Significant Revenue and EBITDA Growth
GEG reported revenue of $10.9 billion, up 26% year-on-year and 3% quarter-on-quarter. Adjusted EBITDA was $3.2 billion, up 28% year-on-year and 12% quarter-on-quarter.
Strong Balance Sheet
GEG's balance sheet remained robust with net cash of $25.2 billion as of Q2 2024.
Market Penetration and Expansion
The Central Government expanded the IVS to 59 cities, making Macau more accessible to Mainland Chinese visitors.
Operational Efficiency and Cost Management
OpEx reduced by 2% compared to Q1, with staff costs only up 1% quarter-on-quarter. Staff numbers remained stable at approximately 20,000 people.
Visitation and Market Share Increase
In Q3, visitation to Galaxy Macau grew by over 30% compared to Q2, with August seeing a 50% increase over Q2's average.
Dividend Increase
An interim dividend of $0.50 per share was announced, reflecting strong confidence in Macau's market and GEG's future performance.