Galaxy Entertainment Group's earnings jumped 29% to $2.8

Thanks to record mass win at flagship properties.

According to a release, Galaxy Entertainment Group registered a strong performance in the first quarter of 2013, achieving record Adjusted EBITDA of $2.8 billion, an increase of 29% year-on-year and 10% quarter-on-quarter. 

As of 31 March 2013, the latest twelve months Group Adjusted EBITDA was up 46% year-on-year to $10.5 billion. Group revenue in the period reached $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 Macau™ and record mass win at both of our flagship properties. The VIP performance at both properties was solid.As of 31 March 2013, cash on hand stood at $16 billion, including restricted cash of $2.1 billion. Net cash at the period end was $5.4 billion.

City Clubs and the Construction Materials Division made solid contributions.