Galaxy Entertainment Group Profit Surge 2023

Galaxy Entertainment Group announced a significant turnaround in its financial performance for the year 2023, attributing the success to a surge in tourist arrivals following the relaxation of Covid-19 restrictions in Macau. The casino operator revealed a notable increase in net profit, reaching HK$6.83 billion, compared to the HK$3.43 billion loss recorded in the previous year.

Factors Driving Growth

The boost in earnings was propelled by higher hotel occupancy rates and the resumption of various events and concerts. Revenue also saw a remarkable three-fold increase, soaring to HK$35.68 billion.

Special Dividend Declared

In a move to reward shareholders, Galaxy Entertainment Group declared a special dividend of HK$0.30 per share, set to be paid out by April 26, 2024.

Expansion Plans and Strategic Initiatives

Chairman Lui Che Woo expressed confidence in the company's strong financial position, emphasizing its ability to finance development projects and pursue international expansion endeavors. Collaboration with the Macao Government Tourism Office remains a key focus, with plans to target global markets on the agenda.

To further strengthen its presence, Galaxy Entertainment Group disclosed intentions to establish an office in Bangkok, following the successful establishment of offices in Tokyo and Seoul in the previous year.

Market Performance

The company's shares traded up by 0.2% in Hong Kong, closing at HK$43.15.