May 3, 2018 / 4:39 AM / 6 months ago

Macau's Galaxy Entertainment posts 36 pct rise in Q1 EBITDA

HONG KONG, May 3 (Reuters) - Macau casino operator Galaxy Entertainment Group posted a 36 percent rise in its first-quarter EBITDA due to resurgent demand from gamblers in the world’s biggest casino hub.

Galaxy is one of the six listed casino operators in the Chinese territory of Macau, which is the only place in the country where citizens are legally allowed to gamble.

Macau’s overall market has grown over the past year, with new resorts increasing competition for casino operators such as Wynn Macau Ltd, MGM China Holdings Ltd, SJM Holdings Ltd, Sands China Ltd and Melco Resorts & Entertainment Ltd.

Galaxy said on Thursday that revenue rose 32 percent year-on-year to HK$18.5 billion ($2.36 billion), while adjusted EBITDA was HK$4.3 billion. ($1 = 7.8492 Hong Kong dollars) (Reporting by Farah Master; Editing by Subhranshu Sahu)

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