HONG KONG--(BUSINESS WIRE)--Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three months and twelve months periods ended 31 December 2019. (All amounts are expressed in HKD unless otherwise stated)

LETTER FROM THE CHAIRMAN OF GALAXY ENTERTAINMENT GROUP

Fellow shareholders I wish to share with you my personal concern as a result of the outbreak of the coronavirus. As you are aware in late December 2019, the coronavirus was confirmed and many people have been impacted at different levels. I wish to express my heartfelt sympathy to all those affected and to their family and friends.

GEG is committed to the well-being and safety of all our guests and team members and to maintain high levels of hygiene. In light of the pneumonia outbreak, we have been working closely with the Macau Government and the relevant departments. We have adopted and supported all protective measures laid out by the Macau Government. From midnight 5 February 2020, the Macau Government instructed that all gaming premises suspend casino operations for 15 days, subsequently this suspension was lifted on Thursday, 20th February. In addition, we also reaccelerated work on our construction projects in Cotai. We acknowledge the closure may bring challenges to the industry and Macau’s economy, but GEG fully supports the government’s decision and believes that it is critical for society to unite. GEG has taken a wide range of protective measures against the coronavirus and we are working together to contain the spread of the virus.

GEG has donated MOP20 million through the Galaxy Entertainment Group Foundation to Hubei Province in order to help the region fight against the pneumonia outbreak and assist in relief efforts. The donation was made under the coordination of the Liaison Office of the Central People’s Government in the Macau SAR. We have also made a donation of MOP5 million to support the prevention initiatives in the Macau community. GEG also donated one million protective face masks to the Macau Government, Zhuhai City Government and Hengqin New Area Government in support of their prevention efforts.

It is times like this that the entire community needs to work together to overcome these challenges. We have faced similar challenges in the past, and we have overcome these previous challenges. I am confident that in time we will overcome the current challenge.

I would like to personally thank all of the related government departments and officials, emergency and medical personnel who have worked tirelessly to assist the community in this challenging time. I would also like to thank the GEG team members for their assistance during this period.

Thank you!

Dr. Lui Che Woo

GBM, MBE, JP, LLD, DSSc, DBA

Chairman

Q4 & FULL YEAR 2019 RESULTS HIGHLIGHTS

GEG: Strong Mass Performance, Solid VIP

• Full Year Group Net Revenue of $51.9 billion, down 6% year-on-year
• Full Year Group Adjusted EBITDA of $16.5 billion, down 2% year-on-year
• Full Year net profit attributable to shareholders (“NPAS”) of $13.0 billion, down 3% year-on-year including $954 million of non-recurring and other charges
• Full year Adjusted NPAS of $14.0 billion, flat year-on-year after adjusting for non-recurring and other charges
• Q4 Group Net Revenue of $13.0 billion, down 8% year-on-year and up 2% quarter-on-quarter
• Q4 Group Adjusted EBITDA of $4.1 billion, down 6% year-on-year and down 1% quarter-on-quarter
• Played lucky in Q4 which increased Adjusted EBITDA by approximately $180 million, normalized Q4 Adjusted EBITDA of $3.9 billion, down 9% year-on-year and down 1% quarter-on-quarter

Galaxy MacauTM: Strong Mass Performance, Property Enhancement Program on Track

• Full Year Net Revenue of $37.4 billion, down 5% year-on-year
• Full Year Adjusted EBITDA of $12.6 billion, down 2% year-on-year
• Q4 Net Revenue of $9.3 billion, down 10% year-on-year and flat quarter-on-quarter
• Q4 Adjusted EBITDA of $3.2 billion, down 6% year-on-year and up 1% quarter-on-quarter
• Played lucky in Q4 which increased Adjusted EBITDA by approximately $202 million, normalized Q4 Adjusted EBITDA of $3.0 billion, down 7% year-on-year and flat quarter-on-quarter
• Hotel occupancy for Q4 across the five hotels was virtually 100%

StarWorld Macau: Solid Mass Performance, Property Enhancement Program on Track

• Full Year Net Revenue of $10.9 billion, down 10% year-on-year
• Full Year Adjusted EBITDA of $3.5 billion, down 8% year-on-year
• Q4 Net Revenue of $2.7 billion, down 11% year-on-year and up 5% quarter-on-quarter
• Q4 Adjusted EBITDA of $782 million, down 12% year-on-year and down 6% quarter-on-quarter
• Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $21 million, normalized Q4 Adjusted EBITDA of $803 million, down 20% year-on-year and down 1% quarter-on-quarter
• Hotel occupancy for Q4 was virtually 100%

Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported by Macau SMEs

• Full Year Net Revenue of $593 million, versus $562 million in 2018
• Full Year Adjusted EBITDA of $39 million, versus $32 million in 2018
• Q4 Net Revenue of $154 million, versus $141 million in Q3 2019 and $144 million in Q4 2018
• Q4 Adjusted EBITDA of $16 million, versus $2 million in Q3 2019 and $8 million in Q4 2018
• Played unlucky in Q4 which decreased Adjusted EBITDA by approximately $1 million, normalized Q4 Adjusted EBITDA of $17 million, versus $4 million in Q3 2019 and $7 million in Q4 2018
• Hotel occupancy for Q4 was virtually 100%

Balance Sheet: Healthy and Liquid Balance Sheet

• As at 31 December 2019, cash and liquid investments were $52.3 billion and net cash was $51.7 billion
• As at 31 December 2019, debt was $0.6 billion
• Paid two special dividends of $0.45 per share in April 2019 and $0.46 per share in October 2019
• Announced another special dividend of $0.45 per share payable on or about 24 April 2020

Development Update: Continuing to Pursue Development Opportunities

• Property Enhancement Program – Almost completed the previously announced $1.5 billion property enhancement program in both Galaxy Macau™ and StarWorld Macau, we have identified and are reviewing additional enhancement opportunities
• Cotai Phases 3 & 4 – Continue with development works for Phases 3 & 4, with a strong focus on non-gaming, primarily targeting MICE, entertainment, family facilities and also including gaming
• GICC & Galaxy Arena - In August 2019 introduced Galaxy International Convention Center (GICC) and Galaxy Arena and are pleased to welcome Hyatt Hotels Corporation’s first Andaz Hotel to Macau and the Galaxy Integrated Resorts precinct
• Hengqin – Refining plans for a lifestyle resort to complement our high-energy entertainment resorts in Macau
• International – Continuously exploring opportunities in overseas markets, including Japan

Macau Market Overview

Investor sentiment throughout 2019 experienced periods of fluctuation. This was a result of a number of geo-political and economic issues such as Sino-US trade tensions, a slowing world economy, introduction of the VIP smoking ban, RMB fluctuation, continuing competition from regional markets and disruption in Hong Kong. GGR for the full year 2019 was $283.9 billion, down 3% year-on-year. GGR in Q4 2019 was $70.1 billion, down 8% year-on-year and up 2% quarter-on-quarter.

In 2019, visitor arrivals to Macau were 39.4 million, up 10% year-on-year, in which visitors from Mainland China accounted for 71% of all visitor arrivals. Visitors from Greater Bay Area grew 26% year-on-year. Overnight visitors accounted for 47% of total visitation. The average length of stay for overnight visitors remained at 2.2 days. Thanks to the further diversification of tourism product offerings in Macau, we also noticed a trend of changing visitor mix from Mainland China to Macau with more family oriented and younger visitors, according to data released by Ctrip.

Group Financial Results

Full Year 2019

The Group posted net revenue of $51.9 billion, down 6% year-on-year. Adjusted EBITDA was $16.5 billion, down 2% year-on-year. Net profit attributable to shareholders was $13.0 billion, down 3% year-on-year. Galaxy Macau™’s Adjusted EBITDA was $12.6 billion, down 2% year-on-year. StarWorld Macau’s Adjusted EBITDA was $3.5 billion, down 8% year-on-year. Broadway Macau™’s Adjusted EBITDA was $39 million versus $32 million in 2018.

GEG experienced good luck in its gaming operation during 2019, which increased its Adjusted EBITDA by approximately $824 million. Normalized 2019 Adjusted EBITDA was $15.7 billion, down 10% year-on-year.

The Group’s total GGR on a management basis1 in 2019 was $59.4 billion, down 12% year-on-year. Mass GGR was $29.3 billion, up 6% year-on-year. VIP GGR was $27.6 billion, down 26% year-on-year. Electronic GGR was $2.5 billion, up 2% year-on-year.

　　本文链接：http://www.iruis.com/News/cninfo/54055.shtml