User:Galaxy NT Announces Financial Report For Q4 And FY23; GGR Grows 6% Sequentially In Q4 FY23

Galaxy Entertainment Group reported a net profit of HK$10.3 billion for the three months ended Dec. 31 a year earlier, up 254% year-over-year and up 7% in a row as it recovered from the pandemic's muted year.

Q4 FY23 Revenue Data:

The above figure includes gaming gross revenues of HK$92.4 billion, which is approximately US$11.8bn, an increase of nearly 6% compared to the results of the September quarter last year. Additionally, adjusted EBITDA is approximately US$35.8bn, offsetting a loss of HK$16.3m, which is approximately US$20.8m from the fourth quarter of 2022, which was largely in line with the third quarter despite the company pointing out that it underperformed HK$1.3m, which is approximately US$13.2m for the quarter.

By sector, mass-table declines rose 2.6% to HK$30.7 billion, about HK$3.92 billion and about HK$1 billion in revenue. Rolling chip volumes also rose 6.6% from the same quarter to HK$3.46 billion, about HK$4.42 billion and about HK$116 million, according to Inside Asian Gaming.

For electronic gaming, trading volume rose 14.6% to HK$1.64 billion, with revenue of about HK$64.9 million.

Earnings data for FY23:

For the full fiscal year 2023, net income rose 211% year-over-year to HK$3.57 billion, or about HK$4.56 billion, and gaming gross revenue rose 322% to HK$4.17 billion, or HK$41.1 billion. For adjusted EBITDA, HK$9.96 billion, or about HK$12.7 billion, or about HK$5.53 billion, or an adjusted EBITDA for 2022.

In addition to all this data, Galaxy NT also shared information on its first quarter earnings this year, noting that 5,000 hotel suits now hold nearly 100% of the market, with large gaming declines and revenues reaching 120% above 2019 levels during the recent Lunar New Year.

According to Asia Gaming Brief, the company's president, Louis Che Woo, said in the aforementioned financial report, "We have reached positive results regardless of the constant competition in both Macau and the region and a few geopolitical and economic issues that have impacted consumer sentiment."

Furthermore, over the last year, the company has barely completed any development projects, including the official opening of the premium Mass Horizon Club, Galaxy Arena, Galaxy International Convention Center, and Raffles in the Galaxy Macau.

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