Galaxy Entertainment Group (GEG) has announced an adjusted EBITDA of HK$859 million for the three month period ended 31 March 2021. The figure represented a quarter-on-quarter fall of 15% but was a threefold increase compared with the same period of the previous year.
GEG posted a net revenue of HK$5.1 billion in the first quarter, up 1% year-on-year but flat quarter-on-quarter. Galaxy Macau remains the major breadwinner of the group. The flagship project’s net revenue stood at HK$3.4 billion in the first quarter, down 3% year-on-year but up 3% quarter-on-quarter. The adjusted EBITDA was HKD764 million, up 132% year-on-year and 4% quarter-on-quarter.
“From the later part of 2020 and continuing into 2021, we started to see some easing of restrictions relating to Covid-19. As a result, Macau has experienced a gradual increase in visitor arrivals which has translated into increased revenue,” said a company statement signed by GEG’s Chairman Mr Lui Che Woo.
Meanwhile Mr Lui revealed that the firm was planning to open the Raffles at Galaxy Macau in the later part of 2021 or early 2022. GEG signed an agreement with hospitality group Accor SA in March to open a 450-suite Raffles-branded hotel at Galaxy Macau.
Phases 3 and 4 of Galaxy Macau have been delayed by the pandemic. Phase 3 was originally slated to be completed last year but was postponed to mid-2021 due to the coronavirus. The firm said Part A of Phase 3 would be opened by the end of this year. Phases 3 and 4 will have about 3,000 rooms, more casino space, a 16,000-seat arena, and 400,000 square feet of MICE space.
Galaxy Macau, GEG’s flagship casino resort on Cotai, will be celebrating its 10th anniversary on 15 May.