150 rooms, bringing our total Macau hotel room count to around 6,000 rooms and suites,” he remarked.

Reviewing its Phase 4 project, the integrated resort will bring its hotel capacity to around 7,500 rooms and suites.

“We have submitted our investment plans to the Macau Government for the next 10 years

and are in active discussions with the Government to refine those investment plans. We are

confident that the final mutually agreed plans will further diversify and broaden GEG’s nongaming offerings, [and] attract a more diverse customer base including international visitors,” Lui said.

All six operators recorded positive earnings before interest, taxation, depreciation and amortization (EBITDA) in the three months ending March, with Sands China leading at USD398 million, according to company disclosures.

Data from the local government shows that revenues shot up to MOP34.64 billion in Q1, figures that will lead to the attainment of the government’s forecast of MOP130 billion.