Casino operator Galaxy’s net profit doubles in 2012 to hit record

Macau casino operator Galaxy Entertainment Group more than doubled its net profit in 2012 to a record high, lifted by spending from mainland Chinese visitors to its flagship property in the world’s biggest gambling hub.

Galaxy, one of six licensed operators in Macau, said full-year net profit was HK$7.4 billion ($950 million), up from HK$3 billion in the prior year. The result was in line with the average estimate of analysts for HK$7.5 billion in a Thomson Reuters poll.

Revenue rose 38 per cent to HK$56.7 billion, it said in a statement on the Hong Kong stock exchange.

via Business feed http://www.scmp.com/business/companies/article/1200312/casino-operator-galaxys-net-profit-doubles-2012-hit-record