Galaxy Entertainment Group (GEG) reported yesterday first-quarter Adjusted EBITDA of HK$575 million, down 33 percent year-on-year and 45 percent quarter-on-quarter.
According to a statement by the gaming resort operator, its net revenue amounted to HK$4.1 billion in the first quarter, down 20 percent year-on-year and 14 percent quarter-on-quarter.
The statement stressed that its main properties – StarWorld Macau in Nape and Galaxy Macau and Broadway Macau in Cotai – continued to be impacted by COVID-19 and travel restrictions.
The statement underlined GEG’s “healthy and liquid” balance sheet. As of March 31, cash and liquid investments stood at HK$35.0 billion, while net cash amounted to HK$24.5 billion. Debt amounted to HK$10.5 billion, “primarily reflecting ongoing treasury yield management initiatives with minimal core debt”.
The statement pointed out that the company paid a special dividend of HK$0.30 per share on April 29.
The statement quoted GEG Chairman Lui Che Woo as saying that Cotai “Phase 3 is effectively completed, and we continue to move forward with Phase 4.”
Lui thanked the local government “and the health and emergency personnel who have worked so hard to ensure the safety of Macau” during the COVID-19 pandemic.
This undated handout photo shows the sprawling Galaxy Macau resort in Cotai.
Photo courtesy of GEG
