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Galaxy Entertainment stays bullish on Macao despite revenue slump in Q2

Casino and hotel operator Galaxy Entertainment Group Ltd. said Aug. 13 that it remains confident in the medium to long term for Macao despite recording flat earnings and a revenue slump in the second quarter of fiscal 2019.

For the three months ended June 30, the company's EBITDA came in at HK$4.33 billion, the same as the year-ago figure. Galaxy Entertainment did not provide EPS figures for the quarter.

Group revenue during the second quarter fell 5% year over year to HK$13.17 billion from HK$13.93 billion as gross gaming revenue plunged 11% to HK$15.20 billion from HK$17.15 billion. Gross revenue from VIP gaming also plummeted 25% year over year to HK$7.3 billion from HK$9.8 billion.

Galaxy Entertainment's mass table gross gaming revenue came in at HK$7.3 billion, up 6% year over year from HK$6.8 billion, while gross revenue from electronic gaming during the quarter also rose 6% to HK$607 million from HK$600 million.

For the first six months of 2019, the company's total net revenue fell year over year to HK$26.22 billion from HK$28.06 billion, while adjusted EBITDA declined to HK$8.32 billion from HK$8.65 billion.

Galaxy Entertainment Chairman Che-Woo Lui said the second-quarter and half-year results benefited from the celebration of the 70th anniversary of the founding of the People's Republic of China and the 20th anniversary of the return of Macao to China.

"The overall market in Macao remains relatively stable despite a decrease in VIP volumes due to increasing regional competition, ongoing trade tensions and a slowing Chinese economy," Lui said. "We continue to reallocate our resources to the highest and best use and focus on growing the higher-margin mass business."

Hong Kong-based Galaxy Entertainment, which mainly operates in Macao, said the developing potential of the Chinese tourism market is expected to benefit the region. The company also highlighted the ongoing investments in infrastructure, which it said will allow easier access to and movement within Macao.

Meanwhile, the company declared a special dividend of 46 Hong Kong cents per share, payable on or about Oct. 25. This represents an increase from the dividend of 45 cents paid in April.

The company also said it is set to elect its next CEO on Aug. 25.