HongKong-listed casino operator Galaxy Entertainment Group Ltd. (GEG) has posted a 5 percent revenue growth in the first three months of the year on the back of a sustainable market recovery in Macau.

GEG announced in a regulatory filing on Thursday that its revenue grew to HKD 14.1 billion (US$1.81 billion) in the three months to March 31, higher than the HKD 13.4 billion (US $1.72 billion) revenue it posted in the same period last year. The revenue growth, however, declined by two percent when judged quarter-on-quarter.

The company’s reported adjusted earnings before interest, taxation, depreciation and amortization (EBITDA), on the other hand was up 31 percent to HKD3.2 billion (US$411.24 million) in January to March 31, 2017 period.

Total mass table games revenue was HKD5.8 billion (US$745.37 billion), up 15 percent year-on-year. Total VIP revenue declined 5 percent year-on-year to HKD6.8 billion (US$873.88 billion) as a modest volume increase was more than offset by not playing as lucky.