Macau-based Galaxy Entertainment Group has achieved its strongest post-pandemic quarter after reporting HK$10.3bn ($1.32bn) in gross gaming revenues across Q2 2024.
Powered by the robust performance of Galaxy Macau, the operator group witnessed growth across several segments as mass table win increased by 31.9% to HK$8.29bn ($1.06bn) and rolling chip win grew by 49.4% to HK$1.39bn ($178bn).
Slot win revenue also performed significantly well across the quarter, rising to HK$658m ($84.5m) to represent a 48.5% increase on Q2 2023 comparatives. In total, the HK$10.3bn in GGR shows a 35% uptick on Q2 2023 figures.
The group’s adjusted EBITDA for the quarter rose by 28% year-over-year, reaching HK$3.2bn ($410m).
Galaxy’s consistent growth across each segment was heavily supported by the performance of Galaxy Macau, the firm’s flagship resort in the region. The venue achieved a year-on-year increase in GGR to HK$8.86bn ($1.14bn), with adjusted EBITDA of HK$2.78bn ($358m).
The combined hotel and casino resort also reported a healthy EBITDA margin of 32%.
For the group’s secondary venue, StarWorld Macau, GGR grew by 13% YoY to HK$1.42bn ($182m) with Adjusted EBITDA of HK$390m ($50m) and an EBITDA margin of 29%.
“We continued to drive every segment of our business and further improve our resorts,” said Galaxy Entertainment Group Chairman Dr Lui Che Woo via the financial results. “We are very pleased to report that for both Q2 and the first half 2024, our resort hotels reported virtually 100% occupancy.”
Strong performance in the second quarter contributed to surging increases in the firm’s financial performance in the first half of the year, as group net revenue reached HK$21.5bn ($3.2bn) to show a YoY increase of 37%.
H1 increases were bolstered by a group adjusted EBITDA rise of 37% as well, reaching HK$6bn ($770m) for the first six months of the year.
As expected, the strong results have added considerable value for shareholders, with net profit attributable to shareholders coming in at HK$4.4bn ($564m) for H1 2024.
