Net profit of Macau-based casino operator Galaxy Entertainment Group (GEG) soared 67 percent in 2017 as Chinese high rollers return to the premier gambling hub.
In a disclosure to the Hong Kong Stock Exchange, GEG announced that the company posted a better-than-expected net profit of HK$10.5 billion (US$1.34 billion) in 2017 compared with HK$6.3 billion (US$804.88 million) in 2016.
GEG’s revenue also rose 18 percent to HK$62.5 billion ($7.98 billion) in 2017, beating analysts’ estimates of over HK$61.2 billion ($7.8 billion).
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), a key measure in the heavy-asset gaming sector, jumped 37 percent on the year to HK$14.1 billion ($1.8 billion).