Full-year profit attributable to equity holders at Macau casino operator Galaxy Entertainment Group Ltd rose 28.3 percent year-on-year, it said in a Thursday filing to the Hong Kong Stock Exchange.
Such profit was nearly HKD8.76 billion (US$1.13 billion), compared to just under HKD6.83 billion in 2023.
The group also announced a final dividend for 2024, of HKD0.5 per share, payable on June 12. On October 25, Galaxy Entertainment paid an interim dividend of HKD0.50 per share.
Group revenue for 2024 rose 21.7 percent year-on-year, to HKD43.43 billion. Adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for full-year 2024 were just under HKD12.19 billion, up 22.4 percent year-on-year.
Net gaming revenue stood at nearly HKD33.83 billion in 2024, compared with HKD27.29 billion a year earlier. Non-gaming revenue rose by 19.1 percent year-on-year, to HKD6.43 billion.
“Throughout 2024 we continued to drive every segment of the business in particular the premium mass which remains the main profit driver,” said Francis Lui Yiu Tung, chairman of Galaxy Entertainment in prepared remarks included in the results.
The company runs its flagship Galaxy Macau resort (pictured) in the city’s Cotai district, and StarWorld Hotel in downtown Macau, as well as providing the licence for some Macau satellite casino business.
Galaxy Macau was the “primary contributor” to Galaxy Entertainment’s revenue and earnings last year, according to Thursday’s filing. In 2024, net revenue at Galaxy Macau was HKD34.50 billion, up 10.1 percent year-on-year, while adjusted EBITDA rose circa 18.0 percent year-on-year, to HKD10.79 billion.
The chairman also noted: “In a competitive market we continue to allocate resources with discipline and focus on their most efficient use.”
He added: “During the year we deployed smart tables across all of our casinos. We expect this technology to enhance the overall operating efficiency and customer management.
“In addition, we continue to make enhancements to our resorts including adding new food and beverage and retail offerings at Galaxy Macau.”
For the fourth quarter of 2024, Galaxy Entertainment’s net revenue was HKD11.29 billion, up 9.5 percent year-on-year and a 5.9-percent increase sequentially. The company recorded adjusted EBITDA of HKD3.24 billion in the three months to December 31, up 15.3 percent year-on-year and 10.1-percent higher quarter-on-quarter.
Mr Lui, who took over as group chairman in December, also gave a tribute to his father Lui Che Woo, the founding chairman, who died in November.
Mr Francis Lui stated: “As the founding chairman … his vision was to build Galaxy Entertainment” so that it was “globally recognised Asia’s leading gaming and entertainment corporation”.
The chairman added: “He certainly achieved his vision and he was an inspiration to us all.”
The company said that as of the reporting period to December 31, it had a “strong, healthy and liquid balance sheet” with cash and liquid investments of HKD31.3 billion, with “minimal debt” of HKD4.2 billion, giving a net position of HKD27.1 billion.
