Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF): Macau’s Best Casino Stock Positioned for Growth

Cash rich Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) 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 was one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming concession valid from January 1, 2023, to December 31, 2032.
  • 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 progressing plans for its Hengqin project and we are also expanding our focus beyond Hengqin (see: Hengqin: The future of Macau) and Macau to potentially include opportunities within the rapidly expanding Greater Bay Area.
  • Rakesh Bordia – Emerging Markets: Finding Value in A Diverse Landscape (Opto Podcast) 43:27 Minutes
    • Has the largest land bank in Macau. Other casinos are taped out. Can double it’s capacity.
    • Largest and most diversified customer base.
    • Net cash balance sheet e.g. better positioned to survive a longer path to normalization after COVID.
  • Q4 & FULL YEAR 2022 RESULTS HIGHLIGHTS (Media Release of 2022 Q4 & Annual Results)
Media Release of 2022 Q4 & Annual Results
  • Balance Sheet: Healthy and Liquid Balance Sheet(Media Release of 2022 Q4 & Annual Results):
    • As at 31 December 2022, cash and liquid investments were $26.4 billion and net cash was $18.9 billion
    • As at 31 December 2022, debt of $7.5 billion primarily reflects ongoing treasury yield management initiatives with minimal core debt of $0.4 billion
  • “We are scheduled to progressively open Phase 3 Galaxy International Convention Center, Galaxy Arena and Raffles [hotel] at Galaxy Macau in the second quarter of 2023, with our first MICE [meetings, incentives, conferences, and exhibitions] event being held in April 2023”, said [Company Chairman] Mr Lui… The Galaxy International Convention Center includes the 16,000-seat, multipurpose Galaxy Arena, and 40,000 square metres (430,556 sq feet) of space for MICE events. Galaxy 2022 loss US$438mln, Galaxy Macau Phase 3 in 2Q
  • “We believe Phase 3 and Phase 4 should underpin Galaxy’s long-term growth, when the cluster effect continues to build among Galaxy Macau properties… With a mass-market-driven recovery ahead, the addition of non-gaming elements and capacity should further strengthen the company’s ability to gain market share.” Credit Suisse: Galaxy Macau Phases 3 and 4 to help drive market share gain via “cluster effect”
  • P/E (Google Finance): N/A / P/E (Yahoo! Finance): N/A
  • Dividend Yield (Google Finance): N/A / Forward Dividend & Yield (Yahoo! Finance): N/A





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