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Galaxy Entertainment returns to profit in H1 as Macau restrictions ease | Half year results
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Galaxy Entertainment Group Swings to Profit in First Half on Improved Revenue
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Galaxy Macau celebrates successful grand opening
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Macau casino operator Galaxy Entertainment Group Ltd saw strong gaming earnings relative to the earlier part of the year, during the five-day holiday encompassing Labour Day on May 1, said brokerages Sanford C Bernstein Ltd, and Jefferies Hong Kong Ltd in respective Thursday memos, citing commentary from the gaming firm’s management.
The improvement was led by premium-mass play, and was accompanied by high levels of hotel occupancy, and strong sales in the luxury retail segment, said the institutions, in notes issued after highlights of Galaxy Entertainment’s first-quarter earnings were filed with the Hong Kong Stock Exchange. The company’s flagship resort is Galaxy Macau, (pictured in a file photo) on Cotai.
Galaxy Entertainment revenue steady in Q1 as casinos recover from pandemic
13th May 2021
| By Nosa Omoigui
Galaxy Entertainment recorded revenue figures of HK$5.10bn (£470m/$660m/€540m) for the first quarter of 2021, marking a slight 0.5% increase from the same period last year.
Gaming revenue was the biggest contributor with HKD3.86bn – slightly down from HKD4.0bn last year – while non-gaming sources from resorts generated HKD598m. The operator’s construction materials division, meanwhile, brought in HKD641m.
The Galaxy Macau casino proved to be the company’s biggest revenue source, bringing in HKD3.4bn. Although gaming revenue from the casino was down 5.9% to HKD2.88bn, the Galaxy Macau mall raised HKD292m – a 93.4% rise from last year.