Galaxy Entertainment Group says it has taken the worst Macau can throw at it

Macau casino operator Galaxy Entertainment Group (GEG) says it withstood Macau’s best shot and finished 2015 on a positive note.

On Thursday, GEG turned in its Q4 earnings report, which showed revenue falling 20% to HKD 13.3b (US $1.7b) and earnings down 7% to HKD 2.5b in the three months ending Dec. 31. However, those numbers were up 8% and 18% respectively from Q3, leaving the company “cautiously optimistic” that Macau has turned a corner.

For 2015 as a whole, revenue was off 29% to HKD 51b, earnings were down 24% to HKD 8.7b and net profit fell 60% to HKD 4.2b (counting HKD 1.2b of non-recurring charges). GEG “experienced bad luck” in its gaming operations, as VIP revenue fell 43% to HKD 28.9b and mass market table revenue fell 6% to HKD 17.7b.

GEG chairman Lui Che Woo (pictured) said the “credible” results were all the more incredible given Macau’s 20-months-and-counting revenue doldrums. Lui said GEG had enjoyed “healthy” visitor numbers over the Lunar New Year period, which “potentially signal market stabilization.”