The casino operator from Macau reported double digit increase in annual profit.
Macau.- Galaxy Entertainment Group released a report that includes its annual profit results. The company experienced a 51 percent increase for 2016, and the chairman of Galaxy believes that it’s because they tightened cost controls.
The company reported US$809 million compared to US$535 million generated in 2015, and group revenue also grew 4 percent to US$6.8 billion. Full year adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) experienced an 18 percent increase to US$1.3 billion. Lui Che Woo, Galaxy Ent’s chairman, said during a press release: “We have worked hard during the period to carefully control costs without adversely impacting customer service standards and to substantially grow our mass market business.”
Furthermore, in 2016 the company reached a 2 percent increase to US$6.3 billion in total gaming revenue, and it also experienced a 19 percent year-on-year growth in revenue from mass table games. “Galaxy Entertainment Group is continuously exploring opportunities in overseas markets, including Japan,” the company added.