Galaxy Entertainment publishes 1Q18 results
The Macau casino company grew 32 per cent during the first quarter of 2018.
Macau.- Galaxy Entertainment published yesterday its quarter results addressing gaming operations from January to March of the current year. According to the official report, the company that operates in Macau has grown 32 per cent during the first three months of 2018 achieving a total revenue of HKD18.5 billion (US$2.36 billion).
“We are very pleased to report that we have experienced a positive start to 2018, with all-time record quarterly adjusted EBITDA. This represents our 9th consecutive quarter of EBITDA growth despite competitive new capacity being added to the [Macau] market,” said Lui Che Woo, chairman and founder of Galaxy Entertainment.
The report shows that Galaxy Entertainment’s adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) was of HKD4.3 billion (US$ 547.812.539), up 36 percent year-on-year. Furthermore, Galaxy Entertainment’s EBITDA margin had “edged up to a record 23.3 per cent”, versus 23.1 per cent in the fourth quarter of 2017 and 22.6 per cent in the first quarter of 2017.
The company has plans to keep expanding its operations throughout the Asian continent this year, as Galaxy Entertainment Group’s Philippine partner has acquired land on the island of Boracay. According to the reports, the acquisition is allegedly related to the installation of a new casino in the country. Galaxy Entertainment Group has had several attempts at opening a casino resort in the area.
