Galaxy Entertainment Group (27) Q4 2024 earnings summary

Executive summary

• FY2024 Net Revenue rose 22% year-over-year to HK$43.4 billion; Adjusted EBITDA up 22% to HK$12.2 billion; Net Profit Attributable to Shareholders (NPAS) up 28% to HK$8.8 billion.

• Q4 2024 Net Revenue was HK$11.3 billion, up 9% year-over-year and 6% quarter-on-quarter; Q4 Adjusted EBITDA was HK$3.2 billion, up 15% year-over-year and 10% quarter-on-quarter.

• Maintained a strong balance sheet with HK$31.3 billion in cash and liquid investments, net position of HK$27.1 billion after HK$4.2 billion debt.

• Paid total dividends of HK$0.80 per share in 2024 and recommended a final dividend of HK$0.50 per share for June 2025.

• Major property upgrades, technology enhancements, and international marketing initiatives supported growth.

Financial highlights

• Group GGR for 2024 was HK$41.1 billion, up 30% year-over-year; mass GGR HK$33.1 billion (+25%), VIP GGR HK$5.3 billion (+55%), electronic GGR HK$2.7 billion (+52%).

• Galaxy Macau™ FY2024 Net Revenue: HK$34.5 billion (+24% YoY); Adjusted EBITDA: HK$10.8 billion (+18% YoY).

• StarWorld Macau FY2024 Net Revenue: HK$5.3 billion (+15% YoY); Adjusted EBITDA: HK$1.6 billion (+24% YoY).

• Construction Materials Division FY2024 Adjusted EBITDA: HK$857 million (+23% YoY); Q4 Adjusted EBITDA: HK$277 million (+35% YoY, +29% QoQ).

• Earnings per share (basic and diluted) were HK 200.3 cents, up from 156.2 cents in 2023.

Outlook and guidance

• Capella at Galaxy Macau targeted to open mid-2025; Phase 4 development focused on non-gaming, entertainment, and family facilities, scheduled for completion in 2027.

• Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau; international expansion opportunities under review.

• Policy relaxations and infrastructure improvements, such as expanded IVS and new LRT line, expected to boost visitation.

• Ongoing commitment to diversify Macau’s economy and support government initiatives for tourism and leisure.

• Hosting major events in 2025, including Andrea Bocelli, ITTF World Cup, and FIA General Assemblies, to drive further growth.