Shares of Macau casino operator Galaxy Entertainment Group Ltd (00027) surged 5.49% on Wednesday, buoyed by the company's robust third-quarter earnings performance and brighter outlook for the gaming industry's recovery in the Chinese territory.
For the quarter ended September 30, Galaxy reported an 11% year-on-year increase in net revenue to HK$10.7 billion (US$1.38 billion), while adjusted EBITDA climbed 6% to HK$2.9 billion. The impressive results exceeded market expectations and highlighted the company's solid growth prospects.
Analysts at Citi maintained a "buy" rating on Galaxy's stock, citing the earnings beat and the company's robust financial position. The brokerage said the results underscored Galaxy's ability to capitalize on Macau's ongoing recovery from the pandemic, supported by its expansion plans including the upcoming Capella hotel, Galaxy International Convention Center, Galaxy Arena, and Phase 4 project focused on non-gaming attractions.
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