Galaxy Entertainment Rebounds Near To 2019 Earnings

A recent earnings report has given Macau the biggest indication yet that it is nearing the same financial levels of 2019, pre-pandemic.

Galaxy Entertainment reported that the company could hit 2019 earnings with the help of the expanded phase three of Galaxy Cotai.

Brokerage firm Jeffries said in a note to investors that with Galaxy’s Phase Three full opened and operational which includes the Raffles Hotel that opened in August this year and Andaz Hotel following in September adding a total of 1,150 hotel rooms has boosted Galaxy’s forecast earnings.

Indeed it was also noted that Phase four of Galaxy’s project is ahead of schedule, it was due to open in 2027 but now has been brought forward for completion in 2026 adding another 1,600 rooms to the companies portfolio.

With phase four which will include F&B outlets, a water resort deck and a 4,000 seat theatre along with gaming facilities Jeffries said, ‘Earnings continued to improve into 3Q23, in-line with higher sector monthly gaming revenue, with phase 3 likely to drive future earnings potentially close to 2019.”