Asian casino operator Galaxy Entertainment Group Limited reported financial results, with adjusted net income up 61% year-over-year to $1.4 billion and overall revenue up 18% to $7.9 billion.
Hong Kong-listed Galaxy Entertainment Group Limited said its adjusted annual earnings before interest, tax, depreciation and amortization improved 37% year-over-year to $1.8 billion, while its overall gaming revenue of $7.4 billion jumped about 17%.
Galaxy Entertainment Group Limited operates Galaxy Macao, StarWorld Macao, and Broadway Casino in Macau, and says annual total sales of popular market table games rose 15% year-over-year to nearly $3.1 billion, while VIP revenue rose 19% to just over $4 billion.
Regarding individual properties, Galaxy Entertainment Group Limited reported that Galaxy Macao properties rose 17% year-over-year to about $5.7 billion in annual revenue, while the chairman's earnings adjustment before interest, tax, depreciation and amortization represented a 31% increase.
The operator reported a 20% year-over-year increase in 12-month period to $1.8 billion, while adjusted annual earnings before interest, tax, depreciation and amortization increased 38% to $383.1 million.
Broadway Casino reported that the location posted annual earnings of $65.6 million, down nearly 24% year-over-year, and adjusted earnings for the 12-month period before interest, tax, depreciation and amortization fell 66% to $1.2 million, according to a report by Galaxy Entertainment Group Limited.
Galaxy Entertainment Group Limited says all this left it with a net worth and liquidity investment of about $5.3 billion as of the end of December. It said about $4 billion of that was cash, while overall debt was just over $1.2 billion.
"I am confident of the mid- to long-term outlook for Macau, and this confidence is based on the continued solid economic performance of mainland China and remarkably low tourism markets in China and Asia," said Lui Che Woo, chairman of the Galaxy Entertainment Group Limited, in a statement (pdf) on Wednesday. "In addition, opening a new property in Macau in 2018 and breaking ground on the Hong Kong-Zuhai-Macao Bridge will boost growth in the short term." https://www.slotsite.info/
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