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4-Traders Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Galaxy Entertainment Group Limited    0027   HK0027032686

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Macau casinos post first annual revenue gain in 3 years

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01/01/2018 | 08:05am CET
FILE PHOTO: Casinos are seen in a general view of Macau

Gaming revenue in the Chinese territory of Macau rose for the first time in three years in 2017 as high-end punters' appetite for gambling recovers after a protracted government campaign against shows of wealth among public officials and slowing economic growth.

Figures from Macau's Gaming Inspection and Coordination bureau on Monday showed revenues rose 19 percent for 2017 to 265.7 billion patacas ($33.13 billion).

Analysts had expected 2017 full-year growth of 18-20 percent to $33 billion to $34 billion.

The former Portuguese colony and now special administrative region is clambering back after revenue plunged to five-year lows in 2014.

But revenue is still far off the highs hit ahead of 2014, hovering only around monthly tolls seen in 2011, data from Thomson Reuters Datastream showed.

Monthly gambling revenue in December was up 15 percent to 22.7 billion patacas, slightly lower than analysts' expectations for growth of 17-20 percent.

Winnings have been higher for operators such as Sands China Ltd (>> SANDS CHINA LTD.), Wynn Macau Ltd (>> Wynn Macau Ltd), Galaxy Entertainment Group Ltd (>> Galaxy Entertainment Group Limited) and Melco Resorts & Entertainment Ltd <MLCO.O> which have casinos on the Cotai strip - a stretch of reclaimed land which now boasts some of Macau's most opulent properties.

SJM Holdings Ltd (>> SJM Holdings Limited) and MGM China Holdings Ltd (>> MGM China Holdings Ltd), which do not yet have a presence on Cotai, have seen market share erode ahead of new openings along the strip.

MGM is due to open its new resort in January 2018 while SJM is not expected to open until closer to 2019, analysts said.

(Reporting by Farah Master; Editing by Christopher Cushing and Kim Coghill)

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Financials ( HKD)
Sales 2017 60 696 M
EBIT 2017 9 474 M
Net income 2017 9 206 M
Finance 2017 20 818 M
Yield 2017 0,99%
P/E ratio 2017 29,12
P/E ratio 2018 24,85
EV / Sales 2017 4,17x
EV / Sales 2018 3,67x
Capitalization 274 B
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Technical analysis trends GALAXY ENTERTAINMENT GROUP
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 63,7  HKD
Spread / Average Target 0,13%
EPS Revisions
Managers
NameTitle
Michael Victor Mecca President
Che Woo Lui Chairman
Robert Charles Drake Group Chief Financial Officer
James Houghton Director-Information Systems & Technology
James Ross Ancell Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
GALAXY ENTERTAINMENT GROUP LIMITED3.93%34 773
SANDS CHINA LTD.15.38%46 596
WYNN MACAU LTD9.17%16 872
MGM CHINA HOLDINGS LTD5.87%11 659
ARISTOCRAT LEISURE LIMITED-3.88%11 498
CAESARS ENTERTAINMENT CORP2.77%9 154