Galaxy Entertainment's adjusted earnings surged 24% to $3.2b

Revenue also jumped by 16%.

According to a release, Galaxy Entertainment posted record quarterly revenue and earnings in the third quarter of 2013.

Revenue increased by 16% year-on-year to $16.3 billion, while Adjusted EBITDA improved 24% year-on-year to $3.2 billion. As of 30 September 2013, the latest twelve months Group Adjusted EBITDA climbed 22% to $11.5 billion.

Galaxy Macau™’s 31% growth in Adjusted EBITDA along with StarWorld Macau achieving its highest ever quarter of Adjusted EBITDA were the key factors in the increase in Group earnings.

As of 30 September 2013, cash on hand stood at $14.4 billion, including restricted cash of $2.2 billion, and were net cash by $7.7 billion.

During the quarter we reduced our borrowings by almost 35% by prepaying $3.5 billion of bank debt where total debt declined from approximately $10.3 billion to $6.7 billion at 30 September, 2013.

Subsequent to the period end, we are prepaying $2.9 billion of debt in early Q4 2013 which will reduce borrowings by approximately 44% from $6.7 billion to $3.8 billion.