Casino billionaire triples profit after opening new casino
The casino operator’s earnings were boosted by the opening of the Galaxy Macau in May that accounted for roughly 40% of the company’s total revenue of us$ 5.3 billion.
As the only place in China where gambling is legal, Macau continues to attract ever increasing numbers of visitors to the enclave’s casinos every year. Total gaming revenue surged another 42% last year to us$ 33.5 billion, more than five times that of the Las Vegas Strip.
Galaxy will soon be facing further competition from some of its rivals that are also developing new projects on the Cotai Strip where Galaxy Macau is located. Sheldon Adelson‘s Las Vegas Sands is scheduled to open a new complex in several phases, beginning next month. Meanwhile, Steve Wynn is still seeking government approval for his plans.
Although the company is sitting on a cash pile of us$ 992 million, Galaxy’s board did not recommend a dividend. The company plans to use the funds for further expansion, but a timetable has yet to be released.
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