Galaxy Entertainment profits soar 81% in H1
Casino operator Galaxy Entertainment Group Ltd has reported a 81% year-on-year hike in its net profits for the first half of the year.
Macau-based junket’s profits grew to HKD4.63bn (US$591.7m), compared to nearly HKD2.56bn generated in the prior-year period.
In a corporate filing to the Hong Kong Stock Exchange, Galaxy posted a 9% increase in total gaming revenue, rising to HKD26.4bn in H1 2017.
Breaking the figures down, total mass table games revenue was HKD11.4bn, up 15% year-on-year, whilst total VIP revenue was HKD13.9bn, up 5% year-on-year. Additionally, total electronic gaming revenue was HKD1.1bn, up 12% year-on-year.
Although the company did not comment the reason behind these results, analysts from Union Gaming highlighted Galaxy’s VIP performance and praised the ‘sweet spot’ that the mass market is currently on.
“The levels of mass foot traffic at Galaxy Macau have been exceptional, driven in part by the company’s ongoing efforts to rethink the property from both a gaming and non-gaming perspective (especially F&B),” said Union Gaming.
The firm’s flagship Galaxy Macau increased its VIP rolling chip volume by 8%, totalling nearly HKD10m in VIP revenue; while StarWorld Macau’s VIP rolling chip volume for first half of 2017 increased 19%, totalling HKD3.8bn in VIP revenue.
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