Galaxy Entertainment’s profit up 28% in 2024, announces final dividend
Galaxy Entertainment Group Ltd has reported impressive financial results for the 2024. The Macau based casino giant reported an increase in profit of 28.3 percent year-on-year to HKD8.76 billion (US$1.13 billion). The company also announced a final dividend of HKD0.50 per share, payable on June 12.
Strong revenue growth
Galaxy Entertainment’s gross revenue for 2024 amounted to HKD43.43 billion, an increase of 21.7 percent year-on-year. The group’s net gaming revenue was HKD33.83 billion, up from HKD27.29 billion in 2023. Non-gaming revenue also climbed by 19.1 percent year-on-year to HKD6.43 billion.
Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the full year stood at HKD12.19 billion, up 22.4 percent from 2023. In the fourth quarter alone, Galaxy Entertainment recorded HKD11.29 billion in net revenue, a 9.5 percent rise year-on-year, while adjusted EBITDA for the quarter was HKD3.24 billion, up 15.3 percent.
Galaxy Macau leads revenue contribution
Galaxy Macau, the company’s flagship integrated resort in Cotai, remained the key revenue driver. The property generated net revenue of HKD34.50 billion in 2024, an increase of 10.1 percent year-on-year, while its adjusted EBITDA rose 18 percent to HKD10.79 billion.
Chairman Francis Lui Yiu Tung highlighted the importance of the premium mass segment as the company’s main profit driver. He also noted that Galaxy Entertainment had introduced smart tables across all its casinos to enhance operational efficiency and customer experience.
Strategic investments and expansion
The company continues to enhance its resorts, adding new food, beverage, and retail options at Galaxy Macau. “In a competitive market, we continue to allocate resources with discipline and focus on their most efficient use,” said Lui in the earnings announcement.
Galaxy Entertainment also operates StarWorld Hotel in downtown Macau and provides the gaming licence for several satellite casinos in the region.
Healthy financial position
As of December 31, 2024, Galaxy Entertainment maintained a strong financial position, with cash and liquid investments of HKD31.3 billion and minimal debt of HKD4.2 billion, resulting in a net cash position of HKD27.1 billion.
Francis Lui, who assumed the role of chairman in December 2024, paid tribute to his late father, Lui Che Woo, the founding chairman of Galaxy Entertainment, who passed away in November.
“As the founding chairman, his vision was to build Galaxy Entertainment into Asia’s leading gaming and entertainment corporation. He certainly achieved his vision and was an inspiration to us all,” said Lui.
