GALAXY ENTMT GRP U/ADR - GXYYY STOCK NEWS

The WTT Champions Macao 2023, organized by Galaxy Entertainment Group and the Macao Sports Bureau, concluded on April 23, 2023. The tournament showcased 64 top players, with China's Wang Chuqin and Wang Manyu winning the men's and women's singles, respectively. The event attracted significant local and tourist attendance, highlighting Macau's growing sports culture. GEG co-hosted a promotional activity on World Table Tennis Day, engaging various community groups and promoting social inclusion. GEG aims to continue enhancing sports engagement in Macau and leverage its tourism potential as a multi-sport host city. In 2022, GEG secured a new gaming concession valid until 2032, reinforcing its market position.

Galaxy Entertainment Group (HKEx stock code: 27) announced Q4 2022 results with Group Net Revenue at $2.9 billion, down 39% year-on-year. Full Year 2022 Group Net Revenue totaled $11.5 billion, a 42% decline. The Group reported an adjusted EBITDA of $(0.2) billion in Q4 and $(0.6) billion for the full year, compared to $1.0 billion and $3.5 billion in 2021, respectively. Group NPAS stood at $(3.4) billion. Despite these declines, a new gaming concession valid until 2032 was awarded, and GEG plans to invest MOP28.4 billion in enhancing facilities, focusing primarily on non-gaming projects. The Group's cash and liquid investments totaled $26.4 billion, with net cash of $18.9 billion, indicating a strong balance sheet.

Galaxy Entertainment Group (GEG) reported Q3 2022 financial results amid ongoing COVID-19 challenges, with Group Net Revenue at $2.0 billion, down 52% year-on-year. Adjusted EBITDA stood at $(581) million, compared to $503 million in Q3 2021. The company's cash and liquid investments totaled $22.5 billion, maintaining a healthy balance sheet. Development continues with Cotai Phases 3 and 4, despite pandemic-related constraints. The Group remains cautiously optimistic about Macau's recovery and future tourism potential, although risks from potential COVID-19 outbreaks persist.

Galaxy Entertainment Group reported a challenging Q2 2022, with a net revenue of $2.4 billion, a 56% decline year-on-year, and an adjusted EBITDA of -$384 million. Key factors impacting performance included COVID-19 outbreaks and travel restrictions in mainland China, leading to a 39% drop in 1H 2022 net revenue of $6.5 billion. The company maintains a robust balance sheet with $29 billion in cash and liquid investments. Despite current challenges, GEG remains committed to investing in Macau's future, particularly through Cotai Phases 3 & 4, while the gaming concession tender is due by September 14, 2022.

Galaxy Entertainment Group reported Q1 2022 financial results, showing a 33% decline in Adjusted EBITDA to HK$575 million year-on-year, attributed to COVID-19 impacts and travel restrictions. Net Revenue fell 20% to HK$4.1 billion. Galaxy Macau was the main revenue source with HK$3.1 billion, down 10%. The company maintained a strong balance sheet with net cash of HK$24.5 billion and paid a special dividend of HK$0.30 per share on April 29, 2022. GEG remains optimistic about Macau's recovery despite ongoing pandemic challenges.

Galaxy Entertainment Group reported Q3 2021 results, showcasing a Group Net Revenue of $4.3 billion, a 176% increase year-on-year, but down 23% from Q2 2021. Group Adjusted EBITDA reached $503 million, compared to a loss of $(943) million in Q3 2020. Despite challenges from COVID-19 and travel restrictions, GEG maintains a healthy balance sheet with $38.4 billion in liquid investments. The company is actively investing in Cotai Phases 3 & 4, enhancing its offerings, and supports Macau’s vision as a World Centre of Tourism and Leisure.