Macao casino operator Galaxy Entertainment Group saw its public market gross gaming revenue (GGR) decline slightly in the three months to March 31, but VIP GGR rose nearly 43% sequentially, albeit on a much lower basis than pre-pandemic trading.
The company reported adjusted first-quarter earnings before interest, taxation, depreciation and amortization of nearly HK$2.84 billion ($362.9 million), up 48.7% year-over-year, up 1.0% quarter-over-quarter.
Net sales in the first quarter rose 49.6% year-over-year to HK$10.55 billion. Those sales rose 2.3% sequentially.
The company provided this information in an unaudited first-quarter earnings highlight filed on the Hong Kong Stock Exchange on Tuesday.
“We have posted a reconfiguration of the Galaxy Macao gaming arena, particularly encouraged by casino performance during the Golden Week in May,” said company president Lui Chi Woo in the announcement.
He mentioned, first, a five-day holiday in mainland China, Macau’s main tourism supply market, which began on May 1, and secondly the change on the main floor of the group’s Kotai flagship resort, Galaxy Macau.
The group’s overall group GGR in the first quarter was just HK$9.63 billion, up 58.7% year-over-year. On a sequential basis, it was up 4.2%.
Mass GGR was nearly HK$7.73 billion, up 56.6% year-over-year, but down 1.3% from the fourth quarter of last year.
The electronic game’s first-quarter revenue was HK$600 million, up 78.0% year-over-year and up 18.1% sequentially.
Rolling chip volumes in the first quarter were slightly below HK$38.46 billion, up 78.5% year-over-year. They were up 11.2% quarter-over-quarter.
The VIP segment’s GGR was slightly below HK$1.3 billion, up 63.6% year-over-year and 42.9% sequentially.
The chairman of Galaxy Entertainment also noted that during the first quarter, the company “made significant adjustments to the gaming market in Galaxy Macao.”
“In the short term, this has been disrupted across January and early February.” If repairs are completed just before Chinese New Year, the group said, “customer traffic flows across the entire floor have improved significantly.”
“We are in the process of implementing smart tables across our portfolio, which will further increase efficiency across gaming floors,” Mr. Lui said, referring to gaming tables with improved security and casino call tracking.
“In addition, we are updating our slot machine products and are working on various upgrades to Starworld Macau,” the chairman said, referring to the group’s first special purpose casino hotel property launched in 2006.
The chairman also mentioned the announcement in April that the capella of the Galaxy Macao Hotel will be located in the new luxury tower of the Galaxy Macao.
BY: 온라인경마사이트