Galaxy Ent increases profits in H1

The company improved its financial numbers during H1 and 2Q 2018. Credits: Galaxy Ent

The company reported a 56 per cent rise year-on-year in net profit for the first half of the year.

Macau.- Galaxy Entertainment Group has reported its financial results for the first six months of 2018, which indicate that there has been a 56 per cent year-on-year increase in net profit to US$920 million.

The company showed that adjusted EBITDA for the six month period experienced a 34 per cent rise to US$1.09 billion, while net revenue increased 25 per cent to US$547 million. Net revenue for the second quarter of 2018 was US$1.7 billion, which represents a 22 per cent rise over the same three-month period in 2017.

Moreover, total first-half VIP gross gaming revenue (GGR) was US$2.4 billion, up 41 per cent, and total electronic gross gaming revenue for the first six months of the year was US$152 million, a 13 per cent increase.

The largest share of revenue for the second quarter of the year, ending June 30th, was taken by Galaxy Macau, which registered a 25 per cent rise to US$2.5 billion, with an adjusted EBITDA of US$828 million, up 28 per cent.

Dr Lui Che Woo, Chairman of GEG, said: “Today I am pleased to report the second quarter and half year results of the group in 2018. During the period Macau continued to perform and the group focused on operational execution.”