Galaxy Ent reports third quarter profits

The Macau casino operator revealed that revenue increased 23 percent during the third quarter of the year.

Macau.- Galaxy Entertainment, the Macau casino operator, reported its third quarter results that indicate that adjusted EBITDA reached US$448 million, whilst revenue grew 23 percent to US$2 billion.

The company posted on Thursday its revenue growth of 23 percent when compared to the same three month period in 2016. EBITDA’s rate grew 31 percent year-on-year. Nevertheless, the operator reported that gaming operation decreased adjusted EBITDA by US$14 million. Moreover, total gaming revenue increased 24 percent to US$1.9 billion, mass up being 14 percent VIP up 34 percent when compared to 2016.

Brokerage Bernstein revealed yesterday in a note that the operator increased market share in mass gross gaming revenue (GGR), as well as VIP GGR. Galaxy Macau also experiences a stronger than expected results mainly because of strong rolling chip volume.

Galaxy chairman Dr. Lui Che Woo, said: “We continue with our repair works to the damages from the typhoon at our Macau resorts, but, in the main, we are back to business as usual. Thanks to the tireless efforts of our team members, Broadway Hotel and Casino smoothly reopened for business on 25 September 2017. Despite the impact of Typhoons Hato and Pakhar, our businesses continued to perform well and have delivered satisfactory results for the three months period ended 30 September 2017.”