Galaxy Entertainment Group Reports Q4 & Annual 2023
Results
Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx
stock code: 27) today reported results for the three-month and
twelve-month periods ended 31 December 2023. (All amounts are
expressed in HKD unless otherwise stated).
Dr. Lui Che Woo, Chairman of GEG
said:
“Today I am pleased to provide an update on our
financial results for Q4 and full year 2023. At GEG, we continue to
drive every segment of the business with a particular focus on the
mass business and continue to allocate resources to their most
efficient use. Our efforts are reflected in full year Adjusted
EBITDA of $10.0 billion, versus $(0.6) billion in 2022. This was
despite continuing competition in both Macau and regionally and a
number of geo-political and economic issues that impacted consumer
sentiment.
Our balance sheet continued to be solid with
total cash and liquid investments of $25.0 billion and net cash of
$23.5 billion as of 31 December 2023. We paid a special dividend of
$0.20 per share on 27 October 2023 and we are pleased to announce
another special dividend of $0.30 per share to be paid on or about
26 April 2024. We are the first Macau concessionaire to resume
dividends and return capital to shareholders after the border
reopened. These dividends demonstrate our continued confidence in
the longer-term outlook of Macau and for the Company. Our solid
balance sheet and cash flow from operations allows us to fund our
development pipeline and pursue our international expansion
ambitions.
In 2023 GEG had a busy year with the completion
of multiple development projects. These included the opening of the
450 all-suite Raffles at Galaxy Macau and the new premium mass
Horizon Club, the opening of both the Galaxy International
Convention Centre (“GICC”) and Galaxy Arena. The progressive
opening of Andaz Macau was fully opened prior to Chinese New Year
2024. In 2023, GEG held approximately 200 MICE events and 85
concerts and performances across GICC, Galaxy Arena and Broadway
Theatre.
Moving to Phase 4, we continue to progress with
its construction. Phase 4 is approximately 600,000 square meters of
development and is scheduled to complete in 2027. Phase 4 will
include multiple high-end hotel brands new to Macau, together with
a 4000-seat theater, extensive F&B, retail, non-gaming
amenities, landscaping, a water resort deck and a casino, which is
targeted to capture the ongoing expanding market that seeks a more
encompassing lifestyle experience.
Furthermore, we are actively working with the
MGTO to develop international markets. We are aligning our business
accordingly and supporting the Government’s vision. Non-gaming is
focused on attracting a broader range of customers to our resorts,
leveraging our existing facilities and growing the overall market.
These efforts will take time and we are doing our best. GEG has
opened overseas offices in Tokyo and Seoul in 2023, and will soon
be opening another office in Bangkok. The competition for
high-value international tourists is significant and we will strive
to support this Government initiative.
Macau’s Gross Gaming Revenue (“GGR”) for 2023
exceeded MOP1801 billion. In accordance with the gaming concession
agreement, the six concessionaires will increase their investment
commitments by 20% over the term of the concession. This
demonstrates our support to the Government in developing Macau into
the World Centre of Tourism and Leisure.
Finally, I would like to thank all our team
members who deliver ‘World Class, Asian Heart’ service each and
every day and contribute to the success of the Group.”
Q4 & FULL YEAR 2023 RESULTS
HIGHLIGHTSGEG: Well Positioned
for Future Growth
- Full Year Group Net Revenue of $35.7 billion, up 211%
year-on-year
- Full Year Group Adjusted EBITDA of $10.0 billion versus $(0.6)
billion in 2022
- Full Year Group NPAS of $6.8 billion versus $(3.4) billion in
2022
- Full year Adjusted NPAS of $7.5 billion after adjusting for
non-recurring and other charges
- Q4 Group Net Revenue of $10.3 billion, up 254% year-on-year and
up 7% quarter-on-quarter
- Q4 Group Adjusted EBITDA of $2.8 billion, versus $(0.2) billion
in Q4 2022 and $2.8 billion in Q3 2023
- Played unlucky which decreased Adjusted EBITDA by approximately
$103 million, normalized Q4 Adjusted EBITDA of $2.9 billion, versus
$(0.1) billion in Q4 2022 and $2.9 billion in Q3 2023
Galaxy MacauTM: Well Positioned for Future
Growth
- Full Year Net Revenue of $27.7 billion, up 274%
year-on-year
- Full Year Adjusted EBITDA of $9.1 billion, versus $295 million
in 2022
- Q4 Net Revenue of $8.2 billion, up 347% year-on-year and up 7%
quarter-on-quarter
- Q4 Adjusted EBITDA of $2.6 billion, versus $58 million in Q4
2022 and $2.6 billion in Q3 2023
- Played unlucky in Q4 which decreased Adjusted EBITDA by
approximately $107 million, normalized Q4 Adjusted EBITDA of $2.7
billion, versus $98 million in Q4 2022 and $2.7 billion in Q3
2023
- Hotel occupancy for Q4 across the seven hotels was 95%
StarWorld Macau: Well Positioned for
Future Growth
- Full Year Net Revenue of $4.6 billion, up 343%
year-on-year
- Full Year Adjusted EBITDA of $1.3 billion versus $(0.5) billion
in 2022
- Q4 Net Revenue of $1.3 billion, up 410% year-on-year and up 2%
quarter-on-quarter
- Q4 Adjusted EBITDA of $353 million, versus $(142) million in Q4
2022 and $347 million in Q3 2023
- Played lucky in Q4 which increased Adjusted EBITDA by
approximately $4 million, normalized Q4 Adjusted EBITDA of $349
million, up 346% year-on-year and down 1% quarter-on-quarter
- Hotel occupancy for Q4 was 100%
Broadway Macau™, City Clubs and Construction Materials
Division
- Broadway Macau™: Full Year Adjusted EBITDA of $(36) million,
versus $(62) million in 2022. In Q4 2023 Adjusted EBITDA was $(2)
million, versus $(10) million in Q4 2022 and $(14) million in Q3
2023
- City Clubs: Full Year Adjusted EBITDA of $15 million, versus
$(21) million in 2022. In Q4 2023 Adjusted EBITDA was $3 million,
up 121% year-on-year and down 40% quarter-on-quarter
- Construction Materials Division: Full Year Adjusted EBITDA of
$698 million, up 23% year-on-year. In Q4 2023, Adjusted EBITDA was
$205 million, up 28% year-on-year and up 25%
quarter-on-quarter
Balance Sheet: Maintain a Healthy and
Liquid Balance Sheet
- As at 31 December 2023, cash and liquid investments were $25.0
billion and net cash was $23.5 billion
- As at 31 December 2023, debt was $1.5 billion
- Paid a special dividend of $0.20 per share on 27 October
2023
- Announced another special dividend of $0.30 per share payable
on or about 26 April 2024
Development Update: Opened Phase 3 including GICC, Galaxy
Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with
Phase 4
- Cotai Phase 3 – Opened GICC, Galaxy Arena, Raffles at Galaxy
Macau and Andaz Macau
- Cotai Phase 4 – Our efforts are firmly focused on the
development of Phase 4. Phase 4 has a strong focus on non-gaming,
primarily targeting MICE, entertainment, family facilities and also
includes gaming
|
Macau Market Overview
Based on DICJ reporting, Macau’s GGR for 2023
was $177.7 billion, up 334% year-on-year. GGR in Q4 2023 was $52.5
billion, up 421% year-on-year and up 11% quarter-on-quarter.
In 2023, visitor arrivals to Macau were 28.2
million, up 395% year-on-year, which has recovered to 72% of 2019.
Overnight visitors were 14.2 million, increased 472% year-on-year.
Mainland visitor arrivals to Macau were 19 million, up 273%
year-on-year, with Individual Visit Scheme visitors were 10.6
million, up 532% year-on-year. The numbers of Mainland, Hong Kong
and international visitors in 2023 returned to 68%, 98% and 48% of
the corresponding levels of pre-COVID.
Group Financial Results
Full Year 2023
The Group posted Net Revenue of $35.7 billion,
up 211% year-on-year. Adjusted EBITDA was $10.0 billion versus
$(0.6) billion in 2022. NPAS was $6.8 billion versus $(3.4) billion
in 2022. Galaxy Macau™’s Adjusted EBITDA was $9.1 billion, versus
$295 million in 2022. StarWorld Macau’s Adjusted EBITDA was $1.3
billion versus $(527) million in 2022. Broadway Macau™’s Adjusted
EBITDA was $(36) million versus $(62) million in 2022.
In 2023, GEG played unlucky in its gaming
operation which decreased its Adjusted EBITDA by approximately $162
million. Normalized Adjusted EBITDA was $10.1 billion versus $(520)
million in 2022.
Summary table of GEG Q4 and full year 2023 Adjusted
EBITDA and adjustments:
in HK$'m |
Q4 2022 |
Q3 2023 |
Q4 2023 |
QoQ |
|
FY 2022 |
FY 2023 |
Adjusted EBITDA |
(163) |
|
2,768 |
|
2,807 |
|
1% |
|
|
(553) |
|
9,955 |
|
Luck2 |
(40) |
|
(122) |
|
(103) |
|
- |
|
|
(33) |
|
(162) |
|
Normalized Adjusted EBITDA |
(123) |
|
2,890 |
|
2,910 |
|
1% |
|
|
(520) |
|
10,117 |
|
The Group’s total GGR on a management basis3 in
2023 was $31.7 billion, up 322% year-on-year. Mass GGR was $26.5
billion, up 328% year-on-year. VIP GGR was $3.4 billion, up 273%
year-on-year. Electronic GGR was $1.8 billion, up 340%
year-on-year.
Group Key Financial Data |
|
|
(HK$'m) |
2022 |
2023 |
Revenues: |
|
|
Net Gaming |
6,566 |
27,290 |
Non-gaming |
2,021 |
5,396 |
Construction Materials |
2,887 |
2,998 |
Total Net Revenue |
11,474 |
35,684 |
Adjusted EBITDA |
(553) |
9,955 |
|
|
|
Gaming Statistics4 |
|
|
(HK$'m) |
|
|
|
2022 |
2023 |
Rolling
Chip Volume5 |
31,157 |
117,660 |
Win Rate
% |
3.0% |
2.9% |
Win |
923 |
3,447 |
|
|
|
Mass
Table Drop6 |
23,685 |
107,531 |
Win Rate
% |
26.1% |
24.6% |
Win |
6,188 |
26,486 |
|
|
|
Electronic Gaming Volume |
11,679 |
50,884 |
Win Rate
% |
3.5% |
3.5% |
Win |
405 |
1,780 |
|
|
|
Total GGR Win7 |
7,516 |
31,713 |
Balance Sheet and Dividend
The Group’s balance sheet remains healthy and
liquid. As of 31 December 2023, cash and liquid investments were
$25.0 billion and net cash was $23.5 billion. Debt was $1.5 billion
which primarily reflects our ongoing treasury yield management
initiatives. Our strong balance sheet combined with substantial
cash flow from operations allows us to return capital to
shareholders via dividends and to fund our development pipeline.
The Group paid a special dividend of $0.20 per share on 27 October
2023. Subsequently we announced a special dividend of $0.30 per
share to be paid on or about 26 April 2024. This attests to our
confidence in Macau, our financial strength and our future earnings
potential.
Q4 2023The Group’s Net Revenue was $10.3
billion, up 254% year-on-year and up 7% quarter-on-quarter.
Adjusted EBITDA was $2.8 billion, versus $(163) million in Q4 2022
and $2.8 billion in Q3 2023. Galaxy Macau™’s Adjusted EBITDA was
$2.6 billion, versus $58 million in Q4 2022 and $2.6 billion in Q3
2023. StarWorld Macau’s Adjusted EBITDA was $353 million, versus
$(142) million in Q4 2022 and $347 million in Q3 2023. Broadway
Macau™’s Adjusted EBITDA was $(2) million, versus $(10) million in
Q4 2022 and $(14) million in Q3 2023.
During Q4 2023, GEG played unlucky in its gaming
operations which decreased its Adjusted EBITDA by approximately
$103 million. Normalized Adjusted EBITDA was $2.9 billion, versus
$(123) million in Q4 2022 and $2.9 billion in Q3 2023.
The Group’s total GGR on a management basis in
Q4 2023 was $9.2 billion, up 407% year-on-year and up 6%
quarter-on-quarter. Mass GGR was $7.8 billion, up 398%
year-on-year, up 5% quarter-on-quarter. VIP GGR was $909 million,
up 514% year-on-year and up 12% quarter-on-quarter. Electronic GGR
was $508 million, up 393% year-on-year and up 3%
quarter-on-quarter.
Group Key Financial Data |
|
|
|
|
|
(HK$'m) |
|
|
|
|
|
|
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Revenues: |
|
|
|
|
|
Net Gaming |
1,615 |
7,417 |
7,961 |
6,566 |
27,290 |
Non-gaming |
504 |
1,520 |
1,580 |
2,021 |
5,396 |
Construction Materials |
797 |
713 |
778 |
2,887 |
2,998 |
Total Net Revenue |
2,916 |
9,650 |
10,319 |
11,474 |
35,684 |
Adjusted EBITDA |
(163) |
2,768 |
2,807 |
(553) |
9,955 |
|
|
|
|
|
|
Gaming Statistics8 |
|
|
|
|
|
(HK$'m) |
|
|
|
|
|
|
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Rolling
Chip Volume9 |
6,815 |
32,459 |
34,599 |
31,157 |
117,660 |
Win Rate
% |
2.2% |
2.5% |
2.6% |
3.0% |
2.9% |
Win |
148 |
813 |
909 |
923 |
3,447 |
|
|
|
|
|
|
Mass
Table Drop10 |
6,311 |
29,906 |
30,696 |
23,685 |
107,531 |
Win Rate
% |
24.9% |
24.9% |
25.5% |
26.1% |
24.6% |
Win |
1,573 |
7,441 |
7,826 |
6,188 |
26,486 |
|
|
|
|
|
|
Electronic Gaming Volume |
2,964 |
14,298 |
16,383 |
11,679 |
50,884 |
Win Rate
% |
3.5% |
3.4% |
3.1% |
3.5% |
3.5% |
Win |
103 |
492 |
508 |
405 |
1,780 |
|
|
|
|
|
|
Total GGR Win11 |
1,824 |
8,746 |
9,243 |
7,516 |
31,713 |
Galaxy Macau™
Galaxy Macau™ is the primary contributor to
Group revenue and earnings. In 2023, Net Revenue was $27.7 billion,
up 274% year-on-year. Adjusted EBITDA was $9.1 billion, versus $295
million in 2022. Galaxy Macau™ played unlucky in its gaming
operations which decreased its Adjusted EBITDA by approximately
$162 million. Normalized 2023 Adjusted EBITDA was $9.3 billion, up
2,739% year-on-year.
In Q4 2023, Galaxy Macau™’s Net Revenue was $8.2
billion, up 347% year-on-year and up 7% quarter-on-quarter.
Adjusted EBITDA was $2.6 billion, versus $58 million in Q4 2022 and
$2.6 billion in Q3 2023. Galaxy Macau™ played unlucky in its gaming
operations which decreased its Adjusted EBITDA by approximately
$107 million. Normalized Q4 2023 Adjusted EBITDA was $2.7 billion,
versus $98 million in Q4 2022 and $2.7 billion in Q3 2023.
The combined seven hotels occupancy was 95% for
Q4 and 87% for the full year 2023.
Galaxy
Macau™ Key Financial Data |
(HK$'m) |
|
|
|
|
|
|
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Revenues: |
|
|
|
|
|
Net Gaming |
1,378 |
6,258 |
6,781 |
5,560 |
22,911 |
Hotel / F&B / Others |
208 |
1,004 |
1,046 |
782 |
3,246 |
Mall |
248 |
366 |
364 |
1,076 |
1,560 |
Total Net Revenue |
1,834 |
7,628 |
8,191 |
7,418 |
27,717 |
Adjusted EBITDA |
58 |
2,562 |
2,569 |
295 |
9,149 |
Adjusted EBITDA Margin |
3% |
34% |
31% |
4% |
33% |
|
|
|
|
|
|
Gaming Statistics12 |
|
|
|
|
|
(HK$'m) |
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Rolling
Chip Volume13 |
6,815 |
31,090 |
33,874 |
31,157 |
115,566 |
Win Rate
% |
2.2% |
2.5% |
2.6% |
3.0% |
2.9% |
Win |
148 |
778 |
880 |
923 |
3,383 |
|
|
|
|
|
|
Mass
Table Drop14 |
4,916 |
22,812 |
23,692 |
17,282 |
80,774 |
Win Rate
% |
27.2% |
27.2% |
27.7% |
29.0% |
27.0% |
Win |
1,335 |
6,197 |
6,570 |
5,012 |
21,775 |
|
|
|
|
|
|
Electronic Gaming Volume |
1,925 |
10,188 |
10,650 |
7,556 |
35,542 |
Win Rate
% |
4.2% |
4.0% |
3.9% |
4.3% |
4.2% |
Win |
81 |
411 |
418 |
323 |
1,499 |
|
|
|
|
|
|
Total GGR Win |
1,564 |
7,386 |
7,868 |
6,258 |
26,657 |
StarWorld Macau
In 2023, StarWorld Macau’s Net Revenue was $4.6
billion, up 343% year-on-year. Adjusted EBITDA was $1.3 billion
versus $(527) million in 2022. There was no luck impact on
StarWorld Macau’s Adjusted EBITDA in 2023.
In Q4 2023, StarWorld Macau’s Net Revenue was
$1.3 billion, up 410% year-on-year and up 2% quarter-on-quarter.
Adjusted EBITDA was $353 million, up 349% year-on-year and up 2%
quarter-on-quarter. StarWorld Macau played lucky in its gaming
operations which increased its Adjusted EBITDA by approximately $4
million in Q4 2023. Normalized Adjusted EBITDA was $349 million, up
346% year-on-year and down 1% quarter-on-quarter.
Hotel occupancy was 100% for Q4 and 99% for the
full year 2023.
StarWorld
Macau Key Financial Data |
(HK$’m) |
|
|
|
|
|
|
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Revenues: |
|
|
|
|
|
Net Gaming |
217 |
1,101 |
1,122 |
945 |
4,154 |
Hotel / F&B / Others |
24 |
121 |
127 |
85 |
468 |
Mall |
5 |
6 |
6 |
18 |
22 |
Total Net Revenue |
246 |
1,228 |
1,255 |
1,048 |
4,644 |
Adjusted EBITDA |
(142) |
347 |
353 |
(527) |
1,278 |
Adjusted EBITDA Margin |
NEG15 |
28% |
28% |
NEG15 |
28% |
|
|
|
|
|
|
Gaming Statistics16 |
|
|
|
|
|
(HK$'m) |
|
|
|
|
|
|
Q4 2022 |
Q3 2023 |
Q4 2023 |
FY2022 |
FY2023 |
Rolling
Chip Volume17 |
N/A |
1,369 |
725 |
N/A |
2,094 |
Win Rate
% |
N/A |
2.6% |
4.0% |
N/A |
3.1% |
Win |
N/A |
35 |
29 |
N/A |
64 |
|
|
|
|
|
|
Mass
Table Drop18 |
1,320 |
6,830 |
6,748 |
5,280 |
25,709 |
Win Rate
% |
17.3% |
17.6% |
18.0% |
18.7% |
17.7% |
Win |
229 |
1,204 |
1,217 |
985 |
4,553 |
|
|
|
|
|
|
Electronic Gaming Volume |
522 |
2,981 |
4,533 |
1,567 |
11,170 |
Win Rate
% |
2.4% |
2.1% |
1.6% |
2.4% |
1.9% |
Win |
12 |
62 |
72 |
37 |
214 |
|
|
|
|
|
|
Total GGR Win |
241 |
1,301 |
1,318 |
1,022 |
4,831 |
Broadway Macau™
Broadway Macau™ is a unique family friendly,
street entertainment and food resort supported by Macau SMEs. In
2023, Broadway Macau™’s Net Revenue was $103 million, up 72%
year-on-year. Adjusted EBITDA was $(36) million versus $(62)
million in 2022.
In Q4 2023, Broadway Macau’s Net Revenue was $38
million, up 100% year-on-year and up 58% quarter-on-quarter.
Adjusted EBITDA was $(2) million, versus $(10) million in Q4 2022
and $(14) million in Q3 2023.
City Clubs
In 2023, City Clubs’ Net Revenue was $222
million, up 264% year-on-year. Adjusted EBITDA was $15 million
versus $(21) million in 2022. In Q4 2023, City Clubs’ Net Revenue
was $57 million, up 185% year-on-year and flat quarter-on-quarter.
Adjusted EBITDA was $3 million, up 121% year-on-year and down 40%
quarter-on-quarter.
Construction Materials Division
(“CMD”)
In 2023, CMD experienced a solid year. For
the full year Adjusted EBITDA was $698 million, up 23%
year-on-year. In Q4 2023, CMD’s Adjusted EBITDA was $205 million,
up 28% year-on-year and up 25% quarter-on-quarter.
In Hong Kong CMD experienced strong demand for
ready-mixed concrete and precast products from the Hong Kong
International Airport’s three runway project and associated
infrastructure development. The contractors have been working
to accelerate the project to catch up from COVID-19 related
construction delays. In Macau, the development works in Zone A
reclamation area compensated for a softening of local market demand
for ready-mixed concrete and piles. Business in Mainland China was
adversely impacted by the slowing of property development. It is
anticipated that demand in Mainland China will remain subdued in
the immediate future.
Development Update
Galaxy Macau™ and StarWorld Macau
We continue to make ongoing progressive
enhancements to our resorts to ensure that they remain competitive
and appealing to our guests with a particular focus on adding new
and innovative F&B and retail offerings.
We are actively reconfiguring the main gaming
floor of Galaxy Macau™ to deliver a better flow of people across
the entire floor and to provide an enhanced customer experience. In
late 2023, we relocated the central premium mass high limit gaming
area and added a number of F&B options. We are also currently
completing the construction of a new high limit slot area and other
amenities.
At StarWorld Macau we are evaluating a range of
major upgrades, that includes the main gaming floor, the lobby
arrival experience and increasing the F&B options.
Cotai – The Next Chapter
We have successfully opened GICC, Galaxy Arena,
Raffles at Galaxy Macau and Andaz Macau. We are now firmly focused
on the development of Phase 4, which is already well under way.
Phase 4 will include multiple high-end hotel brands new to Macau,
together with a 4000-seat theater, extensive F&B, retail,
non-gaming amenities, landscaping, a water resort deck and a
casino. Phase 4 is approximately 600,000 square meters of
development and is scheduled to complete in 2027. We will continue
to adjust the development timeline in accordance with the market
demand. We remain highly confident about the future of Macau where
Phases 3 & 4 will support Macau’s vision of becoming a World
Centre of Tourism and Leisure.
Latest photo of Cotai Phase 4 (January 2024)
Selected Major Awards for 2023
AWARD |
PRESENTER |
GEG |
Best Gaming Operator |
Asia Gaming Awards 2023 |
2023 IAG Academy IR Awards:
- Best Integrated Resort
- Best Overall F&B Offering by an IR
- Best CSR Initiative - GEG Integrated Resort Youth Development
Program
|
Inside Asian Gaming |
Sustainability Award |
International Gaming Awards 2023 |
2023 PATA Gold Award for Climate Change Initiative |
Pacific Asia Travel Association |
4th Greater Bay Area Business Sustainability Index - Top 20 |
Centre for Business Sustainability of the Chinese University of
Hong Kong |
Outstanding Corporate Social Responsibility Award |
Mirror Post of Hong Kong |
2023 Macao International Environmental Co-operation Forum &
Exhibition - Certificate of Appreciation - Green Booth |
Macau Fair & Trade Association |
GALAXY MACAUTM |
Michelin One-Star Restaurant
- 8½ Otto e Mezzo BOMBANA
- Lai Heen
|
The MICHELIN Guide Hong Kong Macau 2023 |
2023 Forbes Travel Guide Five-Star Hotel
- Banyan Tree Macau
- Galaxy Hotel™
- Hotel Okura Macau
- The Ritz-Carlton, Macau
2023 Forbes Travel Guide Five-Star Restaurant
- 8½ Otto e Mezzo BOMBANA
- Lai Heen
2023 Forbes Travel Guide Five-Star Spa
- Banyan Tree Spa Macau
- The Ritz-Carlton Spa, Macau
|
Forbes Travel Guide |
Best Luxury Hotel – Raffles at Galaxy MacauBest Trendy Hotel –
Andaz Macau |
The Bund Design Hotel Awards |
One-Diamond rating - 8½ Otto e Mezzo BOMBANA |
2024 Black Pearl Restaurant Guide |
EarthCheck Gold Certification
EarthCheck Silver Certification
- Galaxy Hotel™
- Hotel Okura Macau
|
EarthCheck |
Macao Green Hotel Awards - Gold Award:
- Banyan Tree Macau
- JW Marriott Hotel Macau
- Hotel Okura Macau
- The Ritz-Carlton, Macau
Macao Green Hotel Awards - Silver Award
|
Environmental Protection Bureau of the Macau SAR Government |
Wine Spectator's 2023 Restaurant Best of Award of Excellence -
Terrazza Italian Restaurant |
Wine Spectator's Restaurant Awards |
STARWORLD MACAU |
Michelin Two-Star Restaurant - Feng Wei Ju |
The MICHELIN Guide Hong Kong Macau 2023 |
One-Diamond rating - Feng Wei Ju |
2024 Black Pearl Restaurant Guide |
SCMP 100 Top Tables 2023 Award - Feng Wei Ju |
South China Morning Post |
Trip.com Global Elite Restaurant List 2023 - Platinum Award - Feng
Wei Ju |
Trip.com |
Favorite Food Awards 2023 - Feng Wei Ju |
U Magazine |
Broadway MacauTM |
Macao Green Hotel Awards – Silver Award |
Environmental Protection Bureau of the Macau SAR Government |
Construction Materials Division |
Caring Company Scheme – 20 Years Plus Caring Company Logo |
The Hong Kong Council of Social Service |
2022-23 Good Employer 5 Years+ e-Contribution Award and MPF Support
Award |
The Mandatory Provident Fund Schemes Authority |
BOCHK Corporate Low-Carbon Environmental Leadership Awards 2022 –
EcoPartners & EcoPioneer & Low-Carbon Commitment |
Federation of Hong Kong Industries |
22th Hong Kong Occupational Safety & Health Award – Safety
Performance Award – All Industries – Outstanding Award |
Labour Department / Occupational Safety and Health Council |
2022 Hong Kong Awards for Environmental Excellence – Manufacturing
and Industrial Services – Certificate of Merit |
Environmental Campaign Committee |
Outlook
We would like to take this opportunity to
comment on how we see the longer-term outlook for Macau in general
and GEG specifically. Our balance sheet remains exceptionally
strong with $23.5 billion net cash and with minimal debt. We have
substantial positive cash flow from operations, and we have
positive NPAS. In fact, the strength of our Company can be
demonstrated with today’s announcement of another dividend to be
payable in April this year.
Our resorts continue to remain extremely popular
with near 100% occupancy across our approximately 5,000 hotel
rooms. Our mass gaming drop and revenue in the recent Chinese New
Year was 120% of 2019 level. Total visitation for the 8-day Chinese
New Year was 1.4 million with daily average visitation of 167,725.
Daily visitation rose 163% when compared with 2023 Chinese New Year
Golden Week. Mainland visitors represented 76% of the total
visitation, it has grown about 242% when compared with 2023 Chinese
New Year Golden Week.
The Macau Government will spend an estimated
MOP235 million this year to attract international visitors to Macau
by actively promoting Macau in overseas destinations through
roadshows and subsidizing airline tickets to Macau. We are actively
supporting this important Government initiative through both
attending their international marketing event and opening GEG
international business development offices within the region. Macau
welcomed 28 million visitors in 2023 and the MGTO expects Macau
will receive around 33 million visitors in 2024.
We continue with the development of Phase 4,
which we target to open in 2027. Phase 4 is the next generation
integrated resort which has a strong focus on non-gaming, targeting
entertainment, family facilities and also includes gaming. These
projects will complete our ecosystem in Cotai and strategically
position GEG for future growth.
Infrastructure continues to improve access to
Macau and movement within Macau. The fourth cross-sea bridge
linking Macau Peninsula and Taipa is expected to be completed in
2024. Furthermore, Light Rail Transit’s new Macau Barra station,
which connects Taipa with the Macau peninsula, opened in December
2023. The improvement of infrastructure will increase the
accessibility and convenience for tourists and Macau citizens.
We remain very confident in the longer-term
outlook for Macau and believe that our resorts offer a unique range
of facilities and experiences to our guests that will continue to
attract high value customers to Macau and further broaden the
addressable visitor markets.
We are very pleased to welcome the 75th
anniversary of the founding of the People’s Republic of China and
the 25th anniversary of Macau’s return in 2024. We hope that the
industry will continue to receive the full support of the Central
Government and the Macau SAR Government. As always GEG will support
these important milestones with a range of supportive promotional
activities.Shorter term we acknowledge that globally the world is
experiencing both geo-political and economic challenges that are
impacting consumers and investors sentiment. However, we remain
cautiously optimistic on the future of Macau and GEG. We still
continue to explore overseas development opportunities on a case by
case basis, but continue to believe that Macau offers the greatest
growth opportunity.
About Galaxy Entertainment Group (HKEx stock code: 27)
Galaxy Entertainment Group (“GEG” or the
“Group”) is one of the world’s leading resorts, hospitality and
gaming companies. It primarily develops and operates a large
portfolio of integrated resort, retail, dining, hotel and gaming
facilities in Macau. The Group is listed on the Hong Kong Stock
Exchange and is a constituent stock of the Hang Seng Index.
GEG was one of the three original
concessionaires in Macau when the gaming industry was liberalized
in 2002. In 2022, GEG was awarded a new gaming concession valid
from January 1, 2023, to December 31, 2032. GEG has a successful
track record of delivering innovative, spectacular and
award-winning properties, products and services, underpinned by a
“World Class, Asian Heart” service philosophy, that has enabled it
to consistently outperform the market in Macau.
GEG operates three flagship destinations in
Macau: on Cotai, Galaxy Macau™, one of the world’s largest
integrated destination resorts, and the adjoining Broadway Macau™,
a unique landmark entertainment and food street destination; and on
the Peninsula, StarWorld Macau, an award-winning premium
property.
The Group has the largest development pipeline
of any concessionaire in Macau. When The Next Chapter of its Cotai
development is completed, GEG’s resorts footprint on Cotai will be
more than 2 million square meters, making the resorts,
entertainment and MICE precinct one of the largest and most diverse
integrated destinations in the world. GEG is also progressing plans
for its Hengqin project and we are also expanding our focus beyond
Hengqin and Macau to potentially include opportunities within the
rapidly expanding Greater Bay Area. These projects will help GEG
develop and support Macau in its vision of becoming a World Centre
of Tourism and Leisure.
In July 2015, GEG made a strategic investment in
Société Anonyme des Bains de Mer et du Cercle des Étrangers à
Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of
iconic luxury hotels and resorts in the Principality of Monaco. GEG
continues to explore a range of international development
opportunities with Monte-Carlo SBM.GEG is committed to delivering
world class unique experiences to its guests and building a
sustainable future for the communities in which it operates. For
more information about the Group, please visit
www.galaxyentertainment.com
_______________________
1 For the purpose of the new concession the investment threshold
is stated in MOP. 2 Reflects luck adjustments associated with our
rolling chip program.3 The primary difference between statutory
gross revenue and management basis gross revenue is the treatment
of City Clubs revenue where fee income is reported on a statutory
basis and gross gaming revenue is reported on a management basis,
this difference is up to June 26, 2022. At the Group level the
gaming statistics include Company owned resorts plus City Clubs.4
Gaming statistics are presented before deducting commission and
incentives.5 Reflects sum of junket VIP and inhouse premium
direct.6 Mass table drop includes the amount of table drop plus
cash chips purchased at the cage.7 Total GGR win includes gaming
win from City Clubs.8 Gaming statistics are presented before
deducting commission and incentives.9 Reflects sum of junket VIP
and inhouse premium direct.10 Mass table drop includes the amount
of table drop plus cash chips purchased at the cage.11 Total GGR
win includes gaming win from City Clubs.12 Gaming statistics are
presented before deducting commission and incentives.13 Reflects
sum of junket VIP and inhouse premium direct.14 Mass table drop
includes the amount of table drop plus cash chips purchased at the
cage.15 NEG represents negative margin.16 Gaming statistics are
presented before deducting commission and incentives.17 Reflects
inhouse premium direct.18 Mass table drop includes the amount of
table drop plus cash chips purchased at the cage.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/13225b2a-0954-4f7b-881b-bba48c7b025f
https://www.globenewswire.com/NewsRoom/AttachmentNg/b50f47f9-60f8-4b93-b25c-f2b888232087
https://www.globenewswire.com/NewsRoom/AttachmentNg/98b2e60b-4b5e-49b9-a208-66c075532c29
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