Macau's Galaxy Entertainment posts 8 percent rise in Q1 adjusted EBITDA

Galaxy Entertainment (0027) posted an 8 percent growth in adjusted earnings before interest, taxes, depreciation, and amortization in the first quarter to HK$3.6 billion from a year earlier. 

On a quarterly basis, however, the figure declined by 17 percent due to luck, the Macau gaming giant said in a filing on Tuesday. 

It gained HK$730 million from luck in adjusted EBITDA in the fourth quarter but suffered a HK$2 million loss in the first quarter of this year, the company said. 

After adjusting for it, adjusted EBITDA for the three months through March was flat from the December quarter. 

The group reported net revenue of HK$12.4 billion in the quarter, up 11 percent year-on-year but down 10 percent quarter-on-quarter.

Galaxy’s balance sheet remained healthy and liquid, with cash and liquid investments of HK$39.2 billion, allowing it to fund its development pipeline, explore overseas opportunities, and return capital to shareholders through dividends, said the gaming firm. 

The company said it remains firmly focused on fitting out the 600,000-square-meter phase 4 development, calling it a “game changer” for the business. 

Upon completion, this project will elevate the appeal of its existing resorts and significantly broaden its non-gaming attractions with a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and additional casino facilities, it said.

 

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