Jinwu Financial News | Galaxy Entertainment (00027) announced that in the first quarter of 2024, net revenue increased 50% year-on-year to HK$10.6 billion, or 2% quarterly. The Group's adjusted EBITDA was HK$2.8 billion, up 49% year-on-year and 1% quarterly. Adjusted EBITDA for the past 12 months was HK$10.9 billion, up 1,297% year-on-year and 9% quarterly.
In the first quarter of 2024, the Bank Entertainment Gaming business increased the adjusted EBITDA by about HK$63 million due to the high net win ratio. After the net win ratio was normalized, the adjusted EBITDA was HK$2.8 billion, up 50% year-on-year and down 5% from quarter to quarter. The Group's total gaming revenue was HK$9.6 billion, up 59% year-on-year and 4% quarterly. Total revenue from midfield gaming was HK$7.7 billion, up 57% year-on-year and down 1% quarterly. Total revenue from transcoded gaming was HK$1.3 billion, up 64% year-on-year and 43% quarterly. The total revenue from slot gaming was HK$600 million, up 78% year-on-year and 18% quarterly.
Galaxy Macau is the Group's main revenue and profit contributor. In the first quarter of 2024, Galaxy Macau's net revenue was HK$8.3 billion, up 55% year-on-year and 2% quarterly. The adjusted EBITDA was HK$2.6 billion, up 42% year-on-year and 2% quarterly. The adjusted EBITDA margin was 31% (Q1 2023:35%).
In the first quarter of 2024, the Macau Galaxy Gaming business increased the adjusted EBITDA by about HK$48 million due to a high net win ratio. After the net win ratio was normalized, the adjusted EBITDA for the first quarter was HK$2.6 billion, up 44% year-on-year and down 4% from quarter to quarter. The average occupancy rate for the seven hotels was 97% in the first quarter of 2024.