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Galaxy Entertainment's 2011 net profit triples to HK$3.0 bln

Mar. 16, 2012 (China Knowledge) - Hong Kong-listed casino operator Galaxy Entertainment Group Ltd<0027> announced yesterday that its net profit more than tripled to HK$3.0 billion last year, boosted by contribution from the new casino opened last May and significant increase in gambling revenue.

The net profit last year, however, fell short of a forecast of HK$3.3 billion by 21 analyst polled by Thomson Reuters.

In 2011, Galaxy Entertainment's revenue more than doubled to HK$41.2 billion from HK$19.26 billion in 2010. No dividend was declared for 2011.

Galaxy Entertainment had a share of about 17% in the Macau market in February.

Macau, the only place in China where casino gambling is legal, saw its gambling revenue reach MOP 267.87 billion or US$33.47 billion in 2011, reflecting a year-on-year increase of 42%, China Knowledge reported earlier.

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