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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Galaxy Entertainment Group Limited    0027   HK0027032686

GALAXY ENTERTAINMENT GROUP LIMITED (0027)
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Macau casinos post first annual revenue gain in 3 years

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01/01/2018 | 08:05am CEST
FILE PHOTO: Casinos are seen in a general view of Macau

Gaming revenue in the Chinese territory of Macau rose for the first time in three years in 2017 as high-end punters' appetite for gambling recovers after a protracted government campaign against shows of wealth among public officials and slowing economic growth.

Figures from Macau's Gaming Inspection and Coordination bureau on Monday showed revenues rose 19 percent for 2017 to 265.7 billion patacas ($33.13 billion).

Analysts had expected 2017 full-year growth of 18-20 percent to $33 billion to $34 billion.

The former Portuguese colony and now special administrative region is clambering back after revenue plunged to five-year lows in 2014.

But revenue is still far off the highs hit ahead of 2014, hovering only around monthly tolls seen in 2011, data from Thomson Reuters Datastream showed.

Monthly gambling revenue in December was up 15 percent to 22.7 billion patacas, slightly lower than analysts' expectations for growth of 17-20 percent.

Winnings have been higher for operators such as Sands China Ltd (>> SANDS CHINA LTD.), Wynn Macau Ltd (>> Wynn Macau Ltd), Galaxy Entertainment Group Ltd (>> Galaxy Entertainment Group Limited) and Melco Resorts & Entertainment Ltd <MLCO.O> which have casinos on the Cotai strip - a stretch of reclaimed land which now boasts some of Macau's most opulent properties.

SJM Holdings Ltd (>> SJM Holdings Limited) and MGM China Holdings Ltd (>> MGM China Holdings Ltd), which do not yet have a presence on Cotai, have seen market share erode ahead of new openings along the strip.

MGM is due to open its new resort in January 2018 while SJM is not expected to open until closer to 2019, analysts said.

(Reporting by Farah Master; Editing by Christopher Cushing and Kim Coghill)

Stocks mentioned in the article
ChangeLast1st jan.
GALAXY ENTERTAINMENT GROUP LIMITED -2.41% 44.55 End-of-day quote.-27.09%
LAS VEGAS SANDS CORP. -0.59% 55.82 Delayed Quote.-19.67%
MGM CHINA HOLDINGS LTD -2.90% 12.04 End-of-day quote.-47.65%
MGM RESORTS INTERNATIONAL 1.29% 26.79 Delayed Quote.-20.78%
SANDS CHINA LTD. -1.46% 33.85 End-of-day quote.-14.63%
SJM HOLDINGS LIMITED 0.15% 6.76 End-of-day quote.-2.73%
WYNN MACAU LTD -1.87% 16.78 End-of-day quote.-30.08%
WYNN RESORTS -1.64% 114.67 Delayed Quote.-31.98%
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Financials (HKD)
Sales 2018 73 998 M
EBIT 2018 13 331 M
Net income 2018 13 694 M
Finance 2018 11 281 M
Yield 2018 2,05%
P/E ratio 2018 14,15
P/E ratio 2019 13,35
EV / Sales 2018 2,45x
EV / Sales 2019 2,18x
Capitalization 192 B
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 70,0  HKD
Spread / Average Target 57%
EPS Revisions
Managers
NameTitle
Che Woo Lui Chairman
Robert Charles Drake Group Chief Financial Officer
James Houghton Director-Information Systems & Technology
James Ross Ancell Independent Non-Executive Director
Michael Victor Mecca Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GALAXY ENTERTAINMENT GROUP LIMITED-27.09%24 564
SANDS CHINA LTD.-14.63%35 429
ARISTOCRAT LEISURE LIMITED17.76%12 610
WYNN MACAU LTD-30.08%11 345
MELCO RESORTS & ENTERTAINMENT LTD(ADR)-36.64%8 969
PADDY POWER BETFAIR0.00%6 452