Galaxy Entertainment First-Half Net, Revenue Lifted by Galaxy Macau

By Amanda Lee

Galaxy Entertainment's net profit rose in the first half of the year, thanks to the performance by one of its properties, Galaxy Macau.

Net profit rose 52% compared to the same period a year ago to 4.39 billion Hong Kong dollars (US$563.3 million), the casino operator said Thursday.

Revenue increased 37% at HK$21.47 billion.

Integrated resort Galaxy Macau's 1H net revenue was HK$16.96 billion, up 42.5% compared with a year earlier.

"Galaxy Macau is the primary contributor to the Group's revenue and earnings," the company said.

It noted that visitor arrivals to Macau in the first half were 16.7 million, up 44% on year, it added.

The company also announced an interim dividend of HK$0.50 per share.

"These dividends demonstrate our confidence in the positive long-term outlook for Macau and for the company," Galaxy Entertainment added.

The company said it remains confident in the outlook for Macau, due the ongoing improvements in transportation infrastructure which make it easier to travel to and from Macau, as well as within it.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

August 15, 2024 01:07 ET (05:07 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.