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Macau casino Galaxy Entertainment sees earnings hit by economic slowdown

Galaxy Entertainment Group, one of the biggest casino operators in Macau, posted a drop of 7 per cent in the first-half profit to HK$6.7 billion, hit by declining visits by high-end customers amid economic slowdown.

The company generated a revenue of HK$26.2 billion in the first six months, shows the filing, showed its earnings statement filed to the Hong Kong Stock Exchange on Tuesday.

The group’s gross gaming revenue (GGR), which added the gaming gains from its subsidiary City Clubs, was $30.6 billion, down 11 per cent from a year earlier, dragged by a plunge in its VIP segment. The group’s total VIP GGR tumbled 25 per cent to $14.6 billion.