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Macau casino operator Galaxy Entertainment Group Limited has released its unaudited financial results for the first three months of 2022 showing that its aggregated net revenues had fallen by 20% year-on-year to about $522.32 million.
The Hong Kong-listed firm used an official filing (pdf) to detail that this figure represented a decline of some 14.5% when compared with previous quarter’s finishing tally of slightly over $611.47 million and sat a disappointing 19.6% below the $649.71 million recorded for the initial three months of 2020. The company blamed this most recent dip on consumer hesitancy following a slew of coronavirus outbreaks in mainland China alongside associated travel restrictions that have only recently begun being rolled back.
Returns reversal:
Galaxy Entertainment Group Limited is responsible for the 3,450-room Galaxy Macau property located in the enclave’s Cotai Strip neighborhood and it explained that its adjusted aggregated first-quarter earnings before interest, tax, depreciation and amortization had retreated by 33% year-on-year to $73.25 million, which was also 42.5% lower than the $127.39 million it chalked up for the final three months of 2021. However, the operator stated that this metric for the ‘latest twelve months’ stood at approximately $420.37 million to be ‘up significantly year-on-year’ despite dropping 8% sequentially.
Depressing downturn:
Moreover behind the impressive Broadway Macau and StarWorld Macau venues, Galaxy Entertainment Group Limited revealed that its combined first-quarter gross gaming revenues of some $433.13 million equated to a slump of 29% year-on-year as the Macau casino market continues to come to terms with the new post-junket reality. It furthermore noted that rolling chip receipts had decreased by 69% to a little over $72 million while mass-market gaming table volumes shrank by 7% to around $343.98 million.
Occasioned optimism:
However, the Hong Kong-headquartered operator pronounced that it is ‘well positioned to capture mass customers when the market returns’ and chalked up an increase of 25% year-on-year and 2% sequentially in first-quarter electronic gaming machine revenues to almost $20.64 million. The firm additionally disclosed that it continues to remain financially self-sufficient without the need for outside backing and currently holds cash and investments worth in the region of $968.11 million.
Read a statement from Galaxy Entertainment Group Limited…
“Following the closure of the VIP business, we have been reallocating our resources and marketing efforts to the mass-oriented tourists who appreciate our extensive array of resort offerings. Macau concessionaires continue to work with the Macao Government Tourism Office to actively promote Macau as a safe tourism destination and has hosted a series of roadshows and exhibitions in a numbers of mainland cities. We will continue to actively support this important government initiative.”
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