Galaxy Entertainment celebrates fantastic 2013
Dr Lui Che-woo Chairman of Galaxy at the recent International Gaming Awards in London
Galaxy Entertainment saw a huge rise in profits for 2013 driven mainly by their gaming sector, the company that owns Galaxy Macau made $1.3 billion last year, an increase of 41% from the same period the year before. The main driver for the increase was revenues were up over 16% for the company overall, which represents a record for any Macau company.
“2013 was a success for the group on every metric. Historic highs were achieved in revenue and earnings as all parts of the business performed ahead of last year,” said Dr Lui Che-woo, chairman of GEG, who recently was awarded the Outstanding Contribution to Gaming at the 7th International Gaming Awards in February.
“We strengthened our liquid balance sheet by reducing borrowings considerably, completed the strategic acquisition of the Grand Waldo Complex, and pressed on with our Cotai development plans that will provide guests with the widest available choice of entertainment, cultural and MICE facilities in Macau.”
With the company seeing a 16% rise in revenues and with 99% of all revenues coming from gaming, the company had the best ever year so far. Indeed 72% of the total was driven by VIP high rollers.
Galaxy Entertainment is currently constructing the second phase of Galaxy Macau, which is set to open in mid-2015. It will also soon start work on phases three and four of the integrated resort, which will eventually increase GEG’s total footprint on Macau’s Cotai Strip to two million square metres.
