Galaxy posts HKD15b revenue, announces overseas business development offices

Galaxy Entertainment Group posted net revenues of HKD15.7 billion in the first half of the year, up 141% year-on-year, while its adjusted EBITDA was HKD4.4 billion, up 2,193% year-on-year as the city undergoes recovery.

In its financial statement, the gaming operator reported that in Q2 2023, net revenues stood at HKD8.7 billion, up 257% year-on-year and up 23% quarter-on-quarter.

“Our balance sheet continues to be exceptionally liquid and healthy. As of 30 June 2023, cash and liquid investments were HKD24.4 billion and net cash was HKD22.0 billion,” said GEG chairman Lui Che Woo.

Giving updates on the group’s operations, Woo said that during the second quarter, GEG’s primary focus was on operational execution, recruitment and project development.

Following the reopening of Macau in early January, the group has expanded its offerings including soft opening of GICC and Galaxy Arena in April.

In late June, the gaming operator opened a new promoter room in line with the new gaming regulations, as well as a number of additional F&B outlets during Q2.

In July, as part of Phase 3 development, GEG opened its new Horizon Premium Club and associated non-gaming amenities.

“We are in the process of opening our first overseas business development office in Tokyo and we are planning to open additional offices in Bangkok and Seoul,” Woo added.

Yesterday, GEG soft opened the exclusive 450 all-suite Raffles at Galaxy Macau, which the operator said will create 1,100 additional jobs.

“To support the operation of GICC and Galaxy Arena, we are pleased to announce that we have signed a number of multi-year agreements with well-established entertainment companies who will help to support our events programming,” said Woo.

“We have been working closely with the various government departments and we are pleased to advise that we effectively have our full complement of staff and all of our hotel rooms were available towards the end of Q2, except for Broadway Hotel,” he added.

Previously, at the beginning of the year, hotels struggled to offer 100% of their rooms to the market due to staff shortages.

This comes after several hundred non-resident workers’ contracts were not renewed due to the pandemic. The reopening of the border came as a surprise, with hotels in the city unprepared for the reopening.