Galaxy Entertainment Group, which has teamed with Monaco’s Société des Bains de Mer to bid for a license in Japan, is gaining market share at home in Macau.
The group operates the Galaxy Macau, the Broadway Macau, and the Starworld properties at home, and has also applied to enter the Philippines, although that project has been bogged down by politics.
For the first half of 2018, the group had a record performance in both the mass market and VIP sectors. Group net revenue reached HK$28.1 billion (about US$3.65 billion) in the six months ended June 30, up 25 percent year-on-year, while net profit rose 56 percent year-on-year to HK$7.2 billion (about US$936 million).
Bernstein Research points out that Japan remains a focus.
“Management touted its existing relationship at Galaxy Macau with Okura Hotels and Okura has been helping the company make introductions,” it said in a note. “Galaxy is not averse to developing a property in a second-tier area if that is what the government wants.” (AGB)