Galaxy Entertainment Group (GEG) reported HK$2.4 billion (US$310 million) in revenue for the second quarter of 2022, a 56% year-on-year decline and a 41% quarter-on-quarter decline.
Adjusted EBITDA was negative HK$384m for the period, compared to HK$1.13bn the previous year.
The operator also released its results for the first half of 2022, reporting a 39% drop in revenue to HK$6.5 billion and a 90% drop in adjusted EBITDA to HK$191 million. The net loss attributable to shareholders for the period was HK$850 million, compared to a profit of $947 million in the first half of 2021.
Galaxy Macau’s Q2 2022 revenue was HK$1.4 billion, a 62% decrease from Q2 2021, with 1H revenue down 38% year on year to HK$4.5 billion.
StarWorld Macau’s Q2 revenue was down 76% year on year to HK$220 million, with 1H revenue down 67% to HK$644 million.
In addition, Broadway Macau reported revenue of $15 million in Q2 2022, up from HK$14 million in Q2 2021. The venue reported 1H revenue of HK$31m, a 7% increase over the previous year.
Cash and liquid investments totaled HK$29 billion as of 30 June 2022, with net cash of HK$20.3 billion and core debt of HK$0.3 billion.
The impact of travel restrictions in Macau during the Covid-19 pandemic was highlighted by GEG, who stated that “performance of tourism and gaming industries were adversely impacted by travel restrictions and a Covid-19 outbreak in Macau during Q2 and 1H 2022.”
“In Q2 2022, visitor arrivals to Macau were 1.6 million, down 27% year on year and 15% quarter on quarter, due to increased cases of Covid-19 and the associated travel restrictions and quarantine rules.”
“Mainland visitor arrivals were 1.4 million, down 29% year on year and 18% quarter on quarter.” Overnight visitors totaled 0.5 million, a 49% decrease year on year and a 14% decrease quarter on quarter.”