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Macau Relaunch in 2023 Boosts Galaxy’s Revenue
A major GEG-operated casino, Galaxy Macau, saw a significant increase in profits, up 274 percent year over year, with gambling profits up 312 percent.
In the year 2023, Galaxy Entertainment Group‘s income rose significantly, rising by 211 percent to HKD35.68bn. When quarantine limitations about traveling were removed in January of the same year, the gambling market reopened, which is what spurred this expansion. GEG’s chairman, Lui Che Woo, applauded the company’s achievements despite facing more competition in Macau, emphasizing effective resource utilization. Notwithstanding difficulties both locally and internationally, GEG’s efforts resulted in an increase in full-year adjusted EBITDA.
GEG’s Milestones and Growth in 2023
GEG achieved significant milestones in the previous year, including the launch of Raffles, the Galaxy Arena at Galaxy Macau, and the GICC. For GEG’s ongoing development for a new resort in Macau, scheduled for completion by 2027, CEO Lui Che Woo emphasized the importance of attracting a broader clientele and expand the marketplace.
- GEG experienced substantial development in Macau in the previous year, with group NGR of 23.2bn dollars.
- Non-betting profit increased to 5.40bn dollars.
- Reviewed year’s adjusted EBITDA improved to a positive 10bn dollars, driven by revenue growth.
Galaxy ended the year on a high note, with strong fourth-quarter performance.
- Group revenue reached 10.3bn dollars. StarWorld Macau sales reached 1.26bn dollars, and Galaxy Macau sales rose 346.6 percent to 8.19bn dollars.
- Revenue from City Clubs and Broadway Macau also saw notable increases.
- Adjusted EBITDA for the quarter amounted to 2.8bn dollars, a significant improvement from the previous year.
CEO Woo expressed gratitude to the group for their part in making it successful.
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