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Macau's Galaxy Group posts Q4 earnings recovery and presses ahead with ICC plans


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 com ....

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Galaxy Entertainment Group Reports Q4 & Annual 2020 Results


Full Year Net Revenue of $7.8 billion, down 79% year-on-year
Full Year Adjusted EBITDA of $(0.9) billion versus $12.6 billion in 2019
Q4 Net Revenue of $3.3 billion, down 64% year-on-year and up 430% quarter-on-quarter
Q4 Adjusted EBITDA of $0.7 billion, down 77% year-on-year and up 193% quarter-on-quarter
Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $41 million, normalized Q4 Adjusted EBITDA of $0.8 billion, down 74% year-on-year and up 199% quarter-on-quarter
Hotel occupancy for Q4 across the five hotels was 49%
 
Full Year Net Revenue of $2.2 billion, down 80% year-on-year
Full Year Adjusted EBITDA of $(0.3) billion versus $3.5 billion in 2019
Q4 Net Revenue of $1.0 billion, down 64% year-on-year and up 380% quarter-on-quarter
Q4 Adjusted EBITDA of $0.2 billion, down 81% year-on-year and up 167% quarter-on-quarter ....

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