New | Galaxy Entertainment Group in Macau says Q1 earnings sink 40pc to HK$2.3 billion

Galaxy Entertainment Group said on Thursday that its earnings fell 40 per cent in the first quarter ended March 31 as the corruption crackdown on the mainland hit Macau casino revenues.

First-quarter earnings before interest, taxes, depreciation and amortisation came to HK$2.3 billion, compared to HK$3.82 billion during the same period in 2014.

Quarter-on-quarter basis, the company saw its earnings decreased 14 per cent.

Total gaming revenue dropped 34 per cent to HK$13.3 billion in the first quarter from a year ago, it said.

It attributed the decline to the 16 per cent fall in total mass table revenue to HK$4.3 billion year-on-year while total VIP revenue plunged 41 per cent year-on-year to HK$8.7 billion.

“The challenges of 2014 have continued into 2015 and their impact has been felt across the market including at Galaxy Entertainment. The group continues to manage its properties effectively, in light of these conditions, and drive profitability,” the company said in a stock exchange filing.