Galaxy reported a drop in revenue in the third quarter of 2015. – News of Gambling

One of the largest ground operators in Macau, the company Galaxy Entertainment, showed revenue of $ 12.3 billion, adjusted EBITDA – $ 2,1 billion Q3, down from last year’s financial results at 29 and 36%, respectively After some setbacks in the gambling operations.

According to the research Bernstein Research, the results were quite expected. The company shows a slow transition to the mass market, the income of the mass of consumers was only 51% of the total gross revenue, said in a research note.

The company management explains the decline in the third quarter of bad luck in gambling operations, because of which Adjusted EBITDA decreased by approximately $ 131 million, otherwise, EBITDA would have been up 6% on a normalized basis.

Declared income mall Galaxy Macau was $ 8.7 billion, which is 22% less than in the same period last, at 9% more than in the previous quarter. Adjusted EBITDA was $ 1.7 billion, which is 30% less compared to the previous year and a 19% increase compared with the previous quarter. Non-gaming revenue rose 92% to $ 742 million.

Lui Che Woo (Lui Che Woo), chairman of Galaxy Entertainment, said that revenue growth was very solid. The market is showing signs of stabilization.

The balance of our company remains high, virtually no debt and we operate a significant free cash flow. Given the encouraging results that operators have shown during the Golden Week in early October, I can say that the market is slowly beginning to stabilize,

– said the chairman Lui Che Woo.