Deals
Galaxy Earnings Miss Estimates, Won’t Pay Dividend
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Galaxy Entertainment Group Ltd. posted annual profit that missed analyst estimates and said it won’t pay a dividend as it boosts spending on casino development. The shares fell.
The Hong Kong-listed casino operator’s net income more than tripled to HK$3 billion ($387 million) in 2011, according a statement to the local stock exchange today, missing the HK$3.1 billion average of 10 analyst estimates compiled by Bloomberg News. The board doesn’t recommend the payment of a final dividend for the year ended December, it said.