Galaxy Entertainment Group ( (GXYEF) ) has released its Q3 earnings. Here is a breakdown of the information Galaxy Entertainment Group presented to its investors.
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Galaxy Entertainment Group, a leading resort, hospitality, and gaming company, operates extensive integrated resorts in Macau, focusing on gaming, hotel accommodations, and leisure facilities. The company is listed on the Hong Kong Stock Exchange and is notable for its significant development pipeline in Macau.
In its third quarter of 2024, Galaxy Entertainment Group reported a net revenue of $10.7 billion, marking an 11% increase from the previous year. The adjusted EBITDA rose by 6% year-on-year to $2.9 billion, despite a 7% decline from the previous quarter. During this period, the company also distributed an interim dividend of $0.50 per share, reflecting its confidence in the long-term prospects of Macau’s market.
Key financial highlights include a robust performance from Galaxy Macau, with a net revenue of $8.4 billion, and StarWorld Macau, which saw its adjusted EBITDA rise by 14% year-on-year. Broadway Macau reported an adjusted EBITDA turnaround to $11 million from a loss in the previous year. The company’s balance sheet remains strong with $28.6 billion in cash and liquid investments, supporting its ongoing development projects such as the Capella at Galaxy Macau and the expansive Phase 4 development.
Looking ahead, Galaxy Entertainment Group remains optimistic about its growth, underpinned by ongoing enhancements to its resorts and the ramp-up of new facilities. The company is well-positioned for future expansion, with plans to introduce new high-end services and international outreach efforts to attract a diverse visitor base to Macau.
