Galaxy revenues hit HKD36b in 2023, to open office in Bangkok

Galaxy Entertainment Group (GEG) recorded a revenue surge in 2023, hitting HKD35.7 billion, up 211% compared to the year prior.

The gaming operator’s EBITDA for 2023 reached an impressive HKD10 billion, compared to a loss of HKD HKD0.6 billion in 2022, attributable to the market’s robust growth after the reopening of the borders early last year.

Lui Che Woo, chairman of GEG said, “This was despite continuing competition in both Macau and regionally and a number of geopolitical and economic issues that impacted consumer sentiment.”

In terms of development projects, GEG completed several significant initiatives in 2023.

These included the opening of the 450-suite Raffles at Galaxy Macau, the new premium mass Horizon Club, the Galaxy International Convention Centre (GICC), Galaxy Arena and the fully opened Andaz Macau.

The company also hosted numerous MICE events and concerts across its properties.

Looking ahead, GEG is progressing with Phase 4, a development project expected to be completed in 2027.

“Phase 4 is approximately 600,000 square meters of development and is scheduled to complete in 2027.

Phase 4 will include multiple high-end hotel brands new to Macau, together with a 4000-seat theater, extensive food and beverage options, retail, non-gaming amenities, landscaping, a water resort deck and a casino, which is targeted to capture the ongoing expanding market that seeks a more encompassing lifestyle experience,” said the chairman.

The company’s flagship property, Galaxy Macau, achieved a net revenue of HKD27.7 billion for the full year, representing growth of 274% compared to 2022.

Meanwhile, the gaming operator said it will open an office in Bangkok, following the opening of offices in Tokyo and Seoul to develop international markets.

“The competition for high-value international tourists is significant and we will strive to support this government initiative,” said Lui. Staff Reporter