Macau’s Galaxy Group posts Q4 earnings recovery and presses ahead with ICC plans Macau-based gaming and hospitality holding company, Galaxy Entertainment Group (GEG) has reported its financial results for the three month and 12-month periods ended 31 December 2020, with net revenue down 75% from the previous year. The Group, however, pointed to a Q4 recovery and said it was continuing with its long term development plans, including its Galaxy International Convention Center, part of the Cotai Phase 3 project. In 2020, visitor arrivals to Macau were 5.9 million, down 85% year-on-year. The GEG chairman, Dr Lui Che Woo’s statement in the annual accounts, released 25 February, noted that in Q4 2020, Mainland China, Hong Kong and Macau had continued to experience travel restrictions. “Given the subdued revenue, the Group’s Adjusted EBITDA was HK$1bn (US$130m) for the fourth quarter,” the chairman said. “This represents a 207% improvement compared to the Adjusted EBITDA loss of HK$0.9bn reported in Q3. This improvement was largely driven by an increase in visitation which translated into increased revenue and continuing cost control. The full year Adjusted EBITDA was HK$1bn versus HK$16.5bn in 2019.”