Ongoing developments at Galaxy, Q3 revenue increases 11%

Galaxy Entertainment Group (GEG) announced in its recent financial results that it is implementing “ongoing progressive enhancements” to its resorts to maintain their market competitiveness and attractiveness to guests.

The enhancements, according to the gaming operator, particularly emphasize the introduction of new food and beverage (F&B) and retail features.

At StarWorld Macau, the group is assessing a variety of significant upgrades, which include improvements to the main gaming floor and lobby, as well as expanded F&B offerings. The upgrade of Level 3 StarWorld Macau has been completed and “now hosts one of the largest-scale Live Table Games terminals in Macau.”

During Q3, GEG reported a net revenue of HKD10.7 billion, an 11% increase compared to the same period last year, albeit a 2% decline from Q2.

The adjusted EBITDA was recorded at HKD2.9 billion, a 6% rise year-on-year but a 7% decrease quarter-on-quarter.

Chairman Lui Che Woo said that the company’s balance sheet continues to be “healthy and liquid, with a total cash and liquid investments of HKD28.6 billion.” He said GEG’s net position was HKD27.4 billion after its debt of HKD1.2 billion.

“Our solid balance sheet and cash flow from operations allows us to return capital to shareholders through dividends, fund our development pipeline, and ambitiously pursue our international expansions,” he added.

In terms of development, GEG is progressing with the fit-out of its Capella at Galaxy Macau, advancing plans for Phase 4. These plans focus on non-gaming attractions, such as entertainment and family facilities, whilst still incorporating gaming features.

Capella hotel is set to open in mid-2025 and will feature approximately 100 ultra-luxury sky villas and suites.