Top-News

Schnelle Produktionsaufnahme: Multi-Tenbagger-Potenzial direkt in Spanien?(Anzeige)

Ein Spieltisch in einem Casino (Symbolbild).

Mittwoch, 08.11.2017 23:41 von PR Newswire | Aufrufe: 239

Galaxy Entertainment Group Reports Selected Unaudited Q3 2017 Financial Data

Ein Spieltisch in einem Casino (Symbolbild). © vadimguzhva / iStock / Getty Images Plus / Getty Images

PR Newswire

HONG KONG, Nov. 8, 2017

HONG KONG, Nov. 8, 2017 /PRNewswire/ -- Galaxy Entertainment Group ("GEG" or the "Group") (HKEx stock code: 27) today reported unaudited results for the three months period ended 30 September 2017. (All amounts are expressed in Hong Kong dollars unless otherwise stated.)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

I would like to take this opportunity to provide you an update on the extraordinary period that Macau experienced as a result of Typhoons Hato and Pakhar and on our Q3 2017 financial performance.

Macau was severely hit by the most powerful typhoon in over half a century in August. Many citizens including our team members and guests suffered significant hardship. During such a difficult period, we witnessed great endurance and unity in people from all walks of life in Macau. With the dedicated time and effort made by everyone including Macau's citizens, the Government, the broader community and GEG, Macau is recovering from the typhoons and is now returning to normal. During the past two months, many of our team members contributed to the relief efforts in various ways ranging from substantial donations of goods and services to volunteer works in areas of need. The GEG Foundation and the Lui Che Woo Foundation also contributed a total of MOP 60 million, including construction materials, to help rebuild the community. We wish that everyone will continue to work hand in hand to ensure a full recovery of Macau and to move forward with a very bright future.

Our recent efforts over the past few months have been very focused on repairing and supporting the recovery of Macau. We continue with our repair works to the damages from the typhoon at our Macau resorts, but, in the main, we are back to business as usual. Thanks to the tireless efforts of our team members, Broadway Hotel and Casino smoothly reopened for business on 25 September 2017. Despite the impact of Typhoons Hato and Pakhar, our businesses continued to perform well and have delivered satisfactory results for the three months period ended 30 September 2017.

We are very proud of the efforts of all of our team members. I would like to take this opportunity to thank each and everyone of our team members for delivering professional and outstanding customer service, especially during the challenging time that we recently encountered.

Dr. Lui Che Woo
GBM, MBE, JP, LLD, DSSc, DBA
Chairman

ARIVA.DE Börsen-Geflüster

Kurse

Galaxy Entertainment

4,48 €

+3,46%

Q3 2017 RESULTS HIGHLIGHTS

GEG: Recovering from the Recent Typhoons

Q3 Group Revenue of $15.9 billion, up 23% YoY, up 10% QoQ
Q3 Group Adjusted EBITDA of $3.5 billion, up 31% YoY, up 7% QoQ
Played unlucky in gaming operations in Q3 which decreased Adjusted EBITDA by approximately $110 million
LTM Adjusted EBITDA of $12.9 billion

Galaxy Macau™: Solid Operational Execution Delivers Earnings Growth

Q3 Revenue of $11.3 billion, up 20% YoY, up 15% QoQ
Q3 Adjusted EBITDA of $2.7 billion, up 23% YoY, up 9% QoQ
Played unlucky in gaming operations in Q3 which decreased Adjusted EBITDA by approximately $159 million
Normalized Q3 Adjusted EBITDA of $2.9 billion, up 44% YoY, up 11% QoQ
Hotel occupancy for Q3 across five hotels was 98%

StarWorld Macau: Another Solid Quarter

Q3 Revenue of $3.8 billion, up 36% YoY, up 5% QoQ
Q3 Adjusted EBITDA of $799 million, up 49% YoY, up 4% QoQ
Played lucky in gaming operations in Q3 which increased Adjusted EBITDA by approximately $49 million
Normalized Q3 Adjusted EBITDA of $750 million, up 49% YoY, up 9% QoQ
Hotel occupancy for Q3 was 99%

Broadway Macau™: Reopened in Late September after Typhoon Hato

Hotel and Casino reopened in late September 2017 after approximately one month closure
Q3 Revenue of $105 million (versus Q3 2016: $167 million)
Q3 Adjusted EBITDA of $(4) million (versus Q3 2016: $7 million)
No material luck impact for Q3 Adjusted EBITDA
Hotel occupancy for the full three months was 61%, excluding hotel closure occupancy was 93%

Balance Sheet: Remains Well Capitalized and Liquid

Cash and liquid investments was $36.3 billion and net cash of $28.5 billion as at 30 September 2017
Debt of $7.8 billion as at 30 September 2017 primary reflects ongoing treasury yield management initiative
GEG paid the previously announced special dividend of $0.33 per share on 27 October 2017

Development Update: Macau's Largest Development Pipeline and Future Earnings Potential

Cotai – The Next Chapter continuing to move forward
Hengqin – Plans moving forward to develop a leisure destination resort to complement our high-energy entertainment resorts in Macau
International – Continuing to progress our strategic partnership with Monte-Carlo SBM to explore the development of IRs in Asia – including Japan

Market Overview

Despite increased competition both in Macau and regionally, we are encouraged to see that the Macau market continues to recover. Gross Gaming Revenue for Q3 2017 was $65 billion, up 22% year-on-year and 7% quarter-on-quarter.

In Q3 2017, total visitation to Macau was 8.3 million, up 2.1% year-on-year and up 7.5% quarter-on-quarter. In particular, overnight visitors grew at a faster rate of 7% year-on-year and up 9% quarter-on-quarter. We view this as a positive trend as overnight visitors have a higher spend per customer than day trippers, especially on the higher margin non-gaming activities.

Group Financial Results

Q3 2017

The Group posted revenue of $15.9 billion, up 23% year-on-year and up 10% quarter-on-quarter. Adjusted EBITDA was $3.5 billion, up 31% year-on-year and up 7% quarter-on-quarter. Galaxy Macau™'s Adjusted EBITDA was $2.7 billion, up 23% year-on-year and up 9% quarter-on-quarter. StarWorld Macau's Adjusted EBITDA was $799 million, up 49% year-on-year and up 4% quarter-on-quarter. Broadway Macau™'s Adjusted EBITDA was $(4) million (versus Q3 2016: $7 million; Q2 2017: $1 million). LTM Adjusted EBITDA was $12.9 billion.

During Q3 2017, GEG experienced bad luck in its gaming operation which decreased its Adjusted EBITDA by approximately $110 million.

The Group's total gaming revenue on a management basis[1] in Q3 2017 was $14.9 billion, up 24% year-on-year and up 12% quarter-on-quarter. Total mass table games revenue was $6.1 billion, up 14% year-on-year. Total VIP revenue was $8.2 billion, up 34% year-on-year. Total electronic gaming revenue was $567 million, up 9% year-on-year.

Chart of GEG Adjusted EBITDA: https://photos.prnasia.com/prnh/20171109/1988228-1-a

Balance Sheet, Treasury Management and Special Dividend

The Group's balance sheet remains liquid and healthy. As of 30 September 2017, cash and liquid investments were $36.3 billion and net cash was $28.5 billion. Total debt was $7.8 billion as of 30 September 2017 (30 June 2017: $6.5 billion). Our debt primarily reflects a treasury management exercise where interest income on cash holdings exceeds corresponding borrowing costs. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline and international expansion ambitions.

GEG paid the previously announced special dividend of $0.33 per share on 27 October 2017, an 83% increase compared to October 2016.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. During Q3 2017, revenue was $11.3 billion, up 20% year-on-year and up 15% quarter-on-quarter. Adjusted EBITDA was $2.7 billion, up 23% year-on-year and up 9% quarter-on-quarter. Adjusted EBITDA margin for Q3 2017 calculated under HKFRS was 24% (Q3 2016: 23%), or 31% under US GAAP (Q3 2016: 29%).

Galaxy Macau™ experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $159 million in Q3 2017. Normalized Q3 2017 Adjusted EBITDA was $2.9 billion, up 44% year-on-year and up 11% quarter-on-quarter.

VIP Gaming Performance

VIP rolling chip volume for Q3 2017 was $164.9 billion, up 41% year-on-year and up 24% quarter-on-quarter. This translated into revenue of $5.9 billion, up 27% year-on-year and up 21% quarter-on-quarter.

VIP Gaming

HK$'m	Q3 2016	Q2 2017	Q3 2017	YoY%	QoQ%
Turnover	117,048	132,899	164,876	41%	24%
Net Win	4,617	4,830	5,854	27%	21%
Win %	3.9%	3.6%	3.6%	--	--

Mass Gaming Performance

Mass gaming revenue for Q3 2017 was $4.2 billion, up 17% year-on-year and up 8% quarter-on-quarter.

Mass Gaming

HK$'m	Q3 2016	Q2 2017	Q3 2017	YoY%	QoQ%
Table Drop	8,103	8,930	9,619	19%	8%
Net Win	3,572	3,845	4,169	17%	8%
Hold %	44.1%	43.1%	43.3%	--	--

Electronic Gaming Performance

Electronic gaming revenue for Q3 2017 was $482 million, up 5% year-on-year and up 10% quarter-on-quarter.

Electronic Gaming

HK$'m

Q3 2016

Q2 2017

Q3 2017

YoY%

QoQ%

Slots Handle

11,681

11,187

11,708

Mehr Nachrichten zur Galaxy Entertainment 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.