Galaxy Entertainment’s revenue, EBITDA soar in Q2, H1 of 2024
Galaxy Entertainment Group (GEG) announced impressive financial results for the second quarter and first half of 2024. In its press release, the group’s adjusted EBITDA for Q2 reached HKD3.2 billion (€372.3 million), representing a 28 percent year-on-year increase and a 12 percent rise quarter-on-quarter. For the first half of 2024, adjusted EBITDA amounted to HKD6.0 billion (€698.2 million), also up by 37 percent compared to the same period last year. Group net revenue for H1 2024 hit HKD21.5 billion (€2.5 billion), a 37 percent year-on-year rise.
Galaxy Entertainment Chairman Dr. Lui Che Woo attributed this success to robust growth across all segments. “We continued to drive every segment of our business and further improve our resorts,” Lui remarked. He also noted that GEG’s resort hotels reported virtually 100 percent occupancy, a testament to the group’s strong recovery post-pandemic.
Interim dividend and development updates
The group announced an interim dividend of HKD0.50 (€0.058) per share, payable in October 2024, highlighting GEG’s confidence in its long-term outlook. Lui expressed optimism, saying, “These dividends demonstrate our confidence in the positive long-term outlook for Macau and the Company.”
GEG also updated its expansion plans, with the much anticipated Capella at Galaxy Macau set to open in mid-2025. In addition, Phase 4 of the resort will bring new family entertainment and non-gaming attractions, including a 5,000-seat theater and several high-end hotel brands.
Government support and smart tables rollout
GEG praised the Central Government’s expansion of the Individual Visit Scheme (IVS), now covering 59 cities with a combined population of 500 million. Lui highlighted the relaxation of visa requirements, which he believes will further drive visitation to Macau.
On the technological front, GEG implemented “smart tables” technology. The company completed backend system integration and customer database transfers and began rolling out smart tables at Galaxy Macau’s main gaming floor in early July. Lui expects the full implementation to be completed by the end of 2024.
Growth across all properties
Galaxy Macau, the group’s flagship property, saw its gross gaming revenue (GGR) surge to HKD8.86 billion (€1.03 billion) in Q2, with an EBITDA margin of 32 percent. StarWorld Macau also posted strong results, with GGR reaching HKD1.42 billion (€165.2 million) and an EBITDA margin of 29 percent. Smaller venues like Broadway Macau and the City Clubs also contributed positively, with Broadway Macau reversing losses and turning HKD12 million (€1.4 million) in adjusted EBITDA for H1 2024.
Long-term strategy
GEG continues to prioritise non-gaming developments as part of its long-term strategy. “We are well advanced with the fitting out of Capella at Galaxy Macau and Phase 4, which has a strong focus on non-gaming,” said Lui, reinforcing the group’s commitment to entertainment and family-friendly experiences in addition to gaming.
