Daily Asia Gaming eBrief: Galaxy 4Q23 EBITDA nears $358 million

Thursday 29th of February 2024

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Good Morning
Macau operators are benefiting from the massive resurgence in gaming, with Galaxy now announcing that its 4Q23 results yielded nearly $358 million in EBITDA, prompting the group to be Macau's first to give out a dividend for the period. Meanwhile, The Star has released its much-delayed results, indicating just $6 million in profit for 2023, amongst its remediation woes. Meanwhile, Sands China is doubling down on its non-gaming spend, with some $1.4 billion allocated to tricking out its Londoner property and revamping its Cotai Arena, as it focuses on MICE and entertainment.

What you need to know

Galaxy Entertainment Group announces impressive financial results for the fourth quarter and full year 2023.
The Star hits just $6 million in profit for 2023, as it concentrates its efforts on remediation and finishing out Queen's Wharf Brisbane.
Sands China CEO Grant Chum says $1.4 billion to go towards Londoner Phase 2 and Arena revamp: report.

On the radar

Casino closures are only partial and temporary: Genting Highlands.
Macau legislative assembly approves a draft bill to counter illegal gambling.
Rebound in customer traffic helps Okura continue to turn to profit in 2H23.
Economic recovery in 2023 led to surge in gaming-related crimes in Macau.
Casino operator Donaco reports surge in profits for first half of FY24.

AGB Intelligence

MACAU

Galaxy sees EBITDA reach nearly $358M in 4Q23

Macau gaming operator Galaxy Entertainment Group saw strong financials in its fourth quarter of 2023, with its most recent results showing EBITDA levels reached nearly $358 million during the period. The impressive metrics led GEG to become 'the first Macau operator' to release a dividend for the period, likely to appease shareholders. This was helped by nearly $4 billion in GGR over the course of 2023, as the group surged back.

The Star inquiry likely to have a negative impact on Queen’s Wharf Brisbane

Ben Lee

https://youtu.be/kjAXiMG0Cn4

The announcement that The Star would be the subject of a second Royal Commission inquiry doesn’t bode well for its financing, having already undergone multiple equity-raising rounds to help fund its Queen’s Wharf Brisbane project. But while regulatory issues are heavy in New South Wales, the group’s Brisbane project could be “too big to fail”, notes expert Ben Lee.

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