February 28, 2019 / 4:41 AM / 8 months ago

Macau's Galaxy Entertainment posts 29 percent rise in 2018 profit

A logo of Galaxy Macau, part of the Galaxy Entertainment Group (GEG), is displayed at a news conference on the gaming resort's results in Hong Kong, China February 28, 2017. REUTERS/Bobby Yip

HONG KONG(Reuters) - Macau casino operator Galaxy Entertainment Group Ltd posted a 29 percent rise in profit for 2018 due to robust demand from gamblers in the world’s biggest casino hub.

Galaxy, one of six listed casino operators in the Chinese territory - the only place in the country where its citizens are legally allowed to gamble - reported HK$13.5 billion ($1.72 billion) in net profit attributable to shareholders for 2018.

As Macau marks 20 years since handover from Portuguese rule, slower mainland economic growth, a weaker yuan and a simmering Sino-U.S. trade war threaten to derail growth.

Reporting by Farah Master; Editing by Christopher Cushing

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