Galaxy Entertainment Group, a major player in Macau’s gaming and hospitality industry, has reported significant financial growth in the first half (H1) of 2024, as well as in the second quarter (Q2). The results highlight the group’s resilience and ability to capitalize on the ongoing recovery in Macau’s gaming sector.

Galaxy Entertainment Group’s Impressive Financial Performance in H1 and Q2 2024

H1 2024 Financial Highlights

Galaxy Entertainment Group’s net revenue for the first half of 2024 reached an impressive HK$21.5 billion (US$2.76 billion), marking a substantial 37% year-on-year increase. This growth reflects the strong recovery in Macau’s gaming industry following the challenges posed by the global pandemic.

The group’s net profit attributable to shareholders also saw a significant boost, increasing by 52% year-on-year to HK$4.4 billion. This robust profit growth underscores the effectiveness of the company’s strategic initiatives and its ability to attract a diverse range of customers.

In terms of adjusted EBITDA, Galaxy reported HK$6.0 billion for H1 2024, also representing a 37% year-on-year increase. This consistent growth in EBITDA highlights the group’s ability to efficiently manage its operations while continuing to drive revenue.

Q2 2024 Performance

In the second quarter of 2024, Galaxy Entertainment Group maintained its upward trajectory, with group net revenue of HK$10.9 billion. This figure represents a 26% increase year-on-year and a 12% increase quarter-on-quarter. The steady quarter-on-quarter growth indicates strong momentum in the group’s core businesses.

Adjusted EBITDA for Q2 2024 was HK$3.2 billion, marking a 28% year-on-year increase and a 12% increase quarter-on-quarter. This growth in EBITDA is particularly noteworthy as it reflects the group’s ability to sustain profitability despite a competitive market environment.

Performance of Key Properties

Galaxy’s flagship properties in Macau have continued to perform exceptionally well:

• Galaxy Macau generated HK$17 billion in revenue, solidifying its position as the group’s most significant revenue driver.
• StarWorld Macau contributed HK$2.7 billion in revenue, reflecting its importance within the group’s portfolio.
• Broadway Macau also showed positive results with an Adjusted EBITDA of HK$8 million, demonstrating its steady contribution to the group’s overall financial performance.

Future Developments

Looking ahead, Galaxy Entertainment Group has several exciting projects in the pipeline, which are expected to further enhance its position in the market:

• Capella at Galaxy Macau is slated to open in mid-2025, adding another luxury offering to the group’s portfolio.
• The group is gearing up for the opening of Cotai Phase 3, which includes the Galaxy International Convention Center (GICC), Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. These developments are set to bolster Galaxy’s non-gaming and entertainment offerings, appealing to a broader audience.
• Cotai Phase 4 is also in development, focusing on non-gaming entertainment and family facilities, a strategic move that aligns with Macau’s broader push to diversify its economy beyond gaming.

Industry Context

Galaxy Entertainment Group’s strong financial performance comes at a time when Macau’s gaming industry is witnessing a broader recovery. Melco Resorts & Entertainment reported a 22% revenue growth in its Macau operations, while MGM China saw a 52% increase in Q2 net revenue. This positive trend is further supported by Macau’s gross gaming revenue for July, which rose by 11.6% year-on-year.

Conclusion: The Financial Results

Galaxy Entertainment Group’s H1 and Q2 2024 financial results reflect its robust recovery and strategic positioning within the competitive Macau market. With several high-profile projects on the horizon, the group is well-positioned to continue its growth trajectory and capitalize on the ongoing recovery in Macau’s gaming and tourism sectors.

FAQs About Galaxy Entertainment Group’s Q2 and H1 2024 Results

1. What was Galaxy Entertainment Group’s net revenue for H1 2024?

Galaxy Entertainment Group reported a net revenue of HK$21.5 billion (US$2.76 billion) for the first half of 2024, which represents a 37% year-on-year increase.

2. How did Galaxy Entertainment Group’s net profit change in H1 2024?

The net profit attributable to shareholders for H1 2024 increased by 52% year-on-year to HK$4.4 billion.

3. What was the group’s adjusted EBITDA for H1 2024?

For the first half of 2024, Galaxy Entertainment Group’s adjusted EBITDA was HK$6.0 billion, reflecting a 37% year-on-year increase.

4. What were Galaxy Entertainment Group’s Q2 2024 revenue and EBITDA figures?

In the second quarter of 2024, Galaxy Entertainment Group achieved HK$10.9 billion in net revenue, a 26% increase year-on-year and a 12% increase quarter-on-quarter. Adjusted EBITDA for Q2 2024 was HK$3.2 billion, marking a 28% increase year-on-year and a 12% increase quarter-on-quarter.

5. How did Galaxy Macau perform in H1 2024?

Galaxy Macau generated HK$17 billion in revenue during H1 2024, making it the largest contributor to the group’s revenue.

6. What were the financial results for StarWorld Macau and Broadway Macau?

StarWorld Macau contributed HK$2.7 billion in revenue, while Broadway Macau achieved an Adjusted EBITDA of HK$8 million.

7. What are Galaxy Entertainment Group’s upcoming projects?

Galaxy Entertainment Group plans to open Capella at Galaxy Macau in mid-2025. Additionally, Cotai Phase 3 will include the Galaxy International Convention Center (GICC), Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. Cotai Phase 4 will focus on non-gaming entertainment and family facilities.

8. How did the performance of other companies in Macau compare to Galaxy Entertainment Group?

Other companies in Macau also showed strong performance. Melco Resorts & Entertainment saw a 22% revenue growth in its Macau operations, and MGM China reported a 52% increase in Q2 net revenue. Additionally, Macau’s gross gaming revenue for July rose by 11.6% year-on-year.

9. What does Galaxy Entertainment Group’s financial performance indicate about its market position?

Galaxy Entertainment Group’s strong financial results for H1 and Q2 2024 indicate a robust recovery and solid market positioning within Macau’s competitive gaming and hospitality sector. The group’s significant revenue growth and planned developments reflect its ability to capitalize on the ongoing recovery and drive future success.