Galaxy Entertainment Group second quarter revenue increased nine per cent from Q1, with four straight quarters of rising gross gambling revenue, despite rolling Covid outbreaks.
Revenue during the second quarter topped $5.6bn, up nine per cent compared to the first quarter, but a strong increase from the $1.2bn registered in the same quarter of 2020. Group EBITDA in Q2 totalled $1.1bn, up 32 per cent quarter-to-quarter and turning around from a $1.4bn loss last year.
The group’s chairman, Lui Che Woo, notes that Macau’s market has experienced its “fourth consecutive quarter of gross gaming revenue growth despite sporadic outbreaks of Covid-19 in mainland China and, most recently, in Macau.”
The group’s results were driven by its flagship property, Galaxy Macau, which saw H1 revenue rise by 88 per cent yearly, topping $7.2bn, and Q2 revenue of $3.8bn, up 11 per cent quarter-to-quarter.
During the second quarter hotel occupancy across the five properties in Galaxy Macau was just 53 per cent, in line with Macau’s average, while its StarWorld property saw 77 per cent occupancy during the period.
Source: Asia Gaming Brief