Galaxy Entertainment Group (27) Q4 2023 earnings summary

Executive summary

• FY2023 net revenue was $35.7 billion, up 211% YoY; Adjusted EBITDA was $10.0 billion versus a $553 million loss in 2022.

• Q4 net revenue was $10.3 billion, up 254% YoY and 7% QoQ; Adjusted EBITDA was $2.8 billion versus a $163 million loss in Q4 2022 and $2.8 billion in Q3.

• FY2023 net profit attributable to shareholders was $6.8 billion versus a $3.4 billion loss in 2022.

Financial highlights

• FY2023 net revenue: $35.684 billion; Adjusted EBITDA: $9.955 billion; net profit attributable to shareholders: $6.828 billion.

• Q4 Adjusted EBITDA normalized for approximately $103 million of unfavorable luck was $2.9 billion, versus normalized losses of $123 million in Q4 2022 and $2.9 billion in Q3 2023.

• Adjusted NPAS was $7.460 billion after non-recurring and other items, versus a pro forma loss of $2.300 billion in FY2022.

Outlook and guidance

• Cotai Phase 4, approximately 600,000 square meters, is scheduled for completion in 2027; development timing will continue to adjust with market demand.

• Phase 4 plans include new high-end hotel brands, a 4,000-seat theater, F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino.

• Overseas offices opened in Tokyo and Seoul in 2023, with Bangkok planned; efforts with MGTO target growth in international visitation and non-gaming demand.