Galaxy sees 29 pct profit increase in 2018

A good mass gaming performance boosted Galaxy Entertainment Group’s net profit to a 29% rise in 2018.

Macau.- Galaxy Entertainment Group revealed its full 2018 year results and reported a major net profit increase. According to the company, its figures jumped 29% year-on-year to €67.2 million, helped by a good mass gaming performance in all its venues.

While profit saw an increase, net revenue for the group was also up 14% in 2018, reaching €6.1 billion.

Nonetheless, some figures were down, as its adjusted EBITDA for its gaming operations had a €426 million drop. Still, its normalised adjusted EBITDA grew 22% to €15.2 billion.

“One of GEG’ business philosophies is to continuously search for products and offerings that will enhance our resorts and increase the appeal to customers. With this in mind, during 2018, we completed a number of enhancements to the main gaming floor, completed construction of new smoking lounges, and introduced some new F&B and retail concepts. We believe this approach keeps the property fresh and appealing, particularly to our repeat customers.”

According to Union Gaming analysts, the results were pleasing: “As we look ahead over the balance of 2019, we forecast continued VIP softness across Galaxy’s portfolio (GGR -3%), but with mass market and slots growing at or above market-wide levels (mass up 9%).”