Galaxy Entertainment, a leading integrated resorts operator, has reported a staggering increase in revenue for the third-quarter of this year. This surge in revenue can be attributed to the successful reopening of its Macau gaming business following the easing of Covid-19 restrictions.
According to an exchange filing on Thursday, Galaxy Entertainment stated that its total net revenue skyrocketed to HK$9.65 billion (US$1.23 billion), compared to the HK$2.03 billion recorded in the same period last year. Moreover, the company posted adjusted earnings before interest, taxes, and depreciation of HK$2.77 billion for the quarter, a significant improvement from the HK$581 million loss incurred in the previous year.
In addition, the gross gaming revenue for the third-quarter amounted to HK$8.75 billion, a substantial increase compared to the HK$918 million reported in the corresponding period last year.
Galaxy Entertainment remains highly optimistic about its future prospects in Macau, which continues to be a preferred destination for travelers from mainland China.
Chairman Lui Che Woo revealed that the company is currently progressing with the construction of “Phase 4,” a state-of-the-art integrated resort project that will feature upscale hotels and various non-gaming amenities. The completion of this project is anticipated in 2027.
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