Macau tourists lifts “lucky” Galaxy profit in Q3

Recreational bettors and tourists, coupled with good luck, pushed Galaxy Entertainment Group Ltd.’s (GEG) profit higher in the third quarter of 2016.

GEG’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew by 28 percent to HK$2.7 billion ($348 million) in the July to September 2016 period from a year earlier, the company said in a filing before the HongKong Stock Exchange.

The company credited “good luck” for posting an increased adjusted EBITDA, which grew by HK$240 million (US$30.94 million).

Much of GEG’s revenue, according to the casino operator, came from Galaxy Macau. During Q3 2016, Galaxy saw its revenue rise by 8 percent year-on-year to HK$9.4 billion (US$1.21 billion) while its adjusted EBITDA was up 31 percent year-on-year to HK$2.2 billion (US$283.66 million).