Asian casino giant Galaxy Entertainment Group Limited has released its audit results for the year to the end of March, showing overall sales rose 32% year-on-year to HK$18.5 billion (US$2.35 billion) due to the performance of its Galaxy Macao properties.
The Hong Kong-based Galaxy Entertainment Group Limited, which is also responsible for the StarWorld Macao and Broadway Casino venues in Macau, reported a ninth consecutive quarter of earnings year-over-year before interest, tax, depreciation and amortization in the first three months as the most recent figure rose 36% year-over-year to HK$4.3 billion ($547.77 million).
Galaxy Entertainment Group Limited, on the contrary, said it still ended the three-month period with a net cash of HK$34.5 billion ($4.39 billion) with a liquidity investment of HK$41.8 billion ($5.32 billion), but was "unfortunate" in terms of adjusted gaming earnings in the first quarter before interest, tax, depreciation and amortization.
"We continue to drive every part of our business with a special focus on yielding our resorts," said a statement from Lui Che Woo, chairman of the Galaxy Entertainment Group Limited. "Our reputable world class, Asian heart service and differentiated resort service have delivered a memorable customer experience and resulted in a nearly 100% share of our hotel portfolio."
In terms of individual properties, Galaxy Entertainment Group Limited described the Galaxy Macao venue as a "major revenue contributor" and said the venue posted overall first quarter sales of HK$13 billion ($1.65 billion), up 27% from the same period last year. The 2,200-room Kotai strip development reported a 26% improvement in adjusted earnings before interest, tax, depreciation and amortization to HK$3.3 billion ($420.39 million) over the three-month period, despite a roughly 177 million ($22.54 million) decline in gaming revenue.
For Starworld Macao, the operator reported a 45% year-over-year increase in overall first-quarter revenue to HK$4.5 billion ($573.27 million), while adjusted earnings before interest, tax, depreciation and amortization at locations rose 55% to HK$1 billion ($127.39 million). In contrast, the 507-room urban development saw a 38% increase in quarterly game receipts to HK$927 million ($118.09 million), which also represents an 8% quarter-on-quarter increase.