Galaxy Entertainment Swings to Profit as Visitors Return to Gambling Hub
By Bingyan Wang
Galaxy Entertainment Group swung to a first-half profit as visitors returned to the world's largest gambling hub after China ended strict pandemic controls late last year.
The casino operator on Thursday posted net profit of 2.89 billion Hong Kong dollars (US$369.0 million), compared with a HK$850.5 million loss in the year-earlier period. It attributed the turnaround to a recovery in Macau's gambling industry.
Revenue more than doubled to HK$15.72 billion, it said.
Galaxy Entertainment also declared a special dividend of HK$0.20 a share, making it the first Macau concessionaire to resume dividends after borders reopened, the company said.
Looking at the third quarter, "we are pleased to see the continuing recovery in gaming revenue," it said.
The company said it plans to develop its overseas business by opening its first office in Tokyo and additional offices in Bangkok and Seoul.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
August 17, 2023 01:33 ET (05:33 GMT)
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