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Macau Tourists Help Galaxy Casino Beat Profit Estimates

  • Profit jumps 28%, lifted by mass market as VIP revenue fell
  • Company aligns with changing conditions as Macau transforms
The Galaxy Macau casino and hotel in Macau.

The Galaxy Macau casino and hotel in Macau.

Photographer: Xaume Olleros/Bloomberg
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Galaxy Entertainment Group Ltd.’s profit beat expectations as its tourist-friendly casino resorts drew more recreational bettors and tourists to Macau. Shares rose to the highest level in more than a year.

Adjusted earnings before interest, taxes, depreciation and amortization in the three months ended September rose 28 percent to HK$2.7 billion ($348 million) from a year earlier, the Chinese city’s second-biggest operator by market value said Wednesday. That compared with the HK$2.4 billion median estimate of nine analysts surveyed by Bloomberg.