Gelonghui, May 14 | Galaxy Entertainment (00027.HK) announced that in the first quarter of 2024, we made large-scale adjustments to the layout of the “Galaxy Macau” gaming area, which affected our business in January and early February in the short term. The relevant projects were completed before the Lunar New Year. With the completion of the project, we saw a significant improvement in the flow of customers throughout the gaming area.
At our casinos, we are introducing electronic entertainment tables, which will further improve the efficiency of the entire gaming area. Additionally, we are updating our slot machines and making a series of upgrades to StarWorld Macau.
Next is our financial performance. The Group's net revenue for the first quarter of 2024 was HK$10.6 billion, up 50% year-on-year and 2% quarterly. The adjusted EBITDA was HK$2.8 billion, up 49% year-on-year and 1% quarterly. We are encouraged by the casino's performance during May 1st Golden Week and the improved layout of the “Galaxy Macau” gaming area.
Our balance sheet remains healthy and highly liquid. As of the first quarter of 2024, cash and current investments amounted to HK$26.4 billion, net of HK$1.4 billion after deducting liabilities of HK$25 billion. We paid the previously announced special dividend of HK$0.30 per share on April 26, 2024.
We are pleased to announce that the Group will welcome its tenth hotel brand — Capella Hotels & Resorts. The 17-story Capella Macau Galaxy Tower is expected to open in mid-2025 and offers around 100 top luxury sky villas and suites. This shows our continued commitment to providing visitors to Macau with an unrivaled luxury experience and supports the Government's vision of developing Macau into a world center of tourism and leisure.
We are happy to welcome the 75th anniversary of the founding of the People's Republic of China and the 25th anniversary of Macao's return to the motherland. We hope that the industry will continue to receive full support from the central government and the Macao SAR government. As always, GEG fully supports these important milestones through a series of promotional activities and programs. We expect that the expansion of free travel cities and new visa measures will increase the number of visitors to Macau.