Galaxy Entertainment Group Limited · HKEX:27
Galaxy Entertainment — FY2023 Earnings Presentation
30 slides from Galaxy Entertainment's earnings presentation, Feb 28, 2024
Slide 1: Q4 and Annual Results 2023
Q4 and Annual Results 2023 28 February, 2024
Slide 2: Dr. Lui Che Woo, Chairman of GEG said
Dr. Lui Che Woo, Chairman of GEG said: “Today I am pleased to provide an update on our financial results for Q4 and full year 2023. At GEG, we continue to drive every segment of the business with a particular focus on the mass business and continue to allocate resources to their most efficient use.
Slide 3: Executive Summary: GEG Well Positioned for Future Growth
Executive Summary GEG: Well Positioned for Future Growth Q4 2023 • Q4 Group Net Revenue of $10.3 billion, up 254% year-on-year and up 7% quarter-on-quarter • Q4 Group Adjusted EBITDA of $2.8 billion, versus $(0.2) billion in Q4 2022 and $2.8 billion in Q3 2023 • Played unlucky which decreased Adjust
Slide 4: Executive Summary: Galaxy Macau
Executive Summary Galaxy Macau™: Well Positioned for Future Growth Q4 2023 • Q4 Net Revenue of $8.2 billion, up 347% year-on-year and up 7% quarter-on-quarter • Q4 Adjusted EBITDA of $2.6 billion, versus $58 million in Q4 2022 and $2.6 billion in Q3 2023 • Played unlucky in Q4 which decreased Adjust
Slide 5: Executive Summary: StarWorld Macau
Executive Summary StarWorld Macau: Well Positioned for Future Growth Q4 2023 • Q4 Net Revenue of $1.3 billion, up 410% year-on-year and up 2% quarter-on-quarter • Q4 Adjusted EBITDA of $353 million, versus $(142) million in Q4 2022 and $347 million in Q3 2023 • Played lucky in Q4 which increased Adj
Slide 6: Executive Summary: Broadway Macau, City Clubs and Construction Materials
Executive Summary Broadway Macau™, City Clubs and Construction Materials Division • Broadway Macau™: Full Year Adjusted EBITDA of $(36) million, versus $(62) million in 2022. In Q4 2023 Adjusted EBITDA was $(2) million, versus $(10) million in Q4 2022 and $(14) million in Q3 2023 • City Clubs: Full
Slide 7: Executive Summary: Balance Sheet
Executive Summary Balance Sheet: Maintain a Healthy and Liquid Balance Sheet • As at 31 December 2023, cash and liquid investments were $25.0 billion and net cash was $23.5 billion • As at 31 December 2023, debt was $1.5 billion • Paid a special dividend of $0.20 per share on 27 October 2023 • Annou
Slide 8: Executive Summary: Development Update
Executive Summary Development Update: Opened Phase 3 including GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4 • Cotai Phase 3 – Opened GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau • Cotai Phase 4 – Our efforts are firmly focused on the developmen
Slide 9: 2023 Annual Results
2023 Annual Results February 2024 9
Slide 10: GEG Revenue Summary FY2023
GEG Revenue Summary FY2023 Fiscal 2023 Net Revenue increased 211% YoY to $35.7 billion Full Year GEG Net Revenue (HK$’m) 2022 2023 $35,684 Net Revenue YoY GEG Total +211% GM, $27,717 Galaxy Macau™ +274% BW, StarWorld Macau +343% $11,474 $60 BW, $103 CC, Broadway Macau™ +72% GM, $7,418 $61 SW, $4,644
Slide 11: GEG Adjusted EBITDA FY2023
GEG Adjusted EBITDA FY2023 Full Year Group Adjusted EBITDA of $10.0 billion versus $(553) million in 2022 Full Year GEG Adjusted EBITDA (HK$’m) 2022 2023 $9,955 Adjusted EBITDA YoY GEG Total +1900% Galaxy Macau™ +3001% GM, $9,149 StarWorld Macau +343% CC, $15 Broadway Macau™ +42% $(553) SW, $1,278 C
Slide 12: GEG FY2023 NPAS
GEG FY2023 NPAS FY2023 Net Profit Attributable to Shareholders of $6.8 billion, including $0.6 billion of non-recurring items in 2022, Vs $(3.4) billion in FY2022 (in HK$'m) FY2022 FY2023 YoY% Net Revenue $ 11,474 $ 35,684 211% Adjusted EBITDA $ (553) $ 9,955 1900% Net Profit / (Loss) attributable t
Slide 13: Cash and Debt Update
Cash and Debt Update Balance Sheet: Maintain a Healthy and Liquid Balance Sheet • As at 31 December 2023, cash and liquid investments were $25.0 billion and net cash was $23.5 billion • As at 31 December 2023, debt was $1.5 billion • Paid a special dividend of $0.20 per share on 27 October 2023 • An
Slide 14: Q4 2023 Results
Q4 2023 Results February 2024 14
Slide 15: GEG Revenue Q4 2023
GEG Revenue Q4 2023 Q4 Group Net Revenue of $10.3 billion, up 254% YoY and 7% QoQ GEG Net Revenue (HK$’m) 2022 Q4 2023 Q3 2023 Q4 YoY QoQ $10,319 $9,650 GEG Total +254% +7% Galaxy Macau™ +347% +7% $8,191 $7,628 StarWorld Macau +410% +2% $2,916 BW, Broadway Macau™ +100% +58% BW, BW, $24 $1,834 $19 $3
Slide 16: GEG Adjusted EBITDA Q4 2023
GEG Adjusted EBITDA Q4 2023 Q4 Group Adjusted EBITDA of $2.8 billion, Vs $(163) million in Q4 2022 and $2.8 billion in Q3 2023 • Normalized Q4 Adjusted EBITDA of $2.9 billion, after adjusting for bad luck of approximately $103 million, versus $(123) million in Q4 2022 and $2.9 billion in Q3 2023 GEG
Slide 17: Galaxy Macau
Galaxy Macau February 2024 17
Slide 18: Galaxy Macau Q4 2023
Galaxy Macau Q4 2023 Galaxy Macau™ Q4 Adjusted EBITDA of $2.6 billion, Vs $58 million in Q4 2022 and $2.6 billion in Q3 2023 Galaxy Macau YoY QoQ Net Revenue of $8.2 billion, up 347% YoY and 7% QoQ Total Gross Revenue +359% +6% • VIP win of $0.9 billion, up 495% YoY and 13% QoQ Total Net Revenue +
Slide 19: StarWorld Macau
StarWorld Macau February 2024 19
Slide 20: StarWorld Macau Q4 2023
StarWorld Macau Q4 2023 StarWorld Macau Q4 Adjusted EBITDA of $353 million, versus $(142) million in Q4 2022 and $347 million in Q3 2023 StarWorld Macau YoY QoQ Net Revenue of $1.3 billion, up 410% YoY and 2% QoQ Total Gross Revenue +438% +2% • VIP win was $29 million, down 17% QoQ Total Net Revenue
Slide 21: Broadway Macau and City Clubs Q4 2023
Broadway Macau™ and City Clubs Q4 2023 Broadway Macau™ Q4 Adjusted City Clubs Q4 Adjusted EBITDA EBITDA of $(2) million Vs $(10) was $3 million, Vs $(14) million in million in Q4 2022 and $(14) million Q4 2022 and $5 million in Q3 2023 in Q3 2023 • Net Revenue of $57 million, up 185% YoY and • Net R
Slide 22: Construction Materials Q4 2023
Construction Materials Q4 2023 Construction Materials Q4 Adjusted EBITDA increased 28% YoY and 25% QoQ to $205 million Concrete Plant at New Urban Zone A, Macau Adjusted EBITDA (HK$’m) $205 $160 $164 2022 Q4 2023 Q3 2023 Q4 February 2024 22
Slide 23: Selected Major Awards in 2023
Selected Major Awards in 2023 Award Presenter Best Gaming Operator Asia Gaming Awards 2023 2023 IAG Academy IR Awards: - Best Integrated Resort Inside Asian Gaming - Best Overall F&B Offering by an IR - Best CSR Initiative - GEG Integrated Resort Youth Development Program Sustainability Award Intern
Slide 24: Selected Major Awards in 2023
Selected Major Awards in 2023 Award Presenter Michelin Two-Star Restaurant - Feng Wei Ju The MICHELIN Guide Hong Kong Macau 2023 One-Diamond rating - Feng Wei Ju 2024 Black Pearl Restaurant Guide StarWorld Macau SCMP 100 Top Tables 2023 Award - Feng Wei Ju South China Morning Post Trip.com Global El
Slide 25: 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 • We are actively reconfigur
Slide 26: GEG Development Update
GEG Development Update K-pop (G)I-DLE Concert at Galaxy Arena Hong Kong Singer Kelly Chen Concert at Galaxy Arena Guangdong and Macao Branded Products Fair at GICC Yao Foundation Charity Basketball Game at GICC February 2024 26
Slide 27: GEG Development Update: Cotai - The Next Chapter
GEG Development Update Cotai - The Next Chapter • We have successfully opened 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, toge
Slide 28: Summary: Positioned for Growth
Summary Positioned for Growth Corporate – Well Positioned for Future Growth • FY2023 Net Revenue of $35.7 billion, up 211% YoY and Adjusted EBITDA of $10.0 billion, versus $(0.6) billion in 2022 • Q4 2023 Adjusted EBITDA of $2.8 billion, versus $(0.2) billion in Q4 2022 and $2.8 billion in Q3 2023 •
Slide 29: 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 30: Q4 and Annual Results 2023
Q4 and Annual Results 2023 28 February, 2024
Galaxy Entertainment Group — FY2023 Earnings Presentation on 6ix