Casino giants rake it in

The third-quarter net revenue of Macau casino operators Galaxy Entertainment (0027) and MGM China (2282) surged 3.7 times and 8.3 times respectively from a year ago on the continuous recovery of tourism, though their shares dipped in Hong Kong yesterday.

Galaxy's revenue more than quadrupled to HK$9.65 billion in the third quarter compared to a year earlier. The operator reported a 576 percent growth in adjusted earnings before interest, taxes, depreciation, and amortization to HK$2.8 billion in the quarter.

The company is continuing with the construction of phase four of the Galaxy Macau, which is expected to be completed in 2027.

This came as MGM China reported a revenue of US$813 million (HK$6.3 billion) in the third quarter compared to US$87 million from a year earlier. Its adjusted EBITDA stood at HK$1.89 billion in the quarter, swinging from a loss of HK$536 million a year earlier.

However, shares of Galaxy fell 1.7 percent and those of MGM China dropped 4 percent yesterday amid concerns over China's economic recovery.

Staff reporter