Galaxy Entertainment Group, the operator of the world’s largest gambling hub in Macau, has announced a significant turnaround in its financial performance for the first half of this year. With the easing of pandemic restrictions in China, visitors have returned to Macau, resulting in a net profit of HK$2.89 billion (US$369.0 million) for the company, as compared to a loss of HK$850.5 million in the same period last year.
The recovery in Macau’s gambling industry has been the driving force behind this positive outcome, with revenue more than doubling to HK$15.72 billion. As a result, Galaxy Entertainment has declared a special dividend of HK$0.20 per share, making it the first Macau concessionaire to resume dividends after the reopening of borders.
Looking ahead to the third quarter, the company expressed satisfaction with the ongoing recovery in gaming revenue. In a bid to further expand their business globally, Galaxy Entertainment has announced plans to establish their first office in Tokyo, as well as additional offices in Bangkok and Seoul.
The success of Galaxy Entertainment Group in the first half of this year is a clear indication of the resilience and adaptability of the gambling industry. Despite the challenges posed by the pandemic, the company has managed to capitalize on the return of visitors and revive its financial performance. With plans for international expansion, Galaxy Entertainment is poised to continue its upward trajectory in the gaming world.
