Galaxy Entertainment's profit rises 28pc to $8.8b

Shares in Macau casino operator Galaxy Entertainment (0027) rose over 3 percent on Thursday after it announced a 28 percent year-on-year growth in last year's net profit.

Net profit for 2024 was HK$8.8 billion, and the board proposed a final dividend of 50 HK cents per share payable in June.

Net revenue reached HK$43.4 billion, up 22 percent from a year ago, while adjusted earnings before interest, taxes, depreciation and amortization surged 22 percent to HK$12.2 billion.

The company plans to expand its capacity in Macau and enrich the resort’s non-gaming offerings to capture the increasing and new tourism demand, it wrote in a filing with the stock exchange.

"We will host a number of major sporting and entertainment events," said chairman Francis Lui Yiu-tung. "Our experience over the past year has been that major events drive a significant increase in visitors to our resorts resulting in increased gaming activity, retail sales, food and beverage revenue and hotel demand."

STAFF REPORTER