Gaming resort operator Galaxy Entertainment Group (GEG) reported yesterday a third-quarter net revenue of HK$2.0 billion, a year-on-year and quarter-on-quarter decrease of 52 percent and 16 percent respectively.
The company headed by Hong Kong tycoon Lui Che Woo announced its third-quarter results in a statement on the Hong Kong Stock Exchange website.
According to the statement, adjusted Ebitda loss amounted to HK$581 million in the third quarter, versus Ebitda of HK$503 million in the same quarter of last year and an Ebitda loss of HK$384 million in the second quarter of this year.
The statement noted that the company “played unlucky” in the third quarter, which decreased adjusted Ebitda by about HK$20 million.
The statement underlined the company’s “healthy and liquid balance sheet, pointing out that as of September 30 cash and liquid investments totalled HK$22.5 million, while net cash equalled HK$19.3 billion.
The statement quoted Lui as saying that “going forward in the medium to longer term, we remain confident in the future of Macau.” Lui also said that the mainland’s resumption of e-travel permits for visits to Macau and mainlanders’ Macau-bound package tours were expected to “drive an increase in visitation and revenue for the market.”
