Galaxy's earnings soar 28pc to $8.8b

Staff reporter

Macau casino operator Galaxy Entertainment (0027) yesterday said its net profit in 2024 grew 28 percent to HK$8.8 billion over a year ago, and its board proposed a final dividend of 50 HK cents per share payable in June.

Net revenue rose by 22 percent to HK$43.4 billion while adjusted earnings before interest, taxes, depreciation and amortization surged 22 percent to HK$12.2 billion.

As the primary driver to group revenue and earnings, Galaxy Macau's net revenue surged 24 percent to HK$34.5 billion, while its adjusted EBITDA rose 18 percent year-on-year to HK$10.8 billion. The combined seven hotels occupancy was 98 percent for 2024.

Galaxy reported gross gaming revenue of HK$41.1 billion, a 30 percent year-on-year increase, outpacing Macau's overall GGR growth of 24 percent, according to the Gaming Inspection and Coordination Bureau.

Mass GGR was HK$33.1 billion, a 25 percent year-on-year increase, while VIP GGR totaled HK$5.3 billion, up 55 percent year-on-year.

Galaxy plans to expand its capacity in Macau and enrich non-gaming offerings to capture the increasing and new tourism demand, it wrote in a filing with the stock exchange.

"We will host a number of major sporting and entertainment events," said chairman Francis Lui Yiu-tung. "Our experience over the past year has been that major events drive a significant increase in visitors to our resorts resulting in increased gaming activity, retail sales, food and beverage revenue and hotel demand."

Galaxy's shares closed 2 percent higher at HK$ 31.30.