Macau casino operator Galaxy Entertainment has announced that its profits tripled in 2011 thanks mainly to the opening of a $2 billion resort in the Chinese tourist destination.
Those over at poker genius’ note how Galaxy reported that profits totalled $247 million in 2011, up from around $75 million in 2010.
Macau has become the world’s biggest gambling destination, even overtaking Las Vegas (revenue is now believed to be five times greater than Vegas? revenue). Galaxy Ents is taking full advantage of this Far East boom. The company opened its flagship casino in May last year, the Galaxy Macau. The 550,000 square meter resort boasts 2,200 hotel rooms, 50 restaurants, a roof-top wave pool with an artificial beach, not to mention a massive casino floor.
Galaxy also runs five other smaller casinos in Macau. Macau’s gambling industry was sparked into life in 2002, when gambling was liberalised. Since then, betting offers’revenue has increased exponentially as a whole new market of Chinese punters has been created in a very short space of time. With over a billion potential customers on its doorstep, Macau has been able to turn itself into the biggest gambling hub the world has ever seen.
Galaxy is run by Hong Kong property magnate Lui Che Woo. The private equity group Permira has a 13% stake in the company.
Woo said of the promising figures, ‘the highlight of the year was the successful opening of Galaxy Macau. Not only has Asia’s newest and most exciting integrated resort been a game changer for Macau, but it has also elevated GEG (Galaxy Entertainment Group) to a whole new level of profitability and cash generation. This bodes well for the group’s prospects this year and beyond.?