Galaxy Entertainment profits increase thanks to gaming ops

Galaxy Entertainment Corp. released its latest financial report yesterday in a filing with the Hong Kong Stock Exchange and the gaming company is staying strong. Its profit for full-year 2018 increased 28.6% year-on-year to $1.72 billion, driven by a substantial increase in gaming revenue. The company’s overall revenue increased 13.5% over 2017, reaching $7.034 billion.

Galaxy Entertainment is behind, among others, the Galaxy Macau and Broadway in Macau. It also owns and operates a third venue in the city, the StarWorld Macau hotel casino, and holds the license for three “City Clubs” on the peninsula that are managed by third-party entities.

In a press release related to the financials, Galaxy’s chairman, Lui Che Woo, stated, “We continue to drive every segment of the business with a particular focus on the mass business and continue to allocate resources to their most efficient use.”

Galaxy has declared a special dividend as a result of last year’s performance. It will pay shareholders $0.057 per share, with the payout expected to be made April 26. That follows two other special dividends paid out over the past year – one for $0.052 and the other for $0.063.