HONG KONG Feb 28 Macau casino operator Galaxy
Entertainment Group posted a 51 percent rise in 2016
net profit, beating estimates, and reflecting added momentum for
a recovery at the world's biggest gambling hub that had been hit
by China's corruption crackdown and slowing economy.
For the full year, Galaxy reported a net profit of HK$6.28
billion ($809 million), up from HK$4.16 billion in 2015. That
compared with an average forecast of HK$5.96 billion from 19
analysts polled by Reuters.
Galaxy, one of the six listed casino operators in the
Chinese territory of Macau, had been hit by sagging demand from
high-roller Chinese gamblers, although analysts have called a
bottom to the industry as new casinos helped draw mass gamblers.
The former Portuguese colony, now a special administrative
region belonging to China, is the only place in the country
where citizens are legally allowed to gamble.
($1 = 7.7616 Hong Kong dollars)
(Reporting By Anne Marie Roantree; Editing by Muralikumar
Anantharaman and Subhranshu Sahu)