Galaxy Entertainment Group Ltd reported today record revenue for the first quarter of 2014.
The company reported revenue of HK$20.2 billion (US$2.6 billion) for the first three months of the year, up by one third year-on-year and 7 percent quarter-on-quarter.
Adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA, stood at HK$3.8 billion, up by 38 percent year-on-year. Galaxy Entertainment said both VIP and mass segments performed strongly.
Gaming revenue in Macau increased 19.8 percent year-on-year in the first three months of 2014 to MOP102.2 billion (US$12.8 billion).
The company said in a statement that the second phase of Galaxy Macau (pictured) is well advanced, on budget and on schedule to be ready by mid-2015. But the investment community is now openly talking about the possibility of the expansion opening in time for Chinese New Year 2015.
Galaxy Entertainment also said it is finalising plans for the next two development phases of its massive land bank in Cotai. The gaming operator plans to build a HK$50 billion to HK$60 billion resort there, and construction is expected to commence still this year.
The company added it will soon unveil its plans for Grand Waldo complex, with re-launch scheduled for early 2015. Grand Waldo, located adjacent to Galaxy Macau, is already undergoing refitting works. Galaxy Entertainment wants it to become complementary to Galaxy Macau.
Regarding its plans for Hengqin Island, Galaxy Entertainment is developing its concept plans for the 2.7-square-kilometre land parcel. The company plans to invest RMB10 billion (US$1.6 billion) on a non-gaming resort there.
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"The six Macau casino operators should not be penalised for upping expenditure on player incentives, so long as their EBITDA margins are not materially diluted”
George Choi and Ryan Cheung
Analysts at Citigroup