Galaxy Entertainment H1 profit up 56%
Casino operator Galaxy Entertainment Group (GEG) reported a 56% year-on-year increase in net profit for the first half of this year, to HK$7.2bn (US$920m).
Adjusted EBITDA for H1 saw an increase of 34% to HK$8.6bn, with net revenue also rising to HK$28.1bn, up 25%.
Q2 net revenue was HK$13.9 billion, an increase of 22%, while group adjusted EBITDA was HK$4.3bn, up 32%.
Total first-half VIP gross gaming revenue (GGR) was HK$19.6bn, up 41%. Total electronic gross gaming revenue for the half was HK$1.2bn, up 13%.
Galaxy Macau took the largest share of revenue for the second quarter, up 25% to HK$19.8bn, with an adjusted EBITDA of HK$6.5bn, up 28%, marking the casino’s tenth consecutive quarter of year-on-year EBITDA growth.
Dr. Lui Che Woo, Chairman of GEG, said: “Today I am pleased to report the second quarter and half year results of the group in 2018. During the period Macau continued to perform and the group focused on operational execution.”
Galaxy claims its EBITDA for Q2 was negatively affected by an increased win rate at Galaxy Macau, saying it “played unlucky.” GGR was also affected late in the quarter by the FIFA World Cup.
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