Galaxy Q1 results suffer from COVID-19 impact; adjusted EBITDA falls 93%

Galaxy Entertainment Group suffers heavy falls in both revenue and EBITDA.

Macau operator Galaxy Entertainment has seen Q1 adjusted EBITDA fall 93% year-on-year to HK$283m (US$36.5m).

This accompanies net revenue of HK$5.1bn for the quarter, a 61% fall.

With operations at Galaxy Macau, StarWorld Macau and Broadway Macau, Galaxy Entertainment has been particularly hit by this year’s casino closures – but mainly falls in tourism and visitation numbers, as casinos in Macau were since reopened.

Galaxy Entertainment Chairman Dr Lui Che Woo said: “Q1 2020 has been a very difficult period for the community and businesses globally due to the COVID-19 pandemic.

“I would like to express my heartfelt thanks to everyone globally for their efforts and restraints during this period of time. In particular, I would like to acknowledge and thank all of the medical and emergency personnel for their efforts and sacrifice.

“At this point in time it is difficult to quantify the full-year financial impact of the virus, but it will have a material impact on our financial results and we cannot determine the duration of the pandemic.”

Tim Poole

Visit Profile

Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.