Macau Reopens, Galaxy's Revenue Skyrockets
Date: 2024-03-01 Author: Dima Zakharov Categories: EVENTS
Macau's Pandemic Exit Sparks Revenue Boom
In an exciting turn of events, Galaxy Entertainment Group (GEG) witnessed a remarkable surge in revenue, marking a 211.0% increase to HKD35.68bn in 2023. This unprecedented growth was attributed to the complete reopening of the Macau gaming market, following the removal of pandemic travel and quarantine restrictions in January 2023.
Galaxy's Phenomenal Performance
The reopening of Macau unleashed a wave of prosperity for Galaxy, particularly at the Galaxy Macau, where revenue skyrocketed by a staggering 274.3% year-on-year. Despite facing heightened competition in the region, GEG's chairman, Lui Che Woo, commended the exceptional performance in 2023.
Galaxy's Vision for the Future
In addition to its stellar financial performance, Galaxy made significant strides in various development projects. The opening of new luxury accommodations and entertainment venues such as the Raffles at Galaxy Macau and the Galaxy Arena contributed to its expanding portfolio.
Embracing Diverse Markets
Galaxy's initiatives extend beyond Macau, with the establishment of overseas offices in key Asian cities like Tokyo, Seoul, and soon Bangkok. These endeavors align with the company's strategy to attract a broader spectrum of international tourists and support government initiatives for tourism growth.
Quarterly Success
The fourth quarter of 2023 also brought substantial growth for Galaxy, with group revenue reaching $10.30bn, marking a 253.9% increase year-on-year. Adjusted EBITDA for the quarter stood at an impressive $2.81bn, showcasing the company's resilience and adaptability in dynamic market conditions.
