Galaxy Entertainment Group Limited · HKEX:27
Galaxy Entertainment — Q2 2024 Earnings Presentation
28 slides from Galaxy Entertainment's earnings presentation, Aug 15, 2024
Slide 1: Q2 & Interim Results 2024
Q2 & Interim Results 2024 15 August, 2024
Slide 2: Dr. Lui Che Woo, Chairman of GEG said
Dr. Lui Che Woo, Chairman of GEG said: “I would like to provide you with a broad market overview and review of GEG’s financial performance for the second quarter and first half of 2024. For the first half of 2024, Group Net Revenue up 37% year-on-year to $21.5 billion and Adjusted EBITDA up 37% year
Slide 3: Executive Summary: GEG Well Positioned for Future Growth
Executive Summary GEG: Well Positioned for Future Growth Q2 2024 • Q2 Group Net Revenue of $10.9 billion, up 26% year-on-year and up 3% quarter-on-quarter • Q2 Group Adjusted EBITDA of $3.2 billion, up 28% year-on-year and up 12% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $3.2 billion af
Slide 4: Executive Summary: Galaxy Macau
Executive Summary Galaxy Macau™: Well Positioned for Future Growth Q2 2024 • Q2 Net Revenue of $8.6 billion, up 32% year-on-year and up 4% quarter-on-quarter • Q2 Adjusted EBITDA of $2.8 billion, up 28% year-on-year and up 6% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $2.8 billion after
Slide 5: Executive Summary: StarWorld Macau
Executive Summary StarWorld Macau: Well Positioned for Future Growth Q2 2024 • Q2 Net Revenue of $1.3 billion, up 8% year-on-year and down 3% quarter-on-quarter • Q2 Adjusted EBITDA of $390 million, up 8% year-on-year and down 10% quarter-on-quarter • Normalized Q2 Adjusted EBITDA was $357 million a
Slide 6: Executive Summary: Broadway Macau, City Clubs and CMD
Executive Summary Broadway Macau™, City Clubs and Construction Materials Division (“CMD”) • Broadway Macau™: Q2 Adjusted EBITDA was $8 million, versus $(10) million in Q2 2023 and $4 million in Q1 2024 • City Clubs: Q2 Adjusted EBITDA was $5 million, up 25% year-on-year and up 25% quarter-on- quarte
Slide 7: Executive Summary: Balance Sheet
Executive Summary Balance Sheet: Healthy and Liquid Balance Sheet • As at 30 June 2024, cash and liquid investments were $29.0 billion and the net position was $25.2 billion after debt of $3.8 billion GEG Dividend • Announced an interim dividend of $0.50 per share payable on or about 25 October 2024
Slide 8: Executive Summary: Development Update
Executive Summary Development Update: Opening Capella at Galaxy Macau in mid- 2025; Ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4 • Announced the opening of Capella at Galaxy Macau in mid-2025 • Cotai Phase 3 – Ramping up GICC, Galaxy Arena, Raffles
Slide 9: Interim Results 2024
Interim Results 2024 August 2024 9
Slide 10: GEG Revenue Summary 1H 2024
GEG Revenue Summary 1H 2024 Group Net Revenue in the first half of 2024 was up 37% YoY to $21.5 billion GEG Gross Revenue (HK$’m) GEG Net Revenue (HK$’m) $24,661 $22,585 $21,470 $19,969 $17,531 $15,715 $19,718 $18,038 $16,958 $15,819 $13,432 $11,898 BW, BW, BW, $62 BW, $62 BW, $41 BW, $41 $100 CC, C
Slide 11: GEG Revenue Summary 1H 2024
GEG Revenue Summary 1H 2024 Group Net Revenue in the first half of 2024 was up 37% YoY to $21.5 billion Gross Net Gross Net YoY Revenue Revenue HoH Revenue Revenue GEG Total +41% +37% GEG Total +9% +8% Galaxy Macau™ +47% +43% Galaxy Macau™ +9% +7% StarWorld +28% +25% StarWorld +8% +8% Broadway Macau
Slide 12: GEG Adjusted EBITDA Summary 1H 2024
GEG Adjusted EBITDA Summary 1H 2024 Group Adjusted EBITDA was $6.0 billion in the first half of 2024, up 37% YoY • Normalized 2024 1H Adjusted EBITDA was $6.0 billion after adjusting for good luck of $43 million, up 38% YoY GEG Adjusted EBITDA (HK$’m) YoY HoH $6,011 $5,575 GEG Total +37% +8% $4,380
Slide 13: Q2 2024 Results
Q2 2024 Results August 2024 13
Slide 14: GEG Revenue Q2 2024
GEG Revenue Q2 2024 Q2 Group Net Revenue of $10.9 billion, up 26% YoY and 3% QoQ GEG Net Revenue (HK$’m) 2023 Q2 2024 Q1 2024 Q2 YoY QoQ $10,918 $10,552 GEG Total +26% +3% $8,661 Galaxy Macau™ +32% +4% $8,644 $8,314 StarWorld Macau +8% (3)% $6,550 BW, Broadway Macau™ BW, +135% +17% BW, $46 $23 $54 $
Slide 15: GEG Adjusted EBITDA Q2 2024
GEG Adjusted EBITDA Q2 2024 Q2 Group Adjusted EBITDA of $3.2 billion, up 28% YoY and 12% QoQ • Normalized Q2 Adjusted EBITDA of $3.2 billion, after adjusting for bad luck of approximately $20 million, up 29% YoY and 15% QoQ GEG Adjusted EBITDA (HK$’m) YoY QoQ 2023 Q2 2024 Q1 2024 Q2 $3,176 $2,835 GE
Slide 16: Galaxy Macau
TA Galaxy Galaxy Macau™ - HUE GEG August 2024 16
Slide 17: Galaxy Macau Q2 2024
Galaxy Macau Q2 2024 Galaxy Macau™ Q2 Adjusted EBITDA of $2.8 billion, up 28% YoY and 6% QoQ Galaxy Macau YoY QoQ Net Revenue of $8.6 billion, up 32% YoY and 4% QoQ Total Gross Revenue +36% +6% • VIP win of $1.3 billion, up 38% YoY and 4% QoQ Total Net Revenue +32% +4% Adjusted EBITDA +28% +6% • M
Slide 18: StarWorld Macau
StarWorld Macau August 2024 18
Slide 19: StarWorld Macau Q2 2024
StarWorld Macau Q2 2024 StarWorld Macau Q2 Adjusted EBITDA of $390 million, up 8% YoY and down 10% QoQ StarWorld Macau YoY QoQ Net Revenue of $1.3 billion, up 8% YoY and down 3% QoQ Total Gross Revenue +13% (1)% • VIP win was $104 million, up 86% QoQ Total Net Revenue +8% (3)% Adjusted EBITDA +8% (1
Slide 20: Broadway Macau and City Clubs Q2 2024
Broadway Macau™ and City Clubs Q2 2024 Broadway Macau™ Q2 Adjusted City Clubs Q2 Adjusted EBITDA EBITDA of $8 million Vs $(10) was $5 million, Vs $4 million in Q2 million in Q2 2023 and $4 million in 2023 and $4 million in Q1 2024 Q1 2024 • Net Revenue of $57 million, up 2% YoY and • Net Revenue of
Slide 21: Construction Materials Q2 2024
Construction Materials Q2 2024 Construction Materials Q2 Adjusted EBITDA increased 12% YoY and 133% QoQ to $256 million Concrete Plant at New Urban Zone A, Macau Adjusted EBITDA (HK$’m) $256 $228 $110 2023 Q2 2024 Q1 2024 Q2 August 2024 21
Slide 22: Cash and Debt Update
Cash and Debt Update Balance Sheet: Healthy and Liquid Balance Sheet • As at 30 June 2024, cash and liquid investments were $29.0 billion and the net position was $25.2 billion after debt of $3.8 billion • Announced an interim dividend of $0.50 per share payable on or about on 25 October 2024 Cash &
Slide 23: Selected Major Awards in 1H 2024
Selected Major Awards in 1H 2024 Award Presenter Sustainability Award International Gaming Awards 2024 Casino Operator of the Year Global Gaming Awards Asia-Pacific 2024 GEG 2024 Macao International Environmental Co-operation Forum & Exhibition - Macau Fair & Trade Association Green Booth Award Sele
Slide 24: GEG Development Update
GEG Development Update Galaxy Macau™ and StarWorld Macau • We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests with a particular focus on adding new and innovative F&B and retail offerings • At StarWorld Macau we are
Slide 25: GEG Development Update
GEG Development Update Cotai - The Next Chapter • We were ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau. We are now firmly focused on the development of Phase 4, which is already well under way • Phase 4 will include multiple high-end hotel brands new to Macau, together with
Slide 26: Summary: Positioned for Growth
Summary Positioned for Growth Corporate – Well Positioned for Future Growth • 1H Group Adjusted EBITDA of $6.0 billion, up 37% YoY and 8% HoH • Q2 Group Adjusted EBITDA of $3.2 billion, up 28% YoY and 12% QoQ • Announced an interim dividend of $0.50 per share payable on or about on 25 October 2024 O
Slide 27: Disclaimer
Disclaimer This document and any verbal presentation or discussion have been prepared by Galaxy Entertainment Group Limited (the “Company”) solely for your personal reference. The information provided has not been independently verified. No representation or warranty express or implied is made as to
Slide 28: Q2 & Interim Results 2024
Q2 & Interim Results 2024 15 August, 2024
Galaxy Entertainment Group — Q2 2024 Earnings Presentation on 6ix