galaxy entertainment group l (KW9A) Snapshot

Galaxy Entertainment Group Limited (SEHK:27) is seeking acquisitions in Macau. Lui Che-woo, Chairman of Galaxy Entertainment, said that the company had up to HKD 16 billion of cash in hand, enough for planned acquisitions. If more funds were required to finance purchases, the company would borrow money from banks, rather than issue equity.

Galaxy Entertainment Group Limited reported unaudited group earnings results for the first quarter ended March 31, 2013. The group registered a strong performance in the first quarter of 2013, achieving record adjusted EBITDA of HKD 2.8 billion, an increase of 29% year-on-year and 10% quarter-on-quarter. As of March 31, 2013, the latest twelve months group adjusted EBITDA was up 46% year-on-year to HKD 10.5 billion. Group revenue in the period reached HKD 15.2 billion, an increase of 15% year-on-year and 6% quarter-on-quarter. These results reflect increased operational efficiencies across the business, the continuously improving performance of Galaxy MacauTM and record mass win at both of GEG's properties. The VIP performance at both properties was solid.

Galaxy Entertainment Group Limited reported audited consolidated cash flow results for the year ended December 31, 2012. For the year, the company reported net cash from operating activities of HKD 10,056,425,000 against HKD 5,698,441,000 a year ago. Purchase of property, plant and equipment was HKD 2,224,505,000 against HKD 4,510,327,000 a year ago. Purchase of intangible assets was HKD 21,088,000 against HKD 90,801,000 a year ago.