HONG KONG (dpa-AFX) - Amended: recasts story to replace US dollar with Hong Kong dollar.
Hong Kong-based Galaxy Entertainment Group (GXYEF.PK, GXYEY.PK) reported Thursday that its third-quarter adjusted EBITDA increased 6 percent to HK$4.1 billion from last year's HK$3.88 billion. Adjusted EBITDA was down 5 percent quarter-on-quarter.
Galaxy Macau's Adjusted EBITDA was HK$3.2 billion, up 7 percent year-on-year. StarWorld Macau's Adjusted EBITDA was HK$828 million, down 11 percent.
Group net revenue declined 2 percent to HK$12.71 billion from last year's HK$13 billion. Revenues were down 4 percent quarter-on-quarter.
In the quarter, total visitor arrivals to Macau were 9.9 million, up 10 percent year-on-year. Visitor arrivals from Mainland China also grew 10 percent year-on-year to 7.1 million.
Lui Che Woo, Chairman of GEG said, 'Macau has faced numerous headwinds in 2019, these includes ongoing trade tensions, a slowing global economy, regional competition, currency fluctuation, disruptions in Hong Kong among others. These events have been impacting consumer sentiment and subsequent spending habits.'
Looking ahead, the company said it remains confident in the medium to longer term outlook for Macau in general and GEG specifically.
Copyright RTT News/dpa-AFX
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