rtg18.gif
rtg18.gif
rtg18.gif
CLOSE
× Gambling News In-Depth iGaming Calendar Connections GI Friday Trafficology GI Magazine GGA 2017 AffiliateCon
NEWS 8 August 2018
Galaxy Entertainment H1 profit up 56%
By Oliver Rudgewick

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.

 

 

RELATED TAGS: Financial | Industry
DISCUSS THIS ARTICLE
IN-DEPTH 16 August 2018
Real estate: the hidden market in casino gaming
Managing Director of the Alea Consulting Group, Nicholas G. Colon delves deeper into this relatively new way of ensuring the long-term financial viability of land-based casinos
READ MORE
PREMIUM CONNECTIONS