Macau’s Galaxy Entertainment Group has published its results for Q2 and the H1 of 2024.
For the H1 of the year, the group’s net revenue reached HK$ 21.5 billion (USD 2.76 billion), a 37% increase compared to the same period last year. Net profit attributable to shareholders rose by 52%, reaching HK$4.4 billion, while adjusted EBITDA grew by 37% to HK$ 6.0 billion compared to the previous year.
In Q2, net revenue amounted to HK$10.9 billion, a 26% increase from the same period last year and a 12% increase from the previous quarter. Adjusted EBITDA rose by 28% year-over-year and 12% quarter-over-quarter, reaching HK$ 3.2 billion.
Among the companies showing significant growth were Galaxy Macau with revenue of HK$ 17 billion, StarWorld Macau with HK$ 2.7 billion, and Broadway Macau, which had an adjusted EBITDA of HK$ 8 million.
In addition to financial reports, Galaxy announced plans to open Capella in Galaxy Macau by mid-2025, as well as the completion of Cotai Phase 3, which includes GICC, Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. The company also revealed plans for Cotai Phase 4, focused on non-gaming entertainment and family-oriented venues.
Besides Galaxy, Melco also reported a 22% increase in its Macau business revenue. MGM China reported a 52% rise in net revenue for Q2, coinciding with Macau’s announcement of a 11.6% year-over-year increase in gross gaming revenue for July.
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