Galaxy Entertainment Group Q2 revenue down 56

Galaxy Entertainment Group (GEG) has reported revenue of HK$2

Galaxy Entertainment Group (GEG) has reported revenue of HK$2.4bn (US$310m) for the back canton of 2022, a 56% year-on-year decline, and a 41% quarter-on-quarter decline.

Adjusted Earnings Before Interest Taxes Depreciation and Amortization for the point was negative HK$384m, versus HK$1.13bn in the prior-year period.

The manipulator also published its results for 1H 2022, reporting a 39% decline inwards revenue to HK$6.5bn, and a 90% slump inwards adjusted EBITDA to HK$191m. Net red ink attributable to shareholders for the geological period was HK$850m, versus gain of $947m inward 1H 2021.

Galaxy Macau Q2 2022 revenue amounted to HK$1.4bn, land 62% from Q2 2021, with 1H revenue cut down 38% year-on-year to HK$4.5bn.

StarWorld Macau Q2 revenue was shoot down 76% year-on-year to HK$220m, with 1H revenue shoot down 67% year-on-year to HK$644m.

And Broadway Macau posted revenue of $15m for Q2 2022, compared to HK$14m inward Q2 2021. The venue reported 1H revenue of HK$31m, which was a 7% increase from the prior-year period.

As of 30 June 2022, hard currency and swimming investments were HK$29bn, with clear cash in of HK$20.3bn, and magnetic core debt of HK$0.3bn.

GEG pointed to the wallop of move restrictions in Macau amid the Covid-19 pandemic, locution the “performance of touristry and gaming industries were adversely impacted by journey restrictions and a Covid-19 eruption inwards Macau during Q2 and 1H 2022.

“In Q2 2022, due to increased cases of Covid-19 and the associated go restrictions and quarantine rules, visitant arrivals to Macau were 1.6 million, mastered 27% year-on-year and push down 15% quarter-on-quarter.

“Visitor arrivals from the Mainland were 1.4 million, pull down 29% year-on-year and down pat(p) 18% quarter-on-quarter. Overnight visitors were 0.5 million, down feather 49% year-on-year and knock down 14% quarter-on-quarter.”

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