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Galaxy profit jumps 56pc to US$ 917.2 million

Casino resorts owner Galaxy Entertainment reported an interim net profit of HK$7.2 billion (US$917.2 million) , up 56 percent on-year, driven by strong mass and VIP business.

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UPDATED: 22 Dec 2023, 5:46 am

Casino resorts owner Galaxy Entertainment reported an interim net profit of HK$7.2 billion (US$917.2 million) , up 56 percent on-year, driven by strong mass and VIP business.

Adjusted earnings before interest, taxes, depreciation and amortization grew by 34 percent to HK$8.6 billion.

Net revenue climbed 22 percent to HK$13.9 billion.

Both Galaxy’s VIP and the mass market segment outperformed in the first half. VIP gross gaming revenues saw a 42.1 percent year on year increase to HK$19.53 billion, while mass gaming revenue grew 18.84 percent to HK$12.68 billion.

Adjusted EBITA rose 32 percent to a HK$4.3 billion.

For the second quarter, total mass table gross gaming revenues were HK$6.8 billion, up 20 percent year on year. Total VIP gross gaming revenues were HK$9.8 billion, up 38 percent.

Deputy chairman Francis Lui Yiu-tung said that despite the Sino-US trade conflict and yuan’s depreciation, he is optimistic about Galaxy’s long-term prospects due to the strong spending power of the mainland middle class, and rising leisure and tourism demand.

Galaxy Entertainment has pushed back the launch date for the first portion of Phase 3 for its flagship Cotai casino resort, Galaxy Macau.

It will now open in 2020 rather than 2019 as previously suggested, said Lui.

Phase 4 is to be in operation in 2021.

Galaxy Entertainment’s current Macau gaming rights are due to expire in 2022.

Meanwhile Chairman Lui Che-woo said he remained confident in the outlook for Macau and the company, and looks forward to the opening of additional infrastructure projects such as the Hong Kong-Zhuhai-Macau Bridge, and the extended train line that will support the future growth of Macau and the integration of the Greater Bay Area.

UPDATED: 22 Dec 2023, 5:46 am

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