Macau casino operator Galaxy Entertainment Group delivered a record net profit of HK$6bn to shareholders during the six months to June 30.
The 29 per cent increase in profit was the result of a 25 per cent year-on-year increase in revenue to $38.4bn and a 26 per cent jump on adjusted EBITDA to $7.3bn.
Galaxy Macau, the company’s flagship casino property, recorded EBITDA of $5.4bn – a 35 per cent increase on the previous year. Revenue at the mammoth resort was up 38 per cent at $25bn.
StarWorld Macau, meanwhile, generated revenue of $12.3bn and EBITDA of $1.9bn, increases of seven per cent and nine per cent, respectively.
“During the half year we made excellent progress in realising our primary strategic objectives across our flagship properties, including enhancing our existing operations as the market evolves and building foundation for the group’s long-term sustainable growth,” said GEG chairman Lui Che Woo.
The second phase of Galaxy Macau is expected to be completed by mid-2015, while the Grand Waldo Complex is to be relaunched after an extensive refurbishment early next year.
GEG is also conducting site investigation work to develop additional properties, including luxury hotels, an arena and a convention centre, on Macau’s Cotai strip.
