Galaxy Entertainment reports 28 percent rise
The Macau casino operator posted a 28 percent year on year rise in net profit.
Macau.- Galaxy Entertainment surpassed the expectations by announcing a 28 percent year on year rise in net profit in the third quarter of this year. The operator said in a filing to the Hong Kong Stock Exchange that it was severely encouraged by the sings of market stabilisation.
Galaxy recorded profit of US$348 million for the quarter that ended last month. Revenue rose 5 percent to US$1.5 billion. In a statement released by the company, they say that the recently reported growth in monthly revenue in August and September followed by a strong Golden Week in October are encouraging signs, but they still need more time before “calling it a definitive trend.”
“Galaxy mass revenue grew 17 percent year-on-year, better than market growth of +6 percent year-on-year,” said Morgan Stanley analysts, who admitted that Galaxy’s performance in this past quarter was a highlight.
The company’s non-gaming revenue also rose 18 percent quarter-on-quarter. “Underlying visitor demand remains solid with GEG’s hotels remaining virtually fully occupied during the period,” Galaxy stated.
