Galaxy Entertainment Revenue Surges as More Macau Visitors Arrive

Dow Jones05-14

By Tracy Qu

Galaxy Entertainment's revenue surged in the first quarter, supported by increased visitor arrivals to Macau.

First-quarter revenue rose 50% compared with the same period year earlier 10.6 billion Hong Kong dollars (US$1.36 billion), it said Tuesday. Adjusted earnings before interest, taxes, depreciation rose 49% on year to HK$2.8 billion, while gross gaming revenue increased 59% on year to HK$9.6 billion.

The company noted that visitor arrivals to Macau surged 79% on year, recovering to 86% in the same quarter of 2019, before the pandemic. It also said that the Chinese government continued to support Macau, evidenced by the recent expansion of its Individual Visit Scheme, allowing more mainland Chinese to visit the city more conveniently.

The company remains confident in the outlook for Macau and expects travel demand from mainland China to be supported. They are also looking to drive business with technology upgrade. "Across our portfolio, we are in the process of implementing smart tables which will drive further efficiency across the gaming floor," Chairman Lui Che Woo said.

Its shares in Hong Kong last traded 3.3% lower at HK$37.05.

Write to Tracy Qu at tracy.qu@wsj.com

(END) Dow Jones Newswires

May 14, 2024 01:34 ET (05:34 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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