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Galaxy Entertainment Group Selected Unaudited Q3 2024 Financial Data
GEGGreat Elm (GEG) GlobeNewswire News Room·2024-11-07 03:25

Core Insights - Galaxy Entertainment Group (GEG) reported a Q3 2024 Group Net Revenue of 10.7billion,anincreaseof1110.7 billion, an increase of 11% year-on-year, while Adjusted EBITDA was 2.9 billion, up 6% year-on-year but down 7% quarter-on-quarter [2][11][7] - The company paid an interim dividend of 0.50pershareonOctober25,2024,reflectingconfidenceinthelong−termoutlookforMacauandthecompany[4][19]−GEGcontinuestoadvanceitsdevelopmentprojects,includingtheCapellaatGalaxyMacauandPhase4,whichfocusesonnon−gamingentertainmentandfamilyfacilities[5][31]FinancialPerformance−Q32024GroupAdjustedEBITDAwas0.50 per share on October 25, 2024, reflecting confidence in the long-term outlook for Macau and the company [4][19] - GEG continues to advance its development projects, including the Capella at Galaxy Macau and Phase 4, which focuses on non-gaming entertainment and family facilities [5][31] Financial Performance - Q3 2024 Group Adjusted EBITDA was 2.9 billion, with a normalized figure of 3.1billion,indicatinga73.1 billion, indicating a 7% increase year-on-year and a 3% decrease quarter-on-quarter [12][7] - The latest twelve months Adjusted EBITDA reached 11.8 billion, up 68% year-on-year and up 1% quarter-on-quarter [11][7] - Galaxy Macau™ contributed significantly with Q3 Net Revenue of 8.4billion,a108.4 billion, a 10% increase year-on-year, while Adjusted EBITDA was flat year-on-year at 2.6 billion [20][11] Visitor Trends and Market Overview - Macau recorded 993,117 visitor arrivals during the National Day Golden Week, achieving nearly 102% of pre-pandemic levels from 2019 [3] - In Q3 2024, Macau's Gross Gaming Revenue (GGR) was 54.0billion,up1454.0 billion, up 14% year-on-year, with visitor arrivals totaling 9.2 million, an 11% increase year-on-year [10][11] Balance Sheet and Liquidity - As of September 30, 2024, GEG's total cash and liquid investments were 28.6 billion, with a net position of 27.4billionafteraccountingfor27.4 billion after accounting for 1.2 billion in debt [4][19] - The strong balance sheet supports capital returns to shareholders and funding for development projects [4][19] Development and Future Growth - The Capella at Galaxy Macau is set to open in mid-2025, featuring ultra-luxury accommodations [30] - Phase 4 development is underway, focusing on non-gaming amenities and expected to be completed by 2027 [31] - GEG is ramping up the Galaxy International Convention Center and Galaxy Arena to enhance its offerings [31][38]