Galaxy Entertainment Group (GEG) and SJM Holdings reported on Tuesday their 2016 results.
According to a GEG statement to the Hong Kong Stock Exchange, the company recorded a full-year net profit attributable to shareholders (NPAS) of HK$6.3 billion, an increase of 51 percent year on year including HK$500 million of non-recurring charges.
Galaxy’s 2016 revenue increased 4 percent to HK$52.8 billion. Full-year adjusted EBITDA rose 18 percent to HK$10.3 billion.
Galaxy also said that its plans in Hengqin were moving forward to develop a “low-density” integrated resort to complement its “high-energy” entertainment resorts in Macau, adding that it anticipates disclosing further details later in the year.
The GEG statement also said that the company was “continuously exploring opportunities in overseas markets, including Japan”.
The GEG statement quoted the company’s chairman, Lui Che Woo, as saying, “We have delivered very credible and solid results given the challenging operating environment that we experienced for the majority of 2016.”
Lui also announced the payment of another special dividend of HK$0.26 in April.
Meanwhile, SJM Holdings said in a statement to the Hong Kong Stock Exchange that its gaming revenue dropped 14.5 percent year on year to HK$41.27 billion last year.
Profit attributable to owners of the company decreased 5.6 percent to HK$2.3 billion. Adjusted EBITDA fell 11.5 percent to HK$3.4 billion.
The company proposed a final dividend of HK$0.18 per share.
According to the statement, SJM had a 19.1 percent share of Macau’s gaming revenue last year, including 22.7 percent of mass-market table gaming revenue and 17.3 percent of VIP gaming revenue.
The statement quoted SJM Holdings CEO Ambrose So Shu Fai as saying that “although certain economic challenges for Macau’s casino gaming market continued throughout most of 2016, SJM enters 2017 in a strong position.”
(Macau News / The Macau Post Daily)