August 31, 2017 / 12:12 AM / 2 years ago

Macau's Galaxy Entertainment posts 81 percent rise in first-half profit

FILE PHOTO: A car as a winning prize is displayed outside a casino at a resort owned by Galaxy Entertainment Group in Macau, China November 18, 2015. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) - Macau casino operator Galaxy Entertainment Group (0027.HK) posted an 81 percent rise in net profit for the first half year due to resurgent demand from gamblers in the world’s biggest casino hub.

Galaxy is one of six listed casino operators in the Chinese territory of Macau, which is the only place in the country where citizens are legally allowed to gamble.

The industry is recovering from a more than two-year decline that coincided with a government campaign against ostentatiousness among public officials.

Macau’s overall market has grown over the past year, with new resorts increasing competition for casino operators such as Wynn Macau Ltd (1128.HK), MGM China Holdings Ltd (2282.HK), SJM Holdings Ltd (0880.HK), Sands China Ltd (1928.HK) and Melco Resorts & Entertainment Ltd (MLCO.O).

Reporting by Farah Master; Editing by Richard Pullin

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