Galaxy Entertainment’s 3Q21 EBITDA beat that of its peers and consensus forecasts, though were largely a “non-event” due to limited operations because of border closures, analysts at JP Morgan wrote.
Calling the results respectable, the firm said “there still isn’t much to read on forward estimates given limited operations and border controls during the quarter, like any other Macau earnings.”
The operator reported a 56 per cent decline in adjusted EBITDA quarter-on-quarter to HK$503m. On a luck-adjusted basis, the figure was down 48 per cent at $550m from 2Q21. Total net revenue was $4.28bn, down 23 per cent.
The firm said the result was 14 per cent of its pre-pandemic level for the quarter and well ahead of consensus of $429m and its peers, which on average reported EBITDA of four per cent of pre-Covid levels for the period.
Gross gambling revenue was down 26 per cent on the quarter, in line with the market, at $3.7bn. VIP was $1.2bn, down 27 per cent sequentially, while mass GGR was down 25 per cent at $2.3bn.
Source: Asia Gaming Brief