Macau casino Galaxy Entertainment first-half net profit climbs 35 pct

HONG KONG Tue Aug 20, 2013 12:28am EDT

HONG KONG Aug 20 (Reuters) - Macau casino operator Galaxy Entertainment Group Ltd beat forecasts with a 35 percent rise in first-half net profit as punters continued to flock to the only place in China where casinos are legal.

Net income for the first six months of the year was HK$4.6 billion ($593.19 million) compared with HK$3.4 billion a year earlier. The figure was higher than the average analyst forecast of HK$4.4 billion, according to Thomson Reuters.

Galaxy, one of the six licensed operators in Macau, is the second-biggest gaming firm in the southern territory after Sands China Ltd in terms of market capitalisation at $24 billion. Controlled by the Hong Kong-based Lui family, Galaxy is expected to open a new phase of its Galaxy Macau property in 2015.