Galaxy Entertainment Group has asserted that Macau offers the best longer term outlook, despite continuing to pursue international opportunities, as ongoing developments within the market continue apace.
However, the casino and entertainment operator does note that it is proceeding with a disciplined approach to exploring opportunities within mainland China in spite of the current economic climate.
This comes as the group reports its financial performance for the three month period ending March 31, 2022, which saw revenue reach HK 4.1bn (£427.93m), down 20 per cent year-on-year and 14 per cent quarter-on-quarter from HK$4.75bn (£495.78m).
Galaxy Entertainment saw its Galaxy Macau property take the lion’s share of revenue with HK$3.1bn (£323.56m), down 10 per cent YoY and up four per cent QoQ (Q421: HK$3.2bn), as StarWorld Macau dropped 58 per cent YoY and 37 per cent QoQ to to HK$424m (Q421: HK$669m).
However, revenue through Broadway Macau increased seven per cent and 14 per cent on a yearly and quarter basis after closing at HK$16m (Q421: HK$14m).
Furthermore, the group also reported quarterly adjusted EBITDA of HK$575m (£59.99m), which represents a decrease of 33 per cent YoY and 45 per cent QoQ.
“I wish to take this opportunity to update you on the Macau market and our financial performance in Q1 2022. COVID-19 has continued to impact the community and businesses globally including Macau and GEG,” stated Dr Lui Che Woo, Chair of Galaxy Entertainment Group.
Adding: “Going forward in the medium to longer term, we remain confident in the future of Macau. However, we do acknowledge that further potential outbreaks of COVID-19 may impact our future financial performance.
“Finally, I would again like to acknowledge and thank the Government of Macau and the health and emergency personnel who have worked so hard to ensure the safety of Macau.”