Galaxy Entertainment Group reported a staggering 853% increase in gross revenue for the third quarter compared to the previous year
Net revenue for the third quarter rose by 11.4% from the previous quarter and surged 374.4% year-on-year, totaling US$9.65 billion (around HK$113.4 billion). Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) nearly hit US$2.77 billion (approximately HK$32.56 billion), reflecting a quarterly increase of 11.9% and a staggering annual growth of 576%.
Galaxy Macau, the operator's flagship property, generated a net profit of US$7.63 billion (about HK$89.7 billion) from July to September 2023, with a sequential growth of 16.5%. The adjusted EBITDA for the property reached US$2.56 billion (over HK$30 billion), an 18% increase from the previous quarter.
Louis Che Wu, Chairman of Galaxy Entertainment, commented on the positive results, stating, "From a business profitability perspective, we are very pleased to see the continued recovery in both visitor numbers and the associated gaming revenues." He also noted that the operator's gaming revenue from the mass market was "approximately 102% of the pre-pandemic levels seen in 2019."
As of September 30, Galaxy Entertainment's cash and liquid investments stood at US$24.8 billion (around HK$291.5 billion), while total debt reached US$1.5 billion (approximately HK$17.6 billion). The operator indicated that this figure primarily reflects "current initiatives to manage treasury operations' yield."
Meanwhile, Melco Resorts & Entertainment reported revenues exceeding US$1 billion in the third quarter.
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