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Playing for keeps S
Galaxy Macau is proving a handful for its competitors after a stellar first quarter
ituated on one of the edges of Cotai, the golden towers of the Galaxy Macau hotel- casino are the first sight many punters have of the strip. Those same golden towers have welcomed an average of
35,000 to 40,000 visitors a day since opening in May, reaching up to more than 70,000 people in a single day. Up to 60 percent of those visitors are there to gamble, says Jane Tsai, vice-president of marketing communications for Galaxy Macau. Many are also staying at one of the resort’s three hotels – Banyan Tree Macau, Hotel Okura Macau and Galaxy Macau – where occupancy reached 92 percent in June. The new complex is proving to be a game changer
for its parent company, Galaxy Entertainment Group. The gaming concessionaire has more than doubled its market share in the past three months. At the end of last month, it enjoyed a 20 percent market share by casino gross gaming revenue. On the league table of casino operators, it now sits second having surpassed Cotai rivals Sands China Ltd. and Melco Crown Entertainment. In the first 47 days of operation to the end of June,
Galaxy Macau generated HK$2.4 billion (US$310 million) in gaming revenues and delivered adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of HK$376 million. “This is a huge accomplishment,” said Robert
Drake, Galaxy Entertainment Group chief financial officer, during last month’s results announcement. “Galaxy Macau opened extremely well”. There were fears Galaxy Macau would cannibalise
takings at its sister property on the peninsula, StarWorld. That has not been the case. The latter posted its 12th consecutive quarter of EBITDA growth in the period between April and June, culminating in an adjusted EBITDA of HK$685 million – a record. “We see Galaxy Macau actually strengthening
StarWorld’s performance,” said Mr Drake. Surprise packet
“Galaxy Macau continues to surprise,” Morgan
Stanley said in an investors note after the property’s first set of results were announced. The investment bank said growth is expected to continue until the end of the year. Analysts Praveen K. Choudhary and Calvin Ho wrote that “further upside surprise could come from
22 JUNE 2011
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