Macau gaming operator Galaxy Entertainment Group posted a sharp growth in earnings in the first quarter of this year thanks to a big rise in VIP gaming and a 97 per cent hotel occupancy rate.
The group, controlled by the family of property and construction tycoon Lui Che-woo, reported a year-on-year growth of 71 per cent in earnings before interest, taxes, depreciation, and amortisation (ebitda) to reach HK$712 million, up from HK$417 million in the same period of last year. The figure also represented a 14 per cent rise quarter-on-quarter.
Hong Kong-listed companies are not required to report full quarterly earnings.
Revenue rose to over HK$5.72 billion between January and March, representing an increase of 45 per cent over the same period last year.
The figures helped boost Galaxy's share price by nearly 6 per cent, to close at HK$13.82 on the Hong Kong Stock Exchange yesterday.
Galaxy's performance was better than JP Morgan Securities' forecast of HK$680 million in ebitda.
Galaxy has now seen earnings grow for 10 consecutive quarters thanks to StarWorld, the group's flagship hotel and casino on the Macau peninsula. StarWorld reported an 80 per cent year-on-year ebitda growth in the first quarter of this year, amounting to HK$664 million.
