Q3 2024 Galaxy Entertainment Group Ltd Earnings Call Transcript
Key Points
- Galaxy Entertainment Group Ltd (GXYEF) reported a net revenue increase of 11% year-on-year, reaching $10.7 billion in Q3 2024.
- Macau welcomed 9.2 million visitors in Q3, marking an 11% increase year-on-year and reaching approximately 93% of pre-pandemic levels.
- The group's Mass GGR in Q3 rose by 13% year-on-year, achieving 115% of 2019's level.
- Galaxy Macau performed exceptionally well, reaching 139% of 2019's level.
- The company maintains a robust and liquid balance sheet with cash and liquid investments of $28.6 billion as of Q3 2024.
- Adjusted EBITDA was down 2% quarter-on-quarter, primarily due to a low win rate in the rolling business impacting EBITDA by $165 million.
- Adverse weather conditions in southern China and a typhoon in September affected Macau visitor numbers.
- The company's total OpEx edged up 1.7% compared to Q2, despite a decrease in staff costs by 2%.
- The reinvestment rate increased due to lower VIP GGR and higher commissions, impacting profitability.
- The market remains intensely competitive, affecting the company's ability to maintain or grow market share.
Thank you for holding, and welcome to the Galaxy Entertainment Group's management update for the third-quarter results of 2024. Joining us today are Mr. Ted Chan, Chief Financial Officer; Mr. Roland To, Senior Director of Strategic Planning; and Mr. Peter Caveny, Assistant Senior Vice President of Investor relations.
(Operator Instructions)
I would now like to pass to Mr. Chan for presentation. Mr Chan, please go ahead. Thank you.
Thank you. Thank you everyone. Thank you for joining us for the update call on GEG's Q3 2024 results. I'm joined today by Peter Caveny and Roland To. Copies of our media release, stock exchange announcement, and PowerPoint presentation are available on our website, which also include our customer disclaimers.
I'm pleased to see that Macau welcome 9.2 million visitors in Q3, marking a 11% increase year on year, and reaching approximately 93% of our pre-pandemic levels in 2019. Notably, visitors' arrival from the 10 newly added
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