Galaxy Entertainment Revenue Surges as Macau Business Rebounds

Date:

By Sherry Qin

 

Galaxy Entertainment’s revenue more than quadrupled in the third-quarter, supported by its Macau gaming business after the lifting of Covid-19 restrictions.

Total net revenue jumped to 9.65 billion Hong Kong dollars (US$1.23 billion), compared with HK$2.03 billion in the year-earlier period, it said in an exchange filing Thursday.

The integrated resorts operator posted adjusted earnings before interest, taxes, depreciation of HK$2.77 billion in the quarter, swinging from a loss of HK$581 million a year earlier.

Third-quarter gross gaming revenue came in at HK$8.75 billion, sharply higher than the HK$918 million recorded in the same period last year.

Looking forward, the company remains confident in its outlook for Macau, a destination of choice for travelers from mainland China.

The company is progressing with the construction of “Phase 4,” a next-generation integrated resort including high-end hotels and other non-gaming amenities, Chairman Lui Che Woo said. It expects to complete the project in 2027.

 

Write to Sherry Qin at [email protected]

 

(END) Dow Jones Newswires

November 08, 2023 20:14 ET (01:14 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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