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HVS Asia Pacific Hospitality Newsletter - Week Ending 09 June 2023

HVS Asia Pacific Hospitality Newsletter - Week Ending 09 June 2023
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HVS Asia Pacific Hospitality Newsletter - Week Ending 9 June 2023

Article - HVS Asia Pacific Hospitality Newsletter - Week Ending 9 June 2023 - Weekly Hotel Industry Asia Pacific News Roundup from HVS ....

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Galaxy Entertainment Posts Loss In FY20 On Weak Revenues

Galaxy Entertainment Posts Loss In FY20 On Weak Revenues
HONG KONG (dpa-AFX) - Hong Kong-based Galaxy Entertainment Group (GXYEF.PK, GXYEY.PK) reported Thursday that its fiscal 2020 net loss attributable to shareholders was HK$4 billion, down 130 percent year-on-year. .
Group Adjusted EBITDA was negative HK$1 billion, compared to positive HK$16.5 billion last year. Normalized 2020 Adjusted EBITDA was loss of HK$1.0 billion, compared to profit of HK$15.7 billion in 2019.
Total net revenue declined 75 percent to HK$12.9 billion from HK$51.90 billion a year ago.
In the fourth quarter, adjusted EBITDA of HK$1.0 billion declined 75 percent year-on-year, but grew 207 percent sequentially. Net revenue of HK$5.1 billion dropped 61 percent year-on-year, but climbed 229 percent sequentially. ....

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