Galaxy Announces Management Update & Selected Unaudited 2009 Fourth Quarter Financial Data
StarWorld - All Time Record Revenue
StarWorld Records Six Consecutive Quarters of Revenue Growth
HONG KONG, Jan. 20 /PRNewswire-Asia-FirstCall/ -- Galaxy Entertainment Group Limited ("Galaxy" or the "Group") (stock code: 27) today announces its management update and selected unaudited 2009 fourth quarter performance information.
Key Highlights:
-- StarWorld continues to outperform the market with all time record
quarterly revenue of $3,455 million
-- StarWorld records six consecutive quarters of revenue growth
-- StarWorld delivers record VIP turnover volumes of $98 billion
-- StarWorld reports a very strong hotel occupancy of 96%
-- Galaxy Macau on schedule to open in the first quarter of 2011
-- Financing of Galaxy Macau progressing on schedule
StarWorld
StarWorld's Revenue in the Fourth Quarter of 2009 was $3,455 million which is an all-time record and is the sixth consecutive quarter of reported Revenue growth. For details, please visit: http://www.prnasia.com/sa/attachment/2010/01/20100120859833.pdf
StarWorld's segmented revenue results for the quarters were as follows:
VIP Table Games:
VIP Q1 Q2 Q3 Q4 FY2009
VIP Table Turnover HK$ $55 b $54 b $81 b $98 b $288 b
Win% 3.0% 3.2% 2.3% 3.1% 2.9%
Gaming Revenue HK$ $1.7 b $1.7 b $1.8 b $3.0 b $8.3 b
Mass Table Games:
Mass Tables Q1 Q2 Q3 Q4 FY2009
Table Drop HK$ $1.5 b $1.4 b $1.5 b $1.6 b $6.0 b
Win% 16.8% 13.4% 15.6% 16.0% 15.4%
Gaming Revenue HK$ $253 m $187 m $230 m $271 m $940 m
Commenting on the performance, Galaxy's Deputy Chairman Mr Francis Lui said: "StarWorld's strong performance this quarter and its impressive track record is a continuing endorsement of our credentials as one of the leading operators in Macau. We are exclusively focused on Macau. Our exceptional management team implicitly understands Asian customer demand and local market dynamics, and they carefully tailor properties, services and the consumer experience to meet these. We believe that it is this unique focus and expertise that has enabled StarWorld to achieve one of the highest return on investment of any property in Macau.
Prospects for 2010 are excellent, with a comparatively positive economic outlook in China and clear political support from the Government of Macau SAR.
Furthermore, Galaxy's long-term prospects are also excellent with Galaxy Macau, the first truly integrated Asian casino resort in Macau to open in the first quarter of 2011."
Refinancing program
We are continuing with our negotiations and we are committed to achieving the most favorable terms and conditions for our Shareholders. We hope to be in a position to make a public statement in the near future.
Galaxy Macau
We also wish to reconfirm that Galaxy Macau is on schedule to open in the first quarter of 2011 and throughout the year we will provide you with regular development updates.
Full year results
We expect to report our full year results and profit in April 2010 after the completion of our external audit.
About Galaxy Entertainment Group Limited (HKEx stock code: 27)
Galaxy Entertainment, through its subsidiary, Galaxy Casino, S.A., holds a Macau gaming concession. Galaxy is authorized to carry out casino games of chance in Macau, which is the only legal gaming location in China.
Galaxy Entertainment owns and operates StarWorld Hotel and Casino - a luxury 5-Star property located on the Macau peninsula, and operates four CityClub Casinos in Macau. The Group has under construction "Galaxy Macau", a fully-integrated resort, entertainment and gaming destination. Galaxy Entertainment Group is well positioned for long-term growth with its new Asian centric resort.
For more details, please visit http://www.galaxyentertainment.com/eng
For further information, please contact:
Galaxy Entertainment Group
Mr. Peter J. Caveny
Principal, Investor Relations
Tel: +852-3150-1111
Email: [email protected]
Ms. Vivian Fu
Senior Investor Relations Manager
Tel: +852-3150-1111
Email: [email protected]
SOURCE Galaxy Entertainment Group Limited
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