The Macau operator reported that profit for the six months ended on June 30 increased 81 percent.
Macau.- Galaxy Entertainment Group (GEG) revealed that net profit for the first half of the year increased 81 percent, possibly fue to the rebound in mass revenue and VIP. Earlier this year, Morgan Stanley predicted good results for the operator.
The six months eded on June 30 marked a net profit of US$587 million, whilst revenue jumped 12 percent when compared to the same period last year to US$3.6 billion. Total gaming revenue rose 9 percent with total mass table games totaling US$1.4 billion and VIP revenue US$1.7 billion, a 15 percent and 5 percent increase respectively. moreover, total electronic gaming revenue also grew 12 percent during that period.
“The levels of mass foot traffic at Galaxy Macau have been exceptional, driven in part by the company’s ongoing efforts to rethink the property from both a gaming and non-gaming perspective (especially F&B),” said Union Gaming analysts, as reported by AGBrief.
Back in July, brokerage Morgan Stanley said that Galaxy and Wynn were likely to outperform Melco, MGM and SJM during the second quarter of the year, since they both had reported good mass and VIP results.