Galaxy Entertainment 1st-Quarter Revenue Up 5% to HK$14.1 Billion

By Joanne Chiu Features Dow Jones Newswires

Macau casino operator Galaxy Entertainment Group Ltd. (0027.HK) posted a 5% revenue gain in the first quarter, driven by nongaming revenue and stringent cost controls.

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The Hong Kong-listed company, which operates hotels and casinos in Macau, said Thursday that revenue was 14.1 billion Hong Kong dollars (US$1.81 billion).

It said gross gaming revenue rose for the third consecutive quarter to HK$61.60 billion in the latest period.

Galaxy Entertainment's adjusted earnings before interest, tax, depreciation and amortization rose 31% to HK$3.2 billion in the first quarter. The company said it remained confident in the longer-term outlook for Macau, citing mainland China's rising middle class, who have money to spend on tourism and leisure activities.

Write to Joanne Chiu at joanne.chiu@wsj.com

(END) Dow Jones Newswires

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May 04, 2017 00:47 ET (04:47 GMT)