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Galaxy EBITDA plunges 93 percent in 20Q1

Galaxy Entertainment released its 20Q1 financial statement on Wednesday revealing the anticipated economic impact of Covid-19, including a 93 percent year-on-year fall in EBITDA.

Adjusted EBITDA was HK$283 million (US$36.8 million) for the quarter, while net revenues were HK$5.1 billion, down 61 percent year-on-year.

Chairman Lui Che Woo commented, “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.”

The statement noted that total philanthropic contributions by Galaxy now total MOP200 million (US$26 million).

Galaxy Macau, the primary contributor to group revenue and earnings, reported net revenue at HK$3.5 billion, down 62 percent year-on-year, and adjusted EBITDA of HK$329 million, down 89 percent year-on-year.

Broadway Macau turned in an earnings loss in the quarter.

Turning to international development, the statement observed, “Our Japan based team continues with our Japan development efforts. We view Japan as a great long term growth opportunity that will complement our Macau operations and our other international expansion ambitions. GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, look forward to bringing our brand of world class IRs to Japan.”

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