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Galaxy to bounce back in second-half: deputy chairman

Galaxy Entertainment Group’s deputy chairman said he is hopeful the company will bounce back after recent financial results, pinning future success on two new resorts due to open in May.

After the company reported that earnings fell 25 percent in the fourth quarter, deputy chairman Francis Lui said the second half of the year - when the second phase of Galaxy Macau and the Broadway at Galaxy Macau are expected to open - will help the company recover.

“I believe we will gradually see a recovery in the second half of this year, I’m not worried about whether there is any massive structural problem,” Francis Lui said at a briefing in Hong Kong, according to Bloomberg.

“[Galaxy] won’t change its long-term business strategy in the midst of business cycles”, Lui, was quoted as saying. The company plans to hire as many as 8,000 employees for the new projects.

But HSBC analyst Charlene Liu wrote that the company’s “fundamentals remain weak and operating trend will continue to take time to see improvements,” lowering the price target for Galaxy to HK$38.50 ($4.96) from HK$39.90, Bloomberg reported.

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