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Excellent First Half Results for Galaxy Macau

Last Monday the casino operator Galaxy Entertainment Group Ltd. announced that its first-half net profit was more than nine times larger than it was over the same period last year.

Last Monday the casino operator Galaxy Entertainment Group Ltd. announced that its first-half net profit was more than nine times larger than it was over the same period last year.

Galaxy attributed the rise to the opening of its Macau based flagship casino resort in May 2011.

Their profit for the first half this year was HK$3.458 billion, up from HK$378.3 million last year.  Overall revenue more than doubled from HK$13.67 billion to HK$28.32 billion.

The Galaxy Macau, run by Lui Che Woo, is casino complex costing over US$2 billion. The complex has 450 gambling tables, 2,200 hotel rooms and over 50 food and drink outlets. There is also a rooftop wave pool complete with 350 metric tons of beach sand and the first modern Cineplex in Macau.

The figures released will be seen as a major success for Woo who has never before operated a property on such a large scale. Grant Govertsen, an analyst at Union Gaming Research, thinks that Galaxy will see continual “improvement in the mass market business, benefiting from a ramp-up of its integrated resorts.”

The ‘ramp-up’ Govertsen was referring to will see an additional 500 gaming tables, luxury stores and 1,300 rooms from the JW Marriott and Ritz-Carlton hotels added to the complex.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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