Galaxy Entertainment lauds Q3 success in spite of typhoon Mangkhut

Copyright :Stanislav Komogorov / 123RF Stock Photo

Lui Che Woo, chairman of Galaxy Entertainment Group, has heaped praise upon the Macau-based hotel and casino operator for delivering “solid results” in the face of super Typhoon Mangkhut, which impacted its home region last month.

As the firm recorded its eleventh consecutive quarter of year-on-year EBITDA growth, Woo took time to address Mangkhut and issue thanks to the GEG team: “On 16 September 2018 Macau experienced super typhoon Mangkhut, which was reportedly as strong as Hato in August last year.

“Macau saw significantly less damages and injuries during this No. 10 Typhoon Mangkhut, thanks to the precautionary measures taken by the Macau SAR government and the community, including team members of GEG.

“I am very proud of our team members, and I would like to take this opportunity to express my sincere gratitude to our executive team and all team members for their commitment and efforts in delivering these results, especially during Typhoon Mangkhut.”   

Securing group EBITDA of HK$3.9bn (US$500m), a 10 per cent increase on the previous year, the operator also saw gross gaming revenue for the three months to September 30 come in at HK15.8bn (US$2.02bn), with net revenue of HK$13bn (US$1.6bn) jumping 6 per cent from 2017.

Woo added: “Despite increased competition, with new property openings both in Macau and regionally, GEG delivered solid results with Q3 adjusted EBITDA growing 10% year-on-year to HK$3.9bn.

“It should be noted that during the quarter gaming operations played unlucky which reduced EBITDA by approximately $0.3 billion.

“Additionally Macau experienced adverse impacts from both the World Cup in July and Typhoon Mangkhut in September.

“We continue to drive every segment of our business with a particular focus on yielding our resorts. GEG’s renowned ‘World Class, Asian Heart’ service combined with our differentiated resorts offerings have resulted in our portfolio of hotels reporting virtually full occupancy.”

In its filing GEG also reaffirmed its commitment to pursuing international development opportunities, moving forward with construction phases three and four of its flagship Cotai resort Galaxy Macau, planning a low-density Hengqin integrated resort to complement its “high-energy” Macau operations and exploring Japanese opportunities.