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Macau's Galaxy Entertainment posts 31 percent jump in first-quarter EBITDA
May 4, 2017 / 5:49 AM / 6 months ago

Macau's Galaxy Entertainment posts 31 percent jump in first-quarter EBITDA

HONG KONG (Reuters) - Macau casino operator Galaxy Entertainment Group (0027.HK) posted a 31 percent rise in adjusted EBITDA in the first quarter as wealthy Chinese gamblers flocked back into the world’s biggest gambling hub.

Galaxy Entertainment Group (GEG) Chairman Lui Che-woo attends a news conference on the gaming resort's results in Hong Kong, China February 28, 2017. REUTERS/Bobby Yip

Galaxy, one of six listed casino operators in the Chinese territory of Macau, said adjusted EBITDA for the first three months of the year was HK$3.2 billion ($411.24 million) compared with HK$2.4 billion a year earlier.

The former Portuguese colony, now a special administrative region belonging to China, is the only place in the country where citizens are legally allowed to gamble.

Business had dried up in the special administrative region after Chinese President Xi Jinping’s campaign against shows of wealth by public officials in 2014 but the opening of new resorts in the second half of last year has helped revive demand from high rollers as well as casual gamblers.

($1 = 7.7813 Hong Kong dollars)

Reporting by Farah Master; Editing by Muralikumar Anantharaman

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