Galaxy Entertainment Group: Financial Results for 2023 and Beyond

Revenue and Growth

Galaxy Entertainment Group (GEG) has released its financial results for the full year and fourth quarter of 2023, as well as the first half of 2024, showing strong growth in revenue and adjusted EBITDA.

For the full year 2023, GEG reported net revenue of MOP 27.7 billion, a 27.4% increase year-on-year.

In Q3 2023, GEG's net revenue reached MOP 9.7 billion, up 12.4% year-on-year.

The company also reported strong growth in the first half of 2024, with net revenue increasing by 37% year-on-year to MOP 21.5 billion.

Adjusted EBITDA

GEG's adjusted EBITDA for the full year 2023 was MOP 9.1 billion, a significant increase compared to the previous year's loss of MOP 2.95 billion.

In Q4 2023, the company's adjusted EBITDA was MOP 205 million, representing a 28% year-on-year and 25% quarter-on-quarter increase.

For the first half of 2024, GEG's adjusted EBITDA increased by 37% year-on-year to MOP 1.8 billion.

Outlook

GEG remains optimistic about the future, citing the recovery of Macau's gaming industry and its strategic investments in new projects.

The company expects to continue to benefit from the positive momentum in Macau and is confident in its long-term growth prospects.

Conclusion

Galaxy Entertainment Group's strong financial performance in 2023 and beyond reflects the company's resilience and its commitment to driving growth in the Macau gaming market.