Top-News

Sehen Sie sich dieses Unternehmen an: Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $(Anzeige)

Die Tür zu einem Hotelzimmer (Symbolbild).

Donnerstag, 25.08.2016 09:45 von PR Newswire | Aufrufe: 293

Galaxy Entertainment Group Reports Interim Results for 1H 2016

Die Tür zu einem Hotelzimmer (Symbolbild). © oatawa / iStock / Getty Images Plus / Getty Images http://www.gettyimages.de/

PR Newswire

HONG KONG, Aug. 25, 2016

HONG KONG, Aug. 25, 2016 /PRNewswire/ -- Galaxy Entertainment Group Limited ("GEG" or the "Group") (HKEx stock code: 27) today reported unaudited results for the three and six month periods ended 30 June 2016.

HIGHLIGHTS
GEG: Continues to Drive Mass Business, Profitable Volumes and Control Costs

1H Group Adjusted EBITDA of $4.7 billion, up 13% year-on-year
1H Group net profit attributable to shareholders ("NPAS") of $2.6 billion, up 26% year-on-year
Q2 Group Adjusted EBITDA of $2.3 billion, up 22% year-on-year and down 7% quarter-on-quarter
Played lucky in gaming operations in 1H which increased profitability by approximately $90 million and played unlucky in the Q2 which reduced profitability by approximately $10 million

Galaxy Macau™: Solid Performance Driven by Mass

1H Revenue of $18.5 billion, up 8% year-on-year; 1H Adjusted EBITDA of $3.9 billion, up 22% year-on-year
Q2 Adjusted EBITDA of $1.9 billion, up 34% year-on-year and down 7% quarter-on-quarter
Played lucky in Q2 which increased Adjusted EBITDA by approximately $20 million
Hotel occupancy for Q2 across the five hotels was 97%

StarWorld Macau: Continues Transition to Mass

1H Revenue of $5.6 billion, down 22% year-on-year; 1H Adjusted EBITDA of $977 million, down 12% year-on-year
Q2 Adjusted EBITDA of $465 million, down 9% year-on-year and down 9% quarter-on-quarter
Played unlucky in Q2 which reduced Adjusted EBITDA by approximately $30 million
Hotel occupancy for Q2 was 97%

Broadway Macau™: Continues to Drive Visitations to our Cotai Portfolio

1H Revenue of $350 million and 1H Adjusted EBITDA of $9 million
Q2 Adjusted EBITDA of $6 million
Played lucky in Q2 which increased Adjusted EBITDA by approximately $2 million
Hotel occupancy for Q2 was virtually 100%

Balance Sheet: Remains Well Capitalized, Liquid and Virtually Debt Free

Cash and liquid investments stood at $11.3 billion as at 30 June 2016, up 46% from 31 December 2015
Virtually debt free with debt of $1.2 billion and net cash of $10.1 billion as at 30 June 2016
The Group paid a special dividend of $0.15 per share on 29 April 2016
Subsequently, the Group will pay another special dividend of $0.18 per share on or about 28 October 2016

Development Update: Advancing Plans for Cotai Phases 3 & 4 and Hengqin

ARIVA.DE Börsen-Geflüster

Kurse

CLP Holdings ADR

8,064 $

+0,67%

Cotai Phases 3 & 4 - Continue to move forward with Phase 3 with the potential to commence site preparation works in late 2016 and Phase 4 in 2017, with substantial floor area allocated to non-gaming and primarily targeting Meetings Incentives Conference and Events (MICE), entertainment and family facilities. We expect to be able to provide additional information on our development plans in late 2016 or early 2017
Hengqin - Plans moving forward to develop a low-density integrated resort to complement our high-energy entertainment resorts in Macau, anticipated to disclose further details later in the year
International - Continuously exploring opportunities in overseas markets

Dr. Lui Che Woo, Chairman of GEG said:

"GEG today announced solid financial results for the first half of 2016 as the Macau market continued to show gradual signs of stabilization. Galaxy Macau™, with its large mass segment and non-gaming entertainment amenities, is the main contributor to our results. This coupled with StarWorld Macau's ongoing steady transition to a Mass focused operation illustrates the broadening of GEG's footprint and the expansion of its non-gaming offering."

"Despite the continuing global headwinds and challenging times, Group revenues were steady at $25.5 billion in 1H 2016. Our strong focus on operational efficiency and prudent cost control contributed to our Adjusted EBITDA increasing by 13% in the same period. For Q2, Group revenue was up 4% year-on-year to $12.2 billion and Adjusted EBITDA was up 22% year-on-year to $2.3 billion. Our hotels were virtually fully occupied."

"The Macau market continues to show gradual signs of stabilization. Through the publication of its Interim Review of Gaming Liberalization for Games of Fortune Research Report, Five-Year Development Plan and the Tourism Industry Development Master Plan, the Macau Government has reinforced its commitment to economic growth and its support of the gaming and tourism industries."

"GEG supports the objectives in the recently released Government reports and we continue to enhance our non-gaming offerings to help diversify and grow both GEG revenues and the Macau economy. Moving forward to the second half of 2016 and beyond, we will continue our focus on the mass market while maintaining prudent cost control."

"In terms of development pipeline, GEG has the most clearly defined development plans in Macau, which includes the construction of Cotai Phases 3 & 4 and the proposed Hengqin project. The Cotai Phases 3 & 4 will further bolster GEG's non-gaming footprint by allocating substantial floor space to non-gaming amenities, including MICE, entertainment and family facilities. The proposed Hengqin development will allow the Group to develop a low density integrated resort that will complement our high-energy resorts in Cotai."

"Furthermore, drivers of growth viewed as fundamental to the long-term success of Macau – such as planned and ongoing major transportation infrastructure projects and synergies between the Macau Government's development policies and the Central Government's 13^th Five-Year Plan – are unchanged. These factors are likely to promote increased visitor numbers across tourism, leisure and gaming sectors."

"On 29 April 2016, we paid a special dividend of $0.15 per share, reflecting our continued confidence in the long-term outlook for Macau and our commitment of returning capital to shareholders. We are pleased to announce another special dividend of $0.18 per share to be paid on or about 28 October 2016."

"As a final note, I would like to thank the entire GEG team for their diligent efforts in supporting the Group to achieve these solid and credible results."

Market Overview

The market in the 1H 2016 continued to show gradual signs of stabilization despite the continuing challenging conditions and seasonal factors that impacted revenues. These include the slowdowns in the Chinese and the global economies, uncertainty around the UK's Brexit decision on financial markets, the UEFA Euro 2016 football championship and the tightening regulatory environment.

Gross Gaming Revenue ("GGR") decreased by 11% year-on-year to $104.6 billion in 1H 2016. We believe that the market trend towards mass has continued with total mass GGR now exceeding VIP GGR. Total visitor arrivals in 1H grew marginally by 0.1% year-on-year to 14.8 million and the average length of stay of visitors grew by 0.2 day year-on-year to 1.2 days. Importantly, 1H 2016 overnight visitors grew by 8% year-on-year to 7.2 million due to the opening of additional hotel rooms. Overnight visitors typically spend significantly more on high margin non-gaming services.

Group Financial Results

1H 2016

The Group's 1H 2016 results posted revenue of $25.5 billion (1H 2015: $25.4 billion), generating Adjusted EBITDA of $4.7 billion, up 13% year-on-year. As of 30 June 2016, the latest twelve months Adjusted EBITDA was $9.3 billion. Net profit attributable to shareholders was $2.6 billion, including $350 million of non-recurring charges. Galaxy Macau™'s Adjusted EBITDA was $3.9 billion, up 22% year-on-year. StarWorld Macau's Adjusted EBITDA was $977 million, down 12% year-on-year. Broadway Macau™'s Adjusted EBITDA was $9 million.

During 1H 2016, GEG experienced good luck in gaming operations which increased Adjusted EBITDA by approximately $90 million.

The Group's total gaming revenue on a management basis^[1] in 1H 2016 was $24.1 billion, down 2% year-on-year as total mass table games revenue was $10 billion, up 22% year-on-year and total VIP revenue was $13.2 billion, down 15% year-on-year.

Photo - http://photos.prnasia.com/prnh/20160825/8521605377-a

^[1] The primary difference between statutory revenue and management basis revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gaming revenue is reported on a management basis.

Q2 2016

The Group posted revenue of $12.2 billion, up 4% year-on-year and Adjusted EBITDA of $2.3 billion, up 22% year-on-year in Q2 of 2016. Galaxy Macau™'s Adjusted EBITDA was $1.9 billion, up 34% year-on-year. StarWorld Macau's Adjusted EBITDA was $465 million, down 9% year-on-year. Broadway Macau™'s Adjusted EBITDA was $6 million.

During Q2 of 2016, GEG experienced bad luck in gaming operations which reduced Adjusted EBITDA by approximately $10 million.

The Group's total gaming revenue on a management basis^[2] in Q2 of 2016 was $11.5 billion, up 3% year-on-year as total mass table games revenue was $5 billion, up 28% year-on-year and total VIP revenue was $6 billion, down 13% year-on-year.

Photo - http://photos.prnasia.com/prnh/20160825/8521605377-b

^[2] The primary difference between statutory revenue and management basis revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gaming revenue is reported on a management basis.

Balance Sheet, Cost Control and Special Dividends

The Group's balance sheet remains healthy. As of 30 June 2016, cash and liquid investments stood at $11.3 billion and net cash was $10.1 billion. Total debt was $1.2 billion as of 30 June 2016 (31 December 2015: $1.2 billion).

Previously we announced an $800 million cost control initiative. Up to the end of Q1 we had delivered $650 million and during Q2 we delivered the remaining $150 million. Importantly, this has been achieved without any local labour redundancies or without compromising our renowned "World Class, Asian Heart" service standard. We have identified an incremental $300 million of additional cost savings which will be delivered in 2016.

The Group paid a special dividend of $0.15 per share on 29 April 2016. Subsequently, the Group will pay another special dividend of $0.18 per share on or about 28 October 2016.

Galaxy Macau™

Galaxy Macau™ is the main contributor to Group revenue and earnings. Galaxy Macau™'s 1H 2016 revenue was $18.5 billion, up 8% year-on-year. Adjusted EBITDA was $3.9 billion, up 22% year-on-year. Q2 Adjusted EBITDA was $1.9 billion, up 34% year-on-year. The Group expects to leverage economies of scale as it continues to see the growth of Macau's mass market. We experienced good luck in our gaming operations which increased Adjusted EBITDA by approximately $155 million in the 1H and $20 million in the Q2.

Adjusted EBITDA margin for 1H 2016 calculated under HKFRS was 21% (1H 2015: 19%), or 27% under US GAAP (1H 2015: 25%). Good luck had a modest impact on margin for 1H 2016.

VIP Gaming Performance

VIP rolling chip volume for 1H 2016 was $245.8 billion, down 16% year-on-year. This translated to revenue of $9.9 billion, down 4% year-on-year. Q2 revenue was $4.4 billion, down 5% year-on-year and 19% quarter-on-quarter.

VIP Gaming

HK$'m	Q2 2015	Q1 2016	Q2 2016	QoQ%	YoY%	1H 2015	1H 2016	YoY%
Turnover	137,222	130,536	115,296	-12%	-16%	293,867	245,832	-16%
Net Win	4,659	5,458	4,408	-19%	-5%	10,282	9,866	-4%
Win %	3.4%	4.2%	3.8%			3.5%	4.0%

Mass Gaming Performance

Mass gaming revenue for 1H 2016 was $6.5 billion, up 22% year-on-year. Q2 revenue was $3.3 billion, up 30% year-on-year but down 1% quarter-on-quarter.

Mass Gaming

HK$'m

Q2 2015

Q1 2016

Q2 2016

QoQ%

YoY%

1H 2015

1H 2016

YoY%

Table Drop

6,542

7,734

7,834

20%

12,560

15,568

24%

Net Win

2,496

Mehr Nachrichten zur CLP Holdings ADR Aktie kostenlos abonnieren

E-Mail-Adresse

Benachrichtigungen von ARIVA.DE
(Mit der Bestellung akzeptierst du die Datenschutzhinweise)

Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte.