Galaxy quest continues

Galaxy's earnings for the first five months of this year are up 25 per cent over all of 2006, and the group is still on track toward expansion on the Cotai Strip with the Galaxy Mega Resort.

Galaxy Entertainment Group earnings for the first five months of this year have risen to HK$544 million (EBITDA) on revenue of HK$5.24 billion, compared with HK$436.92 million on a turnover of HK$4.66 billion last year, thanks to the opening of StarWorld in October last year.

The StarWorld accounted for 76.7 per cent of Galaxy's EBITDA and 56.8 per cent of turnover in the first five months of this year. StarWorld recorded an EBITDA profit margin of 14 per cent, compared with a six per cent margin on attributable revenues from Galaxy's city clubs.

Galaxy Entertainment principal for investor relations Peter Caveny says Galaxy has yet to experience a downturn in business due to the visa restrictions, and expansion of StarWorld continues, according to a South China Morning Post report today (June 14).