Twelve-month sales this year at Macau casino operator Galaxy Entertainment Group Ltd are forecast at HKD50.22 billion (US$6.45 billion), which would be circa 1.8 percent above market consensus of HKD49.35 billion, says banking group Jefferies.
Hong Kong-listed Galaxy Entertainment, which runs the Galaxy Macau complex and Broadway property in Cotai, as well as StarWorld Hotel, a casino hotel in downtown Macau, is due to report its full-year results in February, according to Jefferies.
“We expect investors will focus on whether it is making further progress within the premium mass segment over time, given the opening of Capella hotel – circa 100 suites – in mid-2025,” stated analysts Anne Ling and Jingjue Pei in a Thursday note.
That was a reference to premium mass gamblers – playing high stakes cash games rather than on credit – a customer segment considered a key target for Macau’s six casino concessionaires since the retreat of the credit-based junket VIP segment.
Capella at Galaxy Macau (pictured in an artist’s rendering) – a new 17-storey luxury hotel at Galaxy Macau – is due to open in “mid-2025”, according to previous statements of the casino group.
A December 3 press release from Singapore-based Capella Hotel Group, the promoter of the Capella brand, referred to a “second quarter” time frame for the Macau hotel.
For 2025, Jefferies forecasts Galaxy Entertainment’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) at HKD14.19 billion, which it said would be 0.9 percent above market consensus of HKD14.06 billion.
The institution projects Galaxy Entertainment’s 2025 net profit to be just under HKD11.45 billion, which it states would be 7.2 percent above market estimate of nearly HKD10.68 billion.
