Galaxy Entertainment Swung to a Profit in 2023
By Kimberley Kao
Galaxy Entertainment Group said it swung to a profit in 2023 on increased tourist arrivals following the lifting of Covid-19 curbs in Macau and announced a special dividend.
Net profit for the year rose to 6.83 billion Hong Kong dollars (US$872.9 million), compared with a HK$3.43 billion loss a year earlier, the casino operator said Wednesday.
Higher occupancy in its hotels and the resumption of events and concerts were among the main factors contributing to the earnings growth.
Revenue rose over three-fold to HK$35.68 billion, it said and announced a special dividend of HK$0.30 a share, payable by April 26, 2024.
"Our solid balance sheet and cash flow from operations allows us to fund our development pipeline and pursue our international expansion ambitions," Chairman Lui Che Woo said. The company will continue to work with the Macao Government Tourism Office to develop global markets, he added.
The company said it plans to open an office in Bangkok after setting up offices in Tokyo and Seoul last year.
Its shares in Hong Kong last traded 0.2% higher at HK$43.15.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
February 28, 2024 00:22 ET (05:22 GMT)
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