VIENNA (dpa-AFX) - Galaxy Entertainment Group Limited (GXYEF.PK, GXYEY.PK) reported first-quarter adjusted EBITDA of $2.3 billion, down 40% year-on-year. Galaxy Macau delivered adjusted EBITDA of $1.8 billion, a decrease of 35% year-on-year.
Lui Che Woo, Chairman of GEG said: 'We continue to experience the same macro challenges as all the concessionaires in Macau. These are the result of a combination of factors and they are impacting customer spending behavior. We remain optimistic in the longer term outlook for Macau despite the current challenges and we are now absolutely focused on executing the openings of Galaxy Macau Phase 2 and Broadway at Galaxy Macau.'
Revenue was $13.7 billion, down 32% year-on-year. Galaxy Macau reported revenue of $9.2 billion, down 28% year-on-year.
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