Galaxy Entertainment revenue increases in 2021 despite continued Covid restrictions
Galaxy Entertaniment has reported revenue figures of HK$19.70bn (£1.86bn/$2.52bn/€2.23bn) for 2021, representing a 53.0% increase on the previous year.
HK$14.01bn of the revenue total came from gaming operations, up 62.8% from 2020. Non-gaming sources added HK$2.66bn, while the sale of construction materials contributed HK$3.02bn.
Looking at revenue by venue, Galaxy Macau recorded net revenue of HK$13.28bn for the year, an increase of 70.7% from 2020. StarWorld Macau added HK$3.28bn, while Broadway Macau's revenue came to HK$57.0m. Galaxy's City Clubs brought in HK$25m.
While net gaming revenue amounted to HK$14.01bn, gross gaming revenue (GGR) came to HK$17.33bn, up from HK$11.52bn in 2020.
Breaking this gross gaming revenue down, HK$129.09bn was staked on rolling chip games during 2021, at a win rate of 4.2%. HK$46.02m was staked on table games with a 24.4% win rate, while electronic game amassed bets worth HK$17.63bn.
Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) came to HK$3.54bn, up from a loss of HK$1.02bn in 2020.
In the fourth quarter of 2021, Galaxy's revenue decreased 5.9% to HK$4.75bn when compared to the corresponding period in 2020. Gaming revenue for the quarter fell slightly to HK$3.26bn, while non gaming revenue and sales of construction materials increased - rising to HK$666.0m and HK$830m respectively.
Adjusted EBITDA for the quarter increased from $1.01bn in Q4 2020 to $1.04bn in 2021.
Despite the travel restrictions enforced by the ongoing Covid-19 pandemic, figures from the Gaming Inspection and Coordination Bureau show a 44% year-on-year increase of Macau's GGR to HK$84.30bn.
There were 7.7 million visitor arrivals in Macau during 2021, up 31.0% from 2020.
Galaxy chairman Dr. Lui Che Woo said: “Macau, like the rest of the world, continued to experience the impact of Covid-19 throughout 2021, with sporadic outbreaks in Mainland China and the subsequent travel and quarantine restrictions impacting visitor arrivals.
“Our balance sheet also remained healthy and we are well positioned to navigate through the pandemic. This attests to our confidence in Macau, our financial strength and our future earnings potential.”