by Sherry Qin
Galaxy Entertainment’s revenue more than quadrupled in the third quarter, boosted by its Macau gaming business following the lifting of Covid-19 restrictions.
Total net revenue rose to 9.65 billion Hong Kong dollars ($1.23 billion), compared with HK$2.03 billion in the same period last year, it said in a stock exchange filing on Thursday.
The operator of integrated resorts posted adjusted earnings before interest, tax, depreciation and amortization of HK$2.77 billion in the quarter, swinging from a loss of HK$581 million a year earlier.
Third quarter gross gaming revenue came in at HK$8.75 billion, which is significantly higher than the HK$918 million recorded in the same period last year.
Looking ahead, the company remains bullish on its prospects for Macau, a favorite destination for travelers from mainland China.
The company is progressing with the construction of “Phase 4,” a next-generation integrated resort that includes high-end hotels and other non-gaming facilities, said chairman Lui Che Woo. It expects to complete the project in 2027.
Write to Sherry Qin at [email protected]
(END) Dow Jones Newswires
November 8, 2023 20:14 ET (01:14 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
