Macao casino operator Galaxy Entertainment announced on Monday (22 May) that the group’s net revenues in the first quarter of the year stood at HK$7.05 billion (adjusted EBITDA stood at HK$1.91 billion), up by 142% compared with the previous quarter. Meanwhile total gross gaming revenues in the first quarter hit HK$6.07 billion, representing a 2.3-fold increase compared with the previous quarter.
Galaxy Entertainment’s Vice Chairman Mr Francis Lui Yiu Tung told the media after a shareholders’ meeting that in terms of the proportion of gaming revenue in the first quarter, the mass market accounted for more than 80% of the total revenue, while the VIP market had fallen to about 10% of total revenues.
Commenting on the development of gaming junkets, the group’s Chairman Mr Lui Che Woo said he would respect the Macau government’s decision and emphasized that the firm’s current VIP business was legitimate.
Looking ahead to the second quarter, the firm will see the inauguration of more new facilities and is planning to recruit more employees to create 900 jobs for the local people in Macau.
In the first quarter of the year, the firm’s total gross gaming revenue (GGR) from the mass market stood at HK$4.93 billion, up by 214% quarter-to-quarter. Total rolling chip gaming revenue was HK$794 million, up by 436% quarter-to-quarter. In addition, revenues from slot machines stood at HK$337 million in the same period.
Galaxy Macau, the firm’s flagship resort, registered a net revenue of HK$5.35 billion in the first quarter, up by 192% quarter-on-quarter. The company said that only around 60% of rooms at Galaxy Macau were in service during the first quarter due to lack of staff, and the occupancy rate of these rooms was nearly 100%. Currently, all hotel rooms in the resort are fully serviced by employees except Broadway.
The firm said it is currently focused on developing its fourth phase, which will include entertainment, retail, food and beverage, gaming and a number of hotels, bringing the total number of hotel rooms and suites managed by Galaxy Entertainment in Macau to approximately 7,500 when completed.
According to Mr. Francis Lui, the mass market customer traffic has gradually recovered after recent large events such as concerts. In the future, the company will continue to strengthen its non-gaming products and drive the performance of the mass market.