Galaxy Beat on Strong VIP Rolling and Luck; Normalized Adjusted EBITDA Margin Improved Sequentially
Narrow-moat Galaxy’s fourth-quarter revenue and adjusted EBITDA beat our estimates on strong VIP rolling and both Galaxy Macau and Broadway playing luckily. We see a sequential revenue shift toward the lower-margin VIP segment in the quarter from 47% to 50%, which helps to explain the sequential decline in adjusted EBITDA margin from 20.74% to 20.62%. We estimate that, on a luck-adjusted basis, adjusted EBITDA margin rose sequentially from 19.2% to 19.8%. Adjusted EBITDA was HKD 3.0 billion, up ...Galaxy Entertainment is an investment holding company, engaged in operation in casino games of chance or games of other forms, as well as the provision of hospitality and related services in Macau. In addition, Co. manufactures, sells and distributes construction materials through its Construction Materials Division across Mainland China, Hong Kong and Macau. Co.'s segments include gaming and entertainment, and construction materials.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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