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Galaxy first-half profit surges on new resort, Yogonet

Galaxy first-half profit surges on new resort, Yogonet | Poker & eGaming News | Scoop.it

Galaxy Entertainment Group’s first-half profit climbed nine fold after the Macau casino operator drew more Chinese visitors to a gambling resort it set up last year. Net income for the six months ended June rose to us$ 445 million from us$ 48.7 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, surged to us$ 605.8 million from us$ 232 million for the six months.

 

The company opened the Galaxy Macau resort on the city’s Cotai strip in May last year. It plans to invest us$ 2 billion to almost double the size of that gambling center in the Chinese city to compete with rivals including Sands China, Wynn Macau and Melco Crown Entertainment First-half revenue doubled to us$ 3.64 billion.

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Macau’s record growth is slowing down, Michael Robinson Innovate Gaming

Macau’s record growth is slowing down, Michael Robinson Innovate Gaming | Poker & eGaming News | Scoop.it

Gaming is still expected to expand in Macau, but analysts believe these first signs of slowing growth rates will see operators face a tougher challenge in the decade ahead. This year’s revenue growth has so far been running at just over half the 2011 rate, before the abrupt slowdown in May.

 

According to recent Gaming Inspection and Coordination Bureau figures, year-on-year growth rates have steadily declined in 2012. Gross revenues dropped from 34.8 percent in January, 28.3 percent in February, 27 percent in March, 25.7 percent in April to 7.3 percent in May, which represents revenues of us$3.3 billion last month.

 

Other sources:

http://www.yogonet.com/english/2012/06/13/macau-june-revenue-may-grow-15 ;

http://news.investors.com/article/614514/201206120802/china-mixed-numbers-seen-benefiting-vegas-casinos.htm

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Galaxy's H1 net profit jumps ninefold, Gambling911

Galaxy's H1 net profit jumps ninefold, Gambling911 | Poker & eGaming News | Scoop.it

Macau casino operator Galaxy Entertainment, posted a ninefold increase in first-half net profit, beating expectations as its new casino cashed in on a steady flow of Chinese visitors keen to try their luck in the world's largest gambling destination.

 

The $12 billion company controlled by Hong Kong property tycoon Lui Che Woo and 13 percent owned by European private equity firm Permira, reported net profit of HK$3.5 billion ($445 million) for the first six months of the year, up from HK$378.3 million in the same period a year ago.

It was the first full 12 months of earnings for the company's new casino which opened in April last year.

 

Galaxy's shares have risen almost 53 percent in the year to date, outperforming the benchmark Hang Seng Index which has climbed 7 percent in the same period.

 

Other sources:

http://www.g3newswire.com/china-galaxy-entertainment-doubles-first-half-revenue/

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