Galaxy Misses Profit Target

Galaxy Macau CasinosIt was back in 2006 when the small island of Macau surpassed Las Vegas in gambling and gaming profits. Since then the special administrative region of China has continued to increase profitability. However, the profits are larger for some than for others.

The Galaxy Entertainment Group, who operates the Galaxy Macau and other small gambling institutions, did not quite meet their forecasted profits. The company, which is responsible for the control of just shy of 15 percent of the entire gaming market, presented a decline in the past year. Representatives are blaming the decline in profit to accounting changes that were made.

Galaxy has reported that the year 2011 should show significant improvement in profit. The accounting changes blamed were only a one-time change, and should no longer affect their forecasted income. The company also plans on opening a new casino resort in the middle of May this year, which will boost profits.

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