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GEG Posts Favorable Q4 Results, Underpinned by Macau’s Recovery
GEG is increasingly interested in international markets

Gaming and hospitality giant Galaxy Entertainment Group (GEG) has published its Q4 results, illustrating an optimistic outlook for the company’s business. According to chair Dr Lui Che Woo, the company is well positioned for further growth.
In Q4, GEG reported net revenue of HKD 10.3 billion ($1.3 billion), showing a spectacular 254% increase year-on-year. Adjusted EBITDA for the period, meanwhile, stood at HKD 2.8 billion ($0.36 billion), far exceeding the HKD (0.2) billion recorded in Q4 2022.
GEG’s full-year group net revenue reached a whopping HKD 35.7 billion ($4.56 billion), up 211% YOY. Adjusted EBITDA for 2023 was HKD 10 billion ($1.28 billion), versus HKD (0.6) billion in 2022. Full-year NPAS, on the other hand, hit HKD 6.8 billion ($0.86 billion), versus NPAS of HKD 3.4 billion in 2022. Full-year adjusted NPAS stood at HKD 7.5 billion ($0.96 billion).
GEG continues to maintain a healthy balance sheet, reporting liquid investments of HKD 25 billion ($3.19 billion) and net cash of HKD 23.5 billion ($3 billion) as of December 31, 2023. The company’s outstanding debt stood at HKD 1.5 billion ($0.19 billion).
GEG paid a special dividend of HKD 0.20 ($0.026) per share in October and is preparing to pay a dividend of HKD 0.30 ($0.038) per share in April.
GEG’s Macau Operations Showed Improvement
GEG is convinced that its Macau businesses are well-positioned for further growth. In Q4, the company’s Galaxy Macau business in the special administrative region recorded revenue of HKD 8.2 billion ($1.05 billion), up 347% YOY. Q4 adjusted EBITDA, meanwhile, was HKD 2.6 billion ($0.33 billion). Hotel occupancy across the seven Galaxy Macau properties was 95%. GEG added that Galaxy Macau earned HKD 27.7 billion ($3.54 billion), up 274% YOY; and adjusted EBITDA of HKD 9.1 billion ($1.16 billion) in FY 2023.
The StarWorld Macau business is likewise positioned for future growth. It reported Q4 net revenue of HKD 1.3 billion ($0.17 billion) and adjusted EBITDA of HKD 353 million ($45.1 million). Hotel occupancy stood at 100%. For 2023, the StarWorld business reported revenue of HKD 4.6 billion ($0.59 billion) and adjusted EBITDA of HKD 1.3 billion ($0.17 billion).
Other brands, such as Broadway Macau, City Clubs and the Construction Materials Division also posted improvements as losses decreased and profits increased across the board.
The Company Eyes International Expansion
Dr Lui Che Woo commented on the results, praising the strong results in spite of the strong competition in Macau. He praised recent developments, such as the opening of the 450 all-suite Raffles at Galaxy Macau and the new premium mass Horizon Club, as well as the opening of both the Galaxy International Convention Centre and Galaxy Arena.
The chairman added that his team is increasingly interested in international markets.
These efforts will take time and we are doing our best. GEG has opened overseas offices in Tokyo and Seoul in 2023, and will soon be opening another office in Bangkok. The competition for high-value international tourists is significant and we will strive to support this Government initiative.
Dr Lui Che Woo, chair, GEG
Lui Che Woo thanked his team for delivering “World Class, Asian Heart” service every day and making the group’s success possible.
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Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at Gambling News is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.
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