Galaxy Entertainment Group Celebrates Remarkable 2024 Growth
Galaxy Entertainment Group Reports Impressive Annual Results
Galaxy Entertainment Group (HKEx stock code: 27), a leader in the gaming and entertainment industry, proudly presents its financial achievements for the year 2024. The group has seen remarkable growth, indicating a strong recovery and resilience in a competitive market.
Key Financial Highlights of 2024
In 2024, Galaxy Entertainment Group showcased a total net revenue of $43.4 billion, representing a 22% increase compared to the previous year. This surge is notable as the company continues to thrive post-pandemic. With an adjusted EBITDA of $12.2 billion, also up 22% year-on-year, the profits exceeded expectations demonstrating effective operational strategies and market demand.
The net profit attributable to shareholders (NPAS) reached $8.8 billion, marking a remarkable 28% year-on-year growth. This success allowed the board to recommend a final dividend of $0.50 per share, reinforcing shareholders' confidence in the company's performance and future prospects.
Galaxy Macau™: The Heart of the Group's Success
Galaxy Macau™ has emerged as the primary contributor to the group’s financial success. The resort generated $34.5 billion in net revenue, up 24% year-on-year, alongside an adjusted EBITDA of $10.8 billion, reflecting an 18% increase. The popularity of Galaxy Macau™ can be attributed to its vast array of amenities, including luxurious hotels, dining options, and entertainment venues.
Throughout 2024, Galaxy Macau™ continually attracted visitors, achieving a hotel occupancy of 98%. The resort's stellar reputation and continual improvement efforts have made it a preferred choice for both local and international tourists.
StarWorld Macau and Other Properties
StarWorld Macau also showcased significant growth, generating $5.3 billion in net revenue, up 15% year-on-year. The adjustments in operations contributed to an adjusted EBITDA of $1.6 billion, up 24%. Full occupancy throughout the year underscored its draw among visitors.
In addition, Broadway Macau™ saw a dynamic turnaround, achieving $220 million in net revenue, significantly increasing by 114% year-on-year. Adjusted EBITDA for this property increased as well, showcasing a recovery in the entertainment sector.
Operational Innovations and Future Growth Plans
Galaxy Entertainment Group has been proactive in enhancing its offerings and operations. This year, the group integrated smart tables across its casinos, aiming to improve customer management and operational efficiency. The integration of new food and beverage (F&B) options at Galaxy Macau™ further increases its attraction as a premier destination for entertainment.
Furthermore, the company is eagerly preparing for the mid-2025 opening of Capella at Galaxy Macau, featuring ultra-luxury suites that promise unparalleled experiences for guests. The ongoing development of Phase 4 will focus heavily on non-gaming attractions, aiming to establish Macau as a global leisure and tourism hub.
Looking Ahead: Market Outlook and Future Developments
The outlook for Galaxy Entertainment Group remains optimistic. The company is well-positioned within the recovering Macau tourism market, which welcomed over 34.9 million visitors in 2024—24% more than the previous year. Expectations are high for sustained growth in visitor numbers and the overall economy.
As the group strengthens its collaborations with the Macao Government Tourism Office (MGTO), efforts to enhance the marketing of Macau as an international tourist destination continue. Galaxy Entertainment's focus on entertainment and events is evidenced by the hosting of around 460 shows in 2024, including major performances that draw significant crowds.
Frequently Asked Questions
What recent achievements did Galaxy Entertainment Group report?
The group reported a total revenue of $43.4 billion for 2024, a 22% increase year-on-year, alongside an NPAS of $8.8 billion, up 28% year-on-year.
How has Galaxy Macau™ contributed to the group's success?
Galaxy Macau™ generated $34.5 billion in net revenue, representing a 24% rise compared to the previous year and played a major role in the group’s overall financial performance.
What developments are planned for the future?
The group is actively developing Capella at Galaxy Macau, expected to open in mid-2025, and plans to advance its Phase 4 development, focusing on non-gaming entertainment facilities.
What is the group’s strategy regarding dividends?
Galaxy Entertainment Group has recommended a final dividend of $0.50 per share, showcasing its commitment to returning value to shareholders as it grows.
What are the expected visitor numbers in the future?
Given the recovery trends in tourism, expectations for visitor numbers in Macau are high, with over 34.9 million visitors recorded in 2024.
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