Galaxy Ent. Releases Financial Report For 4Q23 & FY23; GGR Grew 6% Sequentially In 4Q23

Home » Galaxy Ent. Releases Financial Report For 4Q23 & FY23; GGR Grew 6% Sequentially In 4Q23

Galaxy Entertainment Group revealed net income of HK$10.3bln, which is approximately US$1.32bln, for the period of 3 months leading to December 31 of the previous year, which jumped by 254% compared to the previous year and by 7% consecutively as it proceeds to recover from the years when pandemic reined.

Revenue data for Q423:

The above figures involved gross gaming income of HK$9.24bln, which is roughly US$1.18bln, and which increased by nearly 6% compared with the results from the September’s quarter of last year. In addition, adjusted EBITDA of HK$2.8bln, which is roughly US$358m, countered a loss of HK$163m, which is roughly US$20.8m, from the fourth quarter of 2022 and was largely in accordance with the third quarter, even though the aforementioned firm pointed out that it performed poorly to the tune of HK$103m, which is roughly US$13.2m, for the said quarter.

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In terms of segments, the mass table drop saw an increase of 2.6% to HK$30.7bln, which is approximately US$3.92bln, with earnings of HK$7.83bln, which is roughly US$1.0bln. Additionally, rolling chip volume also experienced an increase of 6.6% to HK$34.6bln compared to the same quarter to HK$34.6bln, which is approximately US$4.42bln, with earnings of HK$909m, which is approximately US$116m, according to Inside Asian Gaming.

As for electronic gaming, its volume rose by 14.6% to HK$16.4bln, which is approximately US$2.10bln, with earnings of HK$508m, which is roughly US$64.9m.

Profit data for FY23:

Regarding the entire fiscal year 2023, the said firm revealed an increase in net income of 211% to HK$35.7bln, which is roughly US$4.56bln, compared to the previous year, and gross gaming income rose by 322% to HK$31.7bln, which is approximately US$4.10bln. As for adjusted EBITDA, it amounted to HK$9.96bln, which is approximately US$1.27bln, which indicates that it has countered a loss of HK$553m, which is roughly US$70.7m, and which represents a 2022 Adjusted EBITDA.

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In addition to all these data, Galaxy Ent. also shared some information regarding its performance in the first quarter of this ongoing year, pointing out that its 5,000 hotel suits are currently occupied at almost 100% occupancy levels, with mass gaming drop and incomes throughout the recent Lunar New Year period achieving 120% from levels of 2019.

Commenting on the revenue data, Lui Che Woo, the firm’s president, commented in the aforementioned financial report that the positive outcomes, were reached regardless of relentless competition “in both Macau and regionally and several geo-political and economic issues that impacted consumer sentiment,” according to Asia Gaming Brief.

Furthermore, during the duration of the previous year, the firm managed to finish few development projects, involving the official opening of the premium mass Horizon Club, then Galaxy Arena, Galaxy International Convention Center and Raffles at Galaxy Macau.

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