Cash richGalaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
OVERVIEW:
GEG was one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming concession valid from January 1, 2023, to December 31, 2032.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world.
GEG is also progressing plans for its Hengqin project and we are also expanding our focus beyond Hengqin (see: Hengqin: The future of Macau) and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area.
As at 31 December 2022, cash and liquid investments were $26.4 billion and net cash was $18.9 billion
As at 31 December 2022, debt of $7.5 billion primarily reflects ongoing treasury yield management initiatives with minimal core debt of $0.4 billion
“We are scheduled to progressively open Phase 3 Galaxy International Convention Center, Galaxy Arena and Raffles [hotel] at Galaxy Macau in the second quarter of 2023, with our first MICE [meetings, incentives, conferences, and exhibitions] event being held in April 2023”, said [Company Chairman] Mr Lui… The Galaxy International Convention Center includes the 16,000-seat, multipurpose Galaxy Arena, and 40,000 square metres (430,556 sq feet) of space for MICE events. Galaxy 2022 loss US$438mln, Galaxy Macau Phase 3 in 2Q
“We believe Phase 3 and Phase 4 should underpin Galaxy’s long-term growth, when the cluster effect continues to build among Galaxy Macau properties… With a mass-market-driven recovery ahead, the addition of non-gaming elements and capacity should further strengthen the company’s ability to gain market share.” Credit Suisse: Galaxy Macau Phases 3 and 4 to help drive market share gain via “cluster effect”
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Macau casino operator Galaxy Entertainment Group Ltd reported first-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just below HKD1.91 billion (US$244.2 million). That compared with adjusted EBITDA of HKD575 million a year earlier, and a negative figure of HKD163 million in fourth-quarter 2022.
“Galaxy Entertainment finished the Macau’s first quarter earnings season on a positive note, with yet another beat in EBITDA … and solid mass performance (70 percent-plus recovery versus pre-Covid, versus the industry’s 65 percent),” said a note from analysts DS Kim and Mufan Shi of JP Morgan Securities (Asia Pacific) Ltd.
Macau casino shares rout puzzles brokerage as day 2 ends (GGR Asia) May 4, 2023
-By Wednesday close, MGM China was down by 8.8 percent for the day. Sands China Ltd had fallen 3.1 percent, and Wynn Macau Ltd had been down 2.9 percent. Melco International Development Ltd – controller of Macau operator Melco Resorts and Entertainment Ltd – had dropped by 5.9 percent. Galaxy Entertainment Group Ltd had declined by 1.9 percent and SJM Holdings Ltd had been down 3.9 percent.
Macau casinos mount comeback as mass-market players return (FT)
Galaxy Entertainment says net revenue has recovered to more than half its pre-pandemic figures
https://12ft.io/proxy?q=https%3A%2F%2Fwww.ft.com%2Fcontent%2Fc10bfe8f-bfb8-4418-a5fd-3837a8ddf2bd
Galaxy Entertainment 1Q EBITDA at US$244mln (May 22, 2023)
https://www.ggrasia.com/galaxy-entertainment-1q-ebitda-at-us244mln/
Macau casino operator Galaxy Entertainment Group Ltd reported first-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just below HKD1.91 billion (US$244.2 million). That compared with adjusted EBITDA of HKD575 million a year earlier, and a negative figure of HKD163 million in fourth-quarter 2022.
“Galaxy Entertainment finished the Macau’s first quarter earnings season on a positive note, with yet another beat in EBITDA … and solid mass performance (70 percent-plus recovery versus pre-Covid, versus the industry’s 65 percent),” said a note from analysts DS Kim and Mufan Shi of JP Morgan Securities (Asia Pacific) Ltd.
Macau casino shares rout puzzles brokerage as day 2 ends (GGR Asia) May 4, 2023
-By Wednesday close, MGM China was down by 8.8 percent for the day. Sands China Ltd had fallen 3.1 percent, and Wynn Macau Ltd had been down 2.9 percent. Melco International Development Ltd – controller of Macau operator Melco Resorts and Entertainment Ltd – had dropped by 5.9 percent. Galaxy Entertainment Group Ltd had declined by 1.9 percent and SJM Holdings Ltd had been down 3.9 percent.
https://www.ggrasia.com/macau-casino-shares-rout-puzzles-brokerage-as-day-2-ends/