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Home / Articles

Galaxy Entertainment Group Limited: Q1 FY2024 Results

Oct 04, 2024
Written by
Elizaveta Latinskaya
Elizaveta Latinskaya
Reviewed by
Aigerim Ercik
Aigerim Ercik
Galaxy Entertainment Group Limited: Q1 FY2024 Results

Introduction

Galaxy Entertainment Group Limited (GEG) is one of Asia’s leading gaming and entertainment companies, headquartered in Macau. The company is renowned for its integrated resorts and casinos, including Galaxy Macau, StarWorld Hotel, and Broadway Macau. With a strong presence in the global gaming industry, GEG remains committed to excellence and innovation. In Q1 FY2024, the company focused on continuing its recovery following the pandemic, with clear goals to maintain leadership in Macau’s gaming sector.

Company and Management

At the helm of GEG is Dr. Lui Che Woo, the company’s Founder and Chairman, who has led Galaxy Entertainment to its prominence in the gaming and hospitality industry. The leadership team is also strengthened by Francis Lui Yiu Tung, the Vice Chairman, who plays a vital role in strategizing business operations. The company prides itself on high standards of corporate governance and social responsibility, regularly pursuing initiatives to enhance both shareholder value and community engagement.

Goals and Achievements

For Q1 FY2024, Galaxy Entertainment Group focused on several strategic goals:

  1. Macau Recovery: With the resurgence of tourism and gaming in Macau, the company aimed to capitalize on this recovery to bolster revenue.
  2. Innovation and Expansion: GEG continued to enhance its existing properties, with plans for expansion, including Phase 4 of Galaxy Macau, which will add new entertainment offerings, luxury accommodations, and integrated resort amenities.
  3. Sustainability Initiatives: GEG maintained its focus on green initiatives, emphasizing energy-efficient practices and supporting sustainable development in the gaming industry.

In terms of achievements, the company saw notable growth in visitation to its properties, driven by improved travel conditions and strong marketing efforts.

Sales and Profit for Q1 FY2024

In Q1 FY2024, Galaxy Entertainment experienced a significant rebound in revenue, fueled by the increase in both gaming and non-gaming activities. Key financial figures include:

  • Total Revenue: $X billion, a Y% increase compared to the previous quarter, reflecting the strong recovery in visitor numbers and gaming participation.
  • Gaming Revenue: Gaming operations contributed the largest share of revenue, with significant increases in both mass gaming and VIP segments.
  • Non-Gaming Revenue: GEG’s non-gaming revenue, from hotel accommodations, dining, and entertainment, also showed solid performance as visitors spent more on integrated resort offerings.

Segment Performance

Galaxy Entertainment Group operates across several business segments:

  1. Gaming Operations: This segment remains the company’s largest revenue driver, benefiting from high traffic in the VIP and mass-market segments. The revival of the VIP segment post-pandemic has been especially profitable for GEG, thanks to its premium offerings and high service standards.
  2. Hospitality and Leisure: This segment includes the hotel, dining, and entertainment offerings at Galaxy Macau and other properties. With a significant rise in overnight stays and demand for luxury experiences, this segment contributed to non-gaming revenue growth.
  3. Retail: The retail operations within GEG’s properties, particularly Galaxy Macau, also experienced a rebound, supported by increased spending from both local and international visitors.
  4. Entertainment and MICE (Meetings, Incentives, Conferences, and Exhibitions): This segment is vital for future growth, with Galaxy Macau positioning itself as a premier destination for international events.

Most Successful Segment

The Gaming Operations segment was the most successful in Q1 FY2024, accounting for the majority of the company’s revenue. The rise in the VIP gaming sector was a critical factor, with GEG benefiting from its high-end facilities and focus on offering premium experiences. This success further highlights Galaxy’s ability to cater to both the mass market and high-stakes players.

Final Thoughts

Galaxy Entertainment Group Limited delivered a strong performance in Q1 FY2024, showcasing resilience and growth in a post-pandemic recovery phase. The company’s leadership, commitment to innovation, and dedication to maintaining its status as a premier gaming and entertainment operator have positioned it for continued success. With gaming operations being the most profitable segment, GEG is poised to leverage future opportunities in both gaming and non-gaming ventures as Macau’s tourism industry continues its recovery.

We have previously published financial information, set out Galaxy Entertainment Group Limited’s growth strategy and reviewed its annual financial statements. In this report you can find Full Galaxy Entertainment Group Limited FY23 Overview and corporate information about the company.

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