Galaxy Entertainment report record Q1 earnings
The rise and rise of Galaxy Entertainment continues as the company announced record earnings for the first quarter of 2014 of 38% compared to the same time last year.
Profits for the quarter rose to HK$3.8 billion on increasing revenues of HK$20.2 billion, revenues for the quarter rose 33%.
With approval from the government to increase floor space on the Cotai strip by two million square meters and also plane by Galaxy to increase their capacity by 400% by 2018 many analysts predict that Galaxy Entertainment will continue to see increased growth in revenues and earnings for the long term.
Indeed by mid-2015 the company will have phase two of the Galaxy Macau up and running with a cost of HK$20 billion, helping to add another 500 gaming tables and 1,300 rooms.
Galaxy also announced it has $11.7 billion in cash and without any major debts allowing it to consider any major moves it feels would enhance the company. Rumours have been abound that Galaxy could consider entering the US gaming sector along with its stated intention to also compete for a license in Japan once gambling there is legalised.
