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Galaxy Entertainment Q2 revenue up 22% on growth in Macau

Casino and hotel operator Galaxy Entertainment Group Ltd. on Aug. 8 reported that second-quarter net revenue climbed 22% year over year amid ongoing growth in the Macau market.

For the three months ended June 30, the Hong Kong-based company reported that adjusted EBITDA rose 32% to HK$4.33 billion from HK$3.29 billion in the year-ago period. EPS figures for the quarter were not provided.

Total net revenue for the group was HK$13.93 billion for the quarter, up 22% from HK$11.41 billion a year prior. Total gross gaming revenue rose 29% year over year to HK$17.2 billion, while total mass table gross gaming revenue grew 20% to HK$6.8 billion. Total VIP gross gaming revenue jumped 38% to HK$9.8 billion, and total electronic gross gaming revenue was up 11% to HK$600 million.

Galaxy Entertainment said it remains confident in the longer-term outlook for the Macau market on what it believes to be "significant" demand for leisure, tourism and travel, with future growth to be supported by the opening of the Hong Kong-Zhuhai-Macau Bridge and an extended train line to serve the region.

It is continuing to move ahead with an expansion of a casino resort in Macau's Cotai area and advancing conceptual plans for an integrated resort on Hengqin island in Zhuhai, China. The company also highlighted the recent passage of an integrated resort bill in Japan. It views the country as a "great long-term growth opportunity that will complement our Macau operations" and intends to develop resorts there.

In addition, Galaxy Entertainment announced a special dividend of 50 Hong Kong cents per share to be paid on or around Oct. 26. That is an increase from the previous dividend of 41 cents paid April 27.