Pursuits
Galaxy Earnings Plunge 46% on Downturn, Costs of New Casinos
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Galaxy Entertainment Group Ltd. reported second-quarter earnings plunged 46 percent on higher operation cost from its new casino resorts and amid a declining market in Macau’s gambling industry.
Adjusted earnings before interest, taxes, depreciation and amortization fell to HK$1.9 billion ($245 million) from a year earlier, Galaxy said Wednesday. That compares with the HK$1.8 billion median estimate of five analysts compiled by Bloomberg.