Galaxy Entertainment Group reports 61% year-on-year decline in net revenue

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Galaxy Entertainment Group reports 61% year-on-year decline in net revenue

Galaxy Entertainment Group (GEG) has reported net revenue of HK$5.1bn (US$657.7m) for Q4 2020, a 61% year-on-year decline.

The total was, however, a 229% increase from Q3 2020. Full year 2020 net revenue stood at HK12.9bn, a 75% year-on-year decline.

Galaxy Macau, the operator’s primary contributor to group revenue and earnings, reported Q4 net revenue of HK$3.3bn, and net revenue of $7.8bn for full year 2020. The totals were year-on-year declines of 64% and 79% respectively.

StarWorld Macau meanwhile posted Q4 net revenue of HK$1bn, a 64% decline from the prior-year period, and full year 2020 net revenue of HK$2.2bn, an 80% decline from the prior-year period.

And Broadway Macau posted net revenue of HK$16m for Q4 2020, and $94m for full year 2020. The former is a 90% year-on-year drop, while the latter represents an 84% year-on-year drop.

“We again applaud the Macau Government for their proactive leadership during the challenging pandemic crisis,” said GEG chairman Dr Lui Che Woo. “Their focus is not only to ensure the health and safety of the community, but also ensuring that Macau is well-positioned to attract visitors, support economic recovery and maintain the social stability of Macau.

“Due to our conservative financial management, the group’s net cash as of year-end provides us with valuable flexibility in managing our ongoing operations and allows us to continue with our longer-term development plans.”