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Galaxy Entertainment's revenue over double in Q1

May. 11, 2012 (China Knowledge) - Galaxy Entertainment Group Ltd<0027>, a casino operator controlled by the family of Hong Kong businessman Lui Che-woo, reaped HK$13.2 billion in revenue in the first quarter of this year, reflecting a year-on-year jump of 130%.  

In the reporting period, the firm's casino revenue in Macau surged 27% from a year earlier, said the Hong Kong-listed firm without disclosing net profit.

During the first quarter of 2012, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to HK$2.2 billion, tripled of that from HK$712 million it earned in the same period of last year.

The EBITDA derived from Galaxy Macau reached HK$1.3 billion in the three months ended Mar. 31, 2012, up 6% year on year, while the EBITDA contributed by StarWorld soared 28% year on year to HK$852 million, the 15th consecutive quarterly growth.

Galaxy Entertainment had HK$9.5 billion in cash at the end of March 2012.

The company has said it expects to double the size of second-phase of a large-scale casino project in Macau with an investment of HK$16 billion by the end of 2015. The first phase of the project cost over US$2 billion and started operation at the end of last year.

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