HONG KONG--(BUSINESS WIRE)--Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported selected unaudited financial data for the three months period ended 30 September 2019. (All amounts are expressed in HKD unless otherwise stated)
Q3 2019 RESULTS HIGHLIGHTS
GEG: Solid Mass Performance, Challenging VIP and Record Non-Gaming Revenue
- Q3 Group Net Revenue of $12.7 billion, down 2% year-on-year and down 4% quarter-on-quarter
- Q3 Group Adjusted EBITDA of $4.1 billion, up 6% year-on-year, down 5% quarter-on-quarter
- Played lucky in Q3 which increased Adjusted EBITDA by approximately $184 million, normalized Q3 Adjusted EBITDA of $3.9 billion, down 7% year-on-year and down 1% quarter-on-quarter
- Latest twelve months Adjusted EBITDA of $16.8 billion, up 1% year-on-year, up 1% quarter-on-quarter
Galaxy Macau™: Solid Mass Performance, Property Enhancement Program on Track
- Q3 Net Revenue of $9.3 billion, flat year-on-year and down 2% quarter-on-quarter
- Q3 Adjusted EBITDA of $3.2 billion, up 7% year-on-year, down 2% quarter-on-quarter
- Played lucky in Q3 which increased Adjusted EBITDA by approximately $171 million, normalized Q3 Adjusted EBITDA of $3.0 billion, down 9% year-on-year and up 1% quarter-on-quarter
- Hotel occupancy for Q3 across the five hotels was virtually 100%
StarWorld Macau: Solid Mass Performance, Property Enhancement Program on Track
- Q3 Net Revenue of $2.5 billion, down 14% year-on-year and down 9% quarter-on-quarter
- Q3 Adjusted EBITDA of $828 million, down 11% year-on-year, down 12% quarter-on-quarter
- Played lucky in Q3 which increased Adjusted EBITDA by approximately $15 million, normalized Q3 Adjusted EBITDA of $813 million, down 13% year-on-year and down 4% quarter-on-quarter
- Hotel occupancy for Q3 was virtually 100%
Broadway Macau™: A Unique Family Friendly Resort, Strongly Supported By Macau SMEs
- Q3 Net Revenue of $141 million, versus $145 million in Q3 2018 and $147 million in Q2 2019
- Q3 Adjusted EBITDA was $2 million, versus $9 million in Q3 2018 and $6 million in Q2 2019
- Played unlucky in Q3 which decreased Adjusted EBITDA by approximately $2 million, normalized Q3 Adjusted EBITDA of $4 million, versus $13 million in Q3 2018 and $2 million in Q2 2019
- Hotel occupancy for Q3 was virtually 100%
Balance Sheet: Healthy and Liquid Balance Sheet
- As at 30 September 2019, cash and liquid investments were $49.2 billion and net cash was $47.2 billion
- As at 30 September 2019, debt was $2.0 billion primarily reflects ongoing treasury yield management initiative
- Paid the previously announced special dividend of $0.46 per share on 25 October 2019
Development Update: Continue to Pursue Development Opportunities
- Continue to progress with the previously announced $1.5 billion renovation enhancement program in both Galaxy Macau™ and StarWorld Macau
- 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
- In August 2019 we introduced Galaxy International Convention Center (GICC) and Galaxy Arena and we are pleased to welcome Hyatt Hotel’s first Andaz Hotel to Macau and the Galaxy Resorts Precinct.
- Hengqin – Refining our plans for a lifestyle resort to complement our high-energy entertainment resorts in Macau
- International – Continuously exploring opportunities in overseas markets, including Japan
Dr. Lui Che Woo, Chairman of GEG said:
“Today I am pleased to report the third quarter results for the Group in 2019. Given the overall market conditions and weaker global consumer sentiment we believe the Group has delivered solid financial results. 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.
Despite the above mentioned challenges, in Q3 2019 Group Net Revenue decreased only 2% year-on-year to $12.7 billion and Adjusted EBITDA increased 6% year-on-year to $4.1 billion. Our balance sheet continued to be solid with total cash and liquid investments of $49.2 billion and net cash of $47.2 billion. Our solid balance sheet and cash flow from operations allows us to return capital to shareholders through dividends, fund our development pipeline and pursue our international expansion ambitions. On 25 October 2019 we paid a special dividend of $0.46 per share. These dividends demonstrate our continued confidence in the longer term outlook of Macau and the Company.
We continue to progress with our $1.5 billion property enhancement program at Galaxy Macau™ and StarWorld Macau, the program continues on schedule and on budget. We are pleased to have recently completed the renovation of two VIP rooms which have been well received by our customers. We will continue to enhance our resorts and anticipate the full program will be completed by mid-2020.
Furthermore, we continue our construction works of Cotai Phases 3 & 4 and continue to refine our development plans for a lifestyle resort in Hengqin. Regarding our expansion efforts in Japan, we continue to strengthen our Japan Development team and build our resources as we move forward in the Integrated Resort process.
In August 2019, we introduced Galaxy International Convention Center (GICC) and Galaxy Arena. GICC includes a world class event venue with total MICE space of 400,000 square feet and a 500,000 square feet 16,000-seat Galaxy Arena. The GICC 100,000 square feet pillar-less Exhibition Hall can host 7,000 guests lecture style, or 2,400 guests banquet hall style, additionally there is a 650-seat Auditorium. We are pleased to welcome Hyatt Hotel’s first Andaz Hotel to Macau which will offer 700 high-end and family rooms within the Galaxy Resorts Precinct.
On 25 August 2019, Mr. Ho Iat Seng was elected as the new Macau Chief Executive and he will assume office on 20 December 2019. We welcome the new Chief Executive and we will actively work with him and support his policies.
We remain confident in the medium to longer term outlook for Macau in general and GEG specifically. Our confidence is supported by the continued growth in demand for tourism, leisure and travel from Mainland China. We also believe the integration of Macau into the Greater Bay Area will be positive for the development of Macau. We are committed to supporting the Macau Government’s vision to develop Macau into a World Center of Tourism and Leisure.
Finally, I would like to thank all of our team members who deliver ‘World Class, Asian Heart’ service each and every day and contribute to the success of the Group.”
Macau Market Overview
In Q3 2019, total visitor arrivals to Macau were 9.9 million, up 10% year-on-year, visitor arrivals from Mainland China also grew 10% year-on-year to 7.1 million. Visitors from the cities in the Greater Bay Area which includes Hong Kong grew by 25% year-on-year to 4.9 million. Visitors from outside Guangdong accounted for 53% of total Mainland visitation.
Group Financial Results
In Q3 2019, the Group posted net revenue of $12.7 billion, down 2% year-on-year and down 4% quarter-on-quarter. Adjusted EBITDA was $4.1 billion, up 6% year-on-year and down 5% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $3.2 billion, up 7% year-on-year and down 2% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $828 million, down 11% year-on-year and down 12% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was $2 million versus $9 million in Q3 2018 and $6 million in Q2 2019.
GEG played lucky in Q3 2019 which increased Adjusted EBITDA by approximately $184 million. Normalized Q3 Adjusted EBITDA was $3.9 billion, down 7% year-on-year and down 1% quarter-on-quarter.
The Group’s total GGR on a management basis1 in Q3 2019 was $14.3 billion, down 10% year-on-year and down 6% quarter-on-quarter. Mass GGR was $7.3 billion, up 11% year-on-year and up 1% quarter-on-quarter. VIP GGR was $6.4 billion, down 26% year-on-year and down 13% quarter-on-quarter. Electronic GGR was $641 million, up 3% year-on-year and up 6% quarter-on-quarter.
Group Key Financial Data |
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(HK$'m) |
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Q3 2018 |
Q2 2019 |
Q3 2019 |
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Revenues: |
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Net Gaming |
11,068 |
11,143 |
10,603 |
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Non-gaming |
1,358 |
1,315 |
1,407 |
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Construction Materials |
569 |
716 |
700 |
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Total Net Revenue |
12,995 |
13,174 |
12,710 |
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Adjusted EBITDA |
3,879 |
4,332 |
4,112 |
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Gaming Statistics2 |
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(HK$'m) |
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Q3 2018 |
Q2 2019 |
Q3 2019 |
||||||||||
Rolling Chip Volume3 |
264,491 |
179,666 |
163,779 |
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Win Rate % |
3.3% |
4.1% |
3.9% |
|||||||||
Win |
8,604 |
7,325 |
6,369 |
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Mass Table Drop4 |
29,923 |
30,391 |
30,424 |
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Win Rate % |
22.1% |
23.9% |
24.1% |
|||||||||
Win |
6,609 |
7,266 |
7,319 |
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Electronic Gaming Volume |
18,202 |
16,647 |
17,133 |
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Win Rate % |
3.4% |
3.6% |
3.7% |
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Win |
621 |
607 |
641 |
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Total GGR Win5 |
15,834 |
15,198 |
14,329 |
Balance Sheet and Special Dividend
As of 30 September 2019, cash and liquid investments were $49.2 billion and net cash was $47.2 billion. Total debt was $2.0 billion, primarily reflects an ongoing treasury management exercise where interest income on cash holdings exceeds corresponding borrowing costs. GEG paid the previously announced special dividend of $0.46 per share on 25 October 2019. Our balance sheet combined with cash flow from operations allows us to return capital to shareholders via special dividends and to fund both our Macau development pipeline and international expansion ambitions.
Galaxy Macau™
Galaxy Macau™ is the primary contributor to Group revenue and earnings. In Q3 2019, Galaxy Macau™’s net revenue was $9.3 billion, flat year-on-year and down 2% quarter-on-quarter. Adjusted EBITDA was $3.2 billion, up 7% year-on-year and down 2% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 34% (Q3 2018: 32%).
Galaxy Macau™ played lucky in Q3 2019 which increased Adjusted EBITDA by approximately $171 million. Normalized Q3 Adjusted EBITDA was $3.0 billion, down 9% year-on-year and up 1% quarter-on-quarter.
Hotel occupancy for Q3 2019 across the five hotels was virtually 100%.
Galaxy Macau™ Key Financial Data |
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(HK$'m) |
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Q3 2018 |
Q2 2019 |
Q3 2019 |
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Revenues: |
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Net Gaming |
8,181 |
8,405 |
8,108 |
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Hotel / F&B / Others |
888 |
832 |
897 |
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Mall |
268 |
289 |
310 |
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Total Net Revenue |
9,337 |
9,526 |
9,315 |
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Adjusted EBITDA |
2,957 |
3,235 |
3,172 |
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Adjusted EBITDA Margin |
32% |
34% |
34% |
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Gaming Statistics6 |
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(HK$'m) |
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Q3 2018 |
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Q2 2019 |
Q3 2019 |
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Rolling Chip Volume7 |
189,607 |
125,051 |
110,279 |
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Win Rate % |
3.4% |
4.4% |
4.4% |
|||||||||
Win |
6,354 |
5,501 |
4,805 |
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Mass Table Drop8 |
17,650 |
18,118 |
18,403 |
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Win Rate % |
25.1% |
27.6% |
27.9% |
|||||||||
Win |
4,434 |
4,993 |
5,129 |
|||||||||
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Electronic Gaming Volume |
13,026 |
11,235 |
11,359 |
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Win Rate % |
4.0% |
4.6% |
4.6% |
|||||||||
Win |
527 |
512 |
523 |
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Total GGR Win |
11,315 |
11,006 |
10,457 |
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StarWorld Macau
In Q3 2019, StarWorld Macau’s net revenue was $2.5 billion, down 14% year-on-year and down 9% quarter-on-quarter. Adjusted EBITDA was $828 million, down 11% year-on-year and down 12% quarter-on-quarter. Adjusted EBITDA margin under HKFRS was 33% (Q3 2018: 32%).
StarWorld Macau played lucky in Q3 2019 which increased Adjusted EBITDA by approximately $15 million. Normalized Q3 Adjusted EBITDA was $813 million, down 13% year-on-year and down 4% quarter-on-quarter.
Hotel occupancy for Q3 2019 was virtually 100%.
StarWorld Macau Key Financial Data |
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(HK$'m) |
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|||||||||
Q3 2018 |
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Q2 2019 |
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Q3 2019 |
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Revenues: |
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|
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|
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|
|||
Net Gaming |
2,794 |
|
|
|
2,633 |
|
|
|
2,397 |
|||
Hotel / F&B / Others |
110 |
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|
110 |
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|
111 |
|||
Mall |
12 |
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|
13 |
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|
|
13 |
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Total Net Revenue |
2,916 |
|
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|
2,756 |
|
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|
2,521 |
|||
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Adjusted EBITDA |
927 |
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|
943 |
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|
828 |
|||
Adjusted EBITDA Margin |
32% |
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34% |
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|
33% |
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Gaming Statistics9 |
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(HK$'m) |
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|||
Q3 2018 |
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Q2 2019 |
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Q3 2019 |
||||
Rolling Chip Volume10 |
73,750 |
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|
53,905 |
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|
49,990 |
|||
Win Rate % |
3.0% |
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|
3.3% |
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|
2.8% |
|||
Win |
2,191 |
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|
1,789 |
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|
1,394 |
|||
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||||
Mass Table Drop11 |
9,062 |
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|
8,877 |
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|
8,915 |
|||
Win Rate % |
18.5% |
|
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|
19.5% |
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|
19.0% |
|||
Win |
1,680 |
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|
1,730 |
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1,694 |
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Electronic Gaming Volume |
1,945 |
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|
1,967 |
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|
2,226 |
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Win Rate % |
2.1% |
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|
2.0% |
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|
2.5% |
|||
Win |
41 |
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|
40 |
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|
55 |
|||
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Total GGR Win |
3,912 |
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|
3,559 |
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|
3,143 |
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Broadway Macau™
Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs, it does not have a VIP gaming component. In Q3 2019, Broadway Macau™’s net revenue was $141 million, versus $145 million in Q3 2018 and $147 million in Q2 2019. Adjusted EBITDA was $2 million, versus $9 million in Q3 2018 and $6 million in Q2 2019. Adjusted EBITDA margin under HKFRS was 1% (Q3 2018: 6%).
Broadway Macau™ played unlucky in Q3 2019 which decreased Adjusted EBITDA by approximately $2 million. Normalized Q3 Adjusted EBITDA was $4 million, versus $13 million in Q3 2018 and $2 million in Q2 2019.
Hotel occupancy for Q3 2019 was virtually 100%.
Broadway Macau™ Key Financial Data |
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(HK$'m) |
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|||||||||
Q3 2018 |
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Q2 2019 |
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Q3 2019 |
||||
Revenues: |
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|
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Net Gaming |
65 |
|
|
|
76 |
|
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|
65 |
|||
Hotel / F&B / Others |
69 |
|
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|
59 |
|
|
|
66 |
|||
Mall |
11 |
|
|
|
12 |
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|
|
10 |
|||
Total Net Revenue |
145 |
|
|
|
147 |
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|
|
141 |
|||
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Adjusted EBITDA |
9 |
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|
6 |
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|
2 |
|||
Adjusted EBITDA Margin |
6% |
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|
4% |
|
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|
1% |
|||
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Gaming Statistics12 |
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|
|||
(HK$'m) |
|
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|
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|
|
|
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|
|||
Q3 2018 |
|
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Q2 2019 |
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Q3 2019 |
||||
Mass Table Drop13 |
368 |
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|
343 |
|
|
|
329 |
|||
Win Rate % |
16.9% |
|
|
|
21.3% |
|
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|
19.2% |
|||
Win |
62 |
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|
73 |
|
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|
63 |
|||
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|
|
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|
||||
Electronic Gaming Volume |
509 |
|
|
|
444 |
|
|
|
454 |
|||
Win Rate % |
2.1% |
|
|
|
2.4% |
|
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|
2.3% |
|||
Win |
11 |
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|
11 |
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|
10 |
|||
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Total GGR Win |
73 |
|
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|
84 |
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|
73 |
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City Clubs
In Q3 2019, City Clubs contributed $33 million of Adjusted EBITDA to the Group’s earnings, up 18% year-on-year and up 14% quarter-on-quarter.
City Clubs Key Financial Data |
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(HK$'m) |
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|||||||||
Q3 2018 |
|
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|
Q2 2019 |
|
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Q3 2019 |
||||
Adjusted EBITDA |
28 |
|
|
|
29 |
|
|
|
33 |
|||
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Gaming Statistics14 |
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|||
(HK$'m) |
|
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|
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|
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|
|||
Q3 2018 |
|
|
|
Q2 2019 |
|
|
|
Q3 2019 |
||||
Rolling Chip Volume15 |
1,134 |
|
|
|
710 |
|
|
|
3,510 |
|||
Win Rate % |
5.2% |
|
|
|
5.0% |
|
|
|
4.9% |
|||
Win |
59 |
|
|
|
35 |
|
|
|
170 |
|||
|
|
|
|
|
|
|
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|
||||
Mass Table Drop16 |
2,843 |
|
|
|
3,053 |
|
|
|
2,777 |
|||
Win Rate % |
15.2% |
|
|
|
15.4% |
|
|
|
15.6% |
|||
Win |
432 |
|
|
|
470 |
|
|
|
433 |
|||
|
|
|
|
|
|
|
|
|
||||
Electronic Gaming Volume |
2,722 |
|
|
|
3,001 |
|
|
|
3,094 |
|||
Win Rate % |
1.6% |
|
|
|
1.5% |
|
|
|
1.7% |
|||
Win |
42 |
|
|
|
44 |
|
|
|
53 |
|||
|
|
|
|
|
|
|
|
|
|
|||
Total GGR Win |
533 |
|
|
|
549 |
|
|
|
656 |
|||
Construction Materials Division
The Construction Materials Division contributed Adjusted EBITDA of $321 million in Q3 2019, up 63% year-on-year and down 12% quarter-on-quarter.
Development Update
Galaxy Macau™ and StarWorld Macau
To maintain our resorts competitive position, we are proceeding with a $1.5 billion property enhancement program for Galaxy Macau™ and StarWorld Macau. This program not only enhances our resorts attractiveness, but also includes preparation works for the effective future integration and connectivity of Phases 3 & 4.
Cotai – The Next Chapter
GEG is uniquely positioned for long term growth. We continue with development works for Phases 3 & 4, which will include approximately 4,500 hotel rooms, including family and premium high end rooms, 400,000 square feet of MICE space, a 500,000 square feet 16,000-seat multi-purpose arena, F&B, retail and casinos, among others. In August 2019 we introduced Galaxy International Convention Center (GICC) and Galaxy Arena and we are pleased to welcome Hyatt Hotel’s first Andaz Hotel to Macau and the Galaxy Resorts Precinct.
Hengqin
We continue to make progress with our concept plan for a lifestyle resort on Hengqin that will complement our high energy resorts in Macau.
International
Our Japan based team continues with our Japan development efforts. We view Japan as a great long term growth opportunity that will complement our Macau operations and our other international expansion ambitions. GEG, together with Monte-Carlo SBM from the Principality of Monaco and our Japanese partners, look forward to bringing our brand of World Class IRs to Japan. We continue to strengthen our Japan Development team and build our resources as we move forward in the Integrated Resort process.
Selected Major Awards in 2019
Award |
Presenter |
GEG |
|
Overall Most Outstanding Company in Hong Kong Most Outstanding Company in Hong Kong – Casinos & Gaming Sector |
Asiamoney |
Gaming and Lodging - Most Honored Company Best IR Companies Combined – First Place Best ESG/SRI Metrics – First Place Best Corporate Governance – First Place |
Institutional Investor Magazine – 2019 All Asia Executive Team Survey |
Gaming Operator of the Year Australia & Asia |
12th International Gaming Awards |
3 Years IR Awards Winning Company Certificate of Excellence |
Hong Kong Investor Relations Association |
Galaxy Macau™ |
|
Integrated Resort of the Year |
12th International Gaming Awards |
Best Integrated Resort Award Best Gaming Floor Award |
G2E Asia Awards 2019 |
Five-Star Hotel Banyan Tree Macau The Ritz-Carlton, Macau |
Forbes Travel Guide 2019 |
Best Fine Dining Restaurant in Macau Fook Lam Moon (Galaxy Macau™) Terrazza Italian Restaurant (Galaxy Macau™) |
The Menu 2018 |
StarWorld Macau |
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Asia’s Best Catering Service Hotel Supreme Award |
The 19th Golden Horse Awards of China |
Broadway Macau™ |
|
Macao Green Hotel Award 2018 - Environmental Performance Silver Award - Broadway Hotel |
Environmental Protection Bureau (DSPA) |
Construction Materials Division |
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The 14th Occupational Health Award - Joyful@Healthy Workplace Best Practices Award - Excellence Award |
Occupational Safety and Health Council |
Caring Company Scheme – 15 Years Plus Caring Company Logo |
The Hong Kong Council of Social Service |
Hong Kong Awards for Environmental Excellence |
Environmental Campaign Committee |
Corporate Environmental Leadership Award 2018 - EcoPartner |
Federation of Hong Kong Industries / Bank of China (Hong Kong) |
2018/19 Airport Safety Recognition Scheme - Extraordinary Contribution and Efforts on Airport Safety |
Airport Authority Hong Kong |
Outlook
In Q4 2019, Macau will have a new Chief Executive Mr. Ho Iat Seng who was elected with wide support and we look forward to him assuming office next month and to his first Policy Address in March 2020. With the solid economic and social foundations that have been made by the previous Chief Executives over the past 20 years, we are confident that the Macau Government will continue the policies of economic diversification.
Also in Q4 2019, we anticipate the opening of new infrastructure and immigration facilities that will support the further development of Macau through increased access to Macau from Mainland China and improved movement within Macau.
We do acknowledge that in the shorter term, current international trade tensions and the slowing global economy may impact customer sentiment and subsequent spending habits. However, we remain confident in the medium to longer term outlook for Macau due to the growing demand throughout Asia for leisure, tourism and travel.
We believe that Macau in general is well positioned to capture this growth and GEG has world class resorts and development pipeline.
We continue to upgrade Galaxy Macau™ and StarWorld Macau through our property enhancement program. GEG is uniquely positioned to capitalize on future growth with Cotai Phases 3 & 4, while also focusing on Hengqin and Japan. Through the balance of 2019 and 2020, the Group will continue to drive every segment of our business by enhancing operational efficiencies and exercising prudent cost control especially in the current market conditions. Furthermore, we will continue to develop our team members through training and upskilling, in order to support the Macau Government’s vision to develop Macau into a “World Center of Tourism and Leisure”.
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About Galaxy Entertainment Group (HKEx stock code: 27)
Galaxy Entertainment Group (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. It primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. The Group is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.
GEG is one of the three original concessionaires in Macau with a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.
GEG operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award winning premium property.
The Group has the largest undeveloped landbank of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will double to more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG is also planning to develop a world class, lifestyle leisure resort on a 2.7 square kilometer land parcel on Hengqin adjacent to Macau. This resort will complement GEG’s offerings in Macau, and at the same time differentiate it from its peers while supporting Macau in its vision of becoming a World Centre of Tourism and Leisure.
In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Etrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM including Japan.
GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.
For more information about the Group, please visit www.galaxyentertainment.com
1 The primary difference between statutory gross revenue and management basis gross revenue is the treatment of City Clubs revenue where fee income is reported on a statutory basis and gross gaming revenue is reported on a management basis. At the group level the gaming statistics include Company owned resorts plus City Clubs.
2 Gaming statistics are presented before deducting commission and incentives.
3 Reflects junket rolling chip volume only.
4 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
5 Total GGR win includes gaming win from City Clubs.
6 Gaming statistics are presented before deducting commission and incentives.
7 Reflects junket rolling chip volume only.
8 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
9 Gaming statistics are presented before deducting commission and incentives.
10 Reflects junket rolling chip volume only.
11 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
12 Gaming statistics are presented before deducting commission and incentives.
13 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
14 Gaming statistics are presented before deducting commission and incentives.
15 Reflects junket rolling chip volume only.
16 Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
