BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Galaxy Entertainment Group (GXYEF.PK, GXYEY.PK) said, overall given the prevailing market conditions, the Group delivered a solid financial result during the first quarter. Macau experienced a number of events that impacted the market, most notably in the VIP segment. Looking forward, the Group remains confident in the medium to longer term outlook for Macau in general and GEG specifically given the continued growth in demand for tourism, leisure and travel from Mainland China.
For the first-quarter, Group adjusted EBITDA was HK$4.0 billion, down 8% year-on-year. Normalized adjusted EBITDA was HK$3.9 billion, down 12% year-on-year. First-quarter Group net revenue was HK$13.0 billion, down 8% year-on-year.
The company continues to progress with its renovation enhancement program and expects to complete it in early 2020.
Copyright RTT News/dpa-AFX
© 2019 AFX News
