Macau’s Galaxy Entertainment, which is teaming up with Monaco’s Societe des Bains de Mer for a license bid in Japan, reported solid 2018 profits, driven by higher-market mass market gamers.
The Hong Kong-listed company posted a 29% rise in net profit for the full 2018 year to HK$600 million (US$78 million), while group net revenue increased 14% in the year, totaling HK$55 billion (US$7 billion). Galaxy said its total GGR was up 16% year-on-year.
The company statement explained, “One of Galaxy’s business philosophies is to continuously search for products and offerings that will enhance our resorts and increase the appeal to customers. With this in mind, during 2018, we completed a number of enhancements to the main gaming floor, completed construction of new smoking lounges, and introduced some new F&B and retail concepts. We believe this approach keeps the property fresh and appealing, particularly to our repeat customers.”
Once again, its flagship, Galaxy Macau was the primary contributor to group revenue and earnings.
Looking ahead, Galaxy said it intends to focus on the mass market segment, which will be assisted by continued improvements in local infrastructure. (AGB)