Galaxy Resorts’ gaming revenues rise 5,000 pct, but posts loss

19 April 2007

Macau, China, 19 April – Galaxy Resorts, which operates in the casino and construction sectors, posted a revenue increase of 5,000 percent in 2006, to 3.389 billion Hong Kong dollars, but the company posted a loss.

According to the company’s account published Wednesday, the company’s overall revenues rose 360 percent to 4.669 billion Hong Kong dollars, with the gaming sector generating 3,389 million Hong Kong dollars as compared with 66 million in 2005.

In the construction materials sector, revenues rose just 4.5 percent to 1.28 billion Hong Kong dollars.

Despite good results in terms of revenues, the company posted a loss of 1.531 billion Hong Kong dollars due to investments in new hotels and gaming facilities in Macau.

In 2005, the year in which the company took out loans for some of its projects, Galaxy posted profits of 2.396 billion Hong Kong dollars.

The company, which currently manages five gaming venues in Macau – four of which it opened in 2006 – also said that in the first quarter of this year it posted revenues of 3.731 billion Hong Kong dollars. (macauhub)