The market is going to like this,” said Philip Tulk, Royal Bank of Scotland’s gaming analyst in Hong Kong. The stock is going to react favourably to this. “I am comfortable saying that the one-offs are legitimate. “It’s really more operating expenses but only in a pre-opening environment,” he told Reuters, adding that there would be no further exceptional costs this year.Īhead of its launch in May, Galaxy launched a publicity blitz in Hong Kong, taking over all the advertising space in Tsim Sha Tsui subway station, one of the financial centre’s most frequented subway stations. Robert Drake, chief financial officer, said the one-off expenses for the opening included marketing and advertising costs as well as labour and training costs for its 7,500 staff. Galaxy, around 20 percent owned by private equity group Permira, said adjusted for the one-off HK$800 million expenses related to the opening of its new $2 billion property in the world’s largest gaming destination, net profit was HK$1.3 billion. That overshadowed an unexpected 20.4 percent drop in first-half net profit to HK$378.3 million. Analysts had expected an EBITDA number around HK$1.5 billion. Galaxy, owned by Hong Kong property and construction tycoon Lui Che Woo, said adjusted first-half earnings before interest, taxation, depreciation and amortization (EBITDA) jumped to HK$1.8 billion ($230.9 million) from HK$990 million in the year-ago period. Macau is on track to outperform neon-lit rival Las Vegas this year by as much as fivefold in terms of revenue. Gaming revenue in the former Portuguese colony has surprised analysts and investors, hitting record levels since the start of the year.
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