HONG KONG, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month and six-month periods ended 30 June 2025. (All amounts are expressed in Hong Kong dollars unless otherwise stated)
Mr. Francis Lui, Chairman of GEG said:
“Today I am pleased to report solid performance for the Macau market and GEG in Q2 and the first half of 2025. Despite global tariff disruptions, continued economic slowdown and regional competition, Macau remained resilient in Q2 2025 with Gross Gaming Revenue (‘GGR’) growing 8% year-on-year and 6% quarter-on-quarter to $59.3 billion. GEG delivered solid results and growth in market share under competitive market conditions. We managed to drive every segment of the business, particularly the premium mass.
For the first half of 2025, the Group reported Net Revenue of $23.2 billion, up 8% year-on-year. Adjusted EBITDA was $6.9 billion, up 14% year-on-year. For Q2, the Group’s Net Revenue was $12.0 billion, up 10% year-on-year and up 8% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 12% year-on-year and up 8% quarter-on-quarter. The ultra-luxury Capella at Galaxy Macau, our latest addition to GEG’s hotel portfolio, offered exclusive previews in May and contributed to our strong performance over the Golden Week. In June we hosted K-pop star G-Dragon and Hong Kong acclaimed singer Jacky Cheung at our Galaxy Arena, which led to a record high number of a single-day visitation of over 123,000 to Galaxy Macau™.
The Group’s balance sheet remains healthy and liquid, with cash and liquid investments of $30.7 billion as of 30 June 2025 with minimal debt. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders via dividends. The previously announced final dividend of $0.50 per share was paid in June and today the Board announced an interim dividend of $0.70 per share, payable in October 2025. This again demonstrates our confidence in the medium to longer term outlook for Macau in general and GEG specifically.
We continue to compete through our exceptional products and service and ongoing property enhancements, including our retail, food & beverage, multiple hotels and the Grand Resort Deck. More importantly, we continue to leverage the competitive edge of our MICE facilities and Galaxy Arena. Over the past two years it was proven that entertainment shows and events played a key role in driving new and repeat customers to Macau. During the first half of 2025, we have held a total of approximately 190 entertainment, sports and MICE events, and experienced a 65% year-on-year increase in the foot traffic at Galaxy Macau™.
In Q2, we hosted multiple mega entertainment events such as in April the ITTF World Cup Macao 2025, one of the world’s most prestigious table tennis events. In May we hosted the Wakin Chau World Tour and K-pop star BTS’s j-hope. In June we had K-pop group BIGBANG’s G-Dragon and the acclaimed Hong Kong singer Jacky Cheung’s concerts, all experienced overwhelming customer demand. Post Q2 in July we hosted one of America’s hottest comedy stars Jimmy O. Yang’s first live performance in Macau, and in August we hosted ‘King of Asian Pop’ Eason Chan’s Concert. These entertainment events contributed significantly to our business. In November we will support the National Games and host its Table Tennis Competition in Galaxy Arena. We remain optimistic about mega events tourism in the second half of the year.
We previously advised that we had completed the full rollout of smart tables. We are now commencing to experience the benefits of this technology and are leveraging the knowledge gained from the data to provide a better customer experience.
In June, GEG announced that the Waldo Casino will cease operation by the end of this year due to commercial considerations. GEG’s employees working at the Waldo Casino will be reallocated to its other properties and casinos. Related departments will discuss the best options with the team members and provide them with a series of vocational training programs to assist them in adapting to their new working environment. GEG would like to thank the Macau residents, patrons and the community for their support to the Waldo Casino over the years.
GEG recently won two prestigious awards at the Global Gaming Awards Asia-Pacific 2025, including the ‘Integrated Resort of the Year’ for Galaxy Macau™ and the ‘Casino Operator of the Year’ for the Group for the second consecutive year. Additionally, in The MICHELIN Guide Hong Kong Macau 2025 List, four of our restaurants collectively earned five MICHELIN stars. In the Forbes Travel Guide 2025 List, Galaxy Macau™ proved its unrivalled position as an integrated resort with the most Five-Star hotels under one roof of any luxury resort company worldwide for the third consecutive year. These recognitions from the international community are testaments to GEG’s outstanding achievements in promoting the sustainable development of integrated tourism, leisure and the gaming industry.
Recently the all-suite Capella at Galaxy Macau offered exclusive previews in May to our most distinguished VIPs, offering stays by invitation only and we expect its full opening in the coming months. The exclusive preview of Capella at Galaxy Macau has been well received by the market and has been helping us to attract ultra-high value customers.
On the development front we are progressing well with the construction of Phase 4. Construction of the Super Structure and the external facade has been completed and we are progressing to the next stage of development which is fitting out the building. We have entered into a new contract for the internal fitting out works of the approximately 600,000 sqm Phase 4 development which includes multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. We also continue to evaluate development opportunities in the Greater Bay Area and overseas markets on a case-by-case basis, including Thailand.
After examining the economic situation and the actual operations of the gaming industry, the Macau Government announced in June that it has lowered its GGR estimate for 2025 from MOP240 billion to MOP228 billion. We acknowledge that there are shorter term challenges including the slowing global economy and potential tariffs impact, however we remain confident in the medium to longer term outlook for Macau. As always, GEG remains fully committed to making a positive contribution to the Macau’s leisure and tourism industry.
Finally, I would like to thank all our team members who deliver ‘World Class, Asian Heart’ service each and every day and contribute to the success of the Group.”
Q2 & INTERIM 2025 RESULTS HIGHLIGHTS
Galaxy Macau™: Primary Driver to Group Earnings
StarWorld Macau: Continuing with Major Property Upgrades
Broadway Macau™, City Clubs and Construction Materials Division (“CMD”)
Balance Sheet: Remained Healthy and Liquid
Development Update: Capella at Galaxy Macau offered exclusive private previews in May; Continue ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4
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Macau Market Overview
Based on DICJ reporting, Macau’s GGR for the first half of 2025 was up 4% year-on-year to $115.3 billion. Q2 2025 GGR was up 8% year-on-year and up 6% quarter-on-quarter to $59.3 billion, representing 83% of 2019 level.
In the first half of 2025, visitor arrivals to Macau were 19.2 million, up 15% year-on-year, of which overnight visitors and same-day visitors grew by 3% and 26% year-on-year respectively. Mainland visitor arrivals were 13.8 million, up 19% year-on-year. Among the Mainland visitors, 867,492 travelled under the “one trip per week measure”, 241,257 under the “multiple-entry measure” and 72,149 under the “tourist group multi-entry measure”. Visitors from the nine Pearl River Delta cities in the Greater Bay Area rose by 26% year-on-year to 7 million, driven by an upsurge of 57% in the number of visitors from Zhuhai. International visitors totaled 1.3 million, up 15% year-on-year. GEG has continued to work with Macao Government Tourism Office (“MGTO”) to actively promote Macau as a tourism destination. We have marketing offices in Tokyo, Seoul and Bangkok.
Group Financial Results
1H 2025
In 1H 2025, Group Net Revenue was $23.2 billion, up 8% year-on-year. Adjusted EBITDA was $6.9 billion, up 14% year-on-year. NPAS was $5.2 billion, up 19% year-on-year. Galaxy Macau™’s Adjusted EBITDA was $6.3 billion, up 18% year-on-year. StarWorld Macau’s Adjusted EBITDA was $653 million, down 21% year-on-year. Broadway Macau™’s Adjusted EBITDA was $6 million, versus $12 million in 1H 2024.
In 1H 2025, GEG experienced good luck in its gaming operation, which increased its Adjusted EBITDA by approximately $737 million. Normalized 1H 2025 Adjusted EBITDA was $6.1 billion, up 3% year-on-year.
The Group’s total GGR in 1H 2025 was $22.9 billion, up 15% year-on-year. Mass GGR was $17.0 billion, up 6% year-on-year. VIP GGR was $4.4 billion, up 63% year-on-year. Electronic GGR was $1.5 billion, up 20% year-on-year.
| Group Key Financial Data | ||
| (HK$'m) | 1H 2024 | 1H 2025 |
| Revenues: | ||
| Net Gaming | 16,776 | 18,578 |
| Non-gaming | 3,089 | 3,165 |
| Construction Materials | 1,605 | 1,503 |
| Total Net Revenue | 21,470 | 23,246 |
| Adjusted EBITDA | 6,011 | 6,865 |
| Gaming Statistics1 | ||
| (HK$'m) | 1H 2024 | 1H 2025 |
| Rolling Chip Volume2 | 84,612 | 102,139 |
| Win Rate % | 3.2% | 4.3% |
| Win | 2,690 | 4,391 |
| Mass Table Drop3 | 63,841 | 67,266 |
| Win Rate % | 25.1% | 25.3% |
| Win | 16,019 | 17,041 |
| Electronic Gaming Volume | 41,413 | 54,171 |
| Win Rate % | 3.0% | 2.8% |
| Win | 1,258 | 1,514 |
| Total GGR Win4 | 19,967 | 22,946 |
Q2 2025
In Q2 2025, Group Net Revenue was $12.0 billion, up 10% year-on-year and up 8% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 12% year-on-year and up 8% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $3.3 billion, up 20% year-on-year and up 10% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $303 million, down 22% year-on-year and down 13% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was $4 million, versus $8 million in Q2 2024 and $2 million in Q1 2025.
Latest twelve months Group Adjusted EBITDA was $13.0 billion, up 13% year-on-year and up 3% quarter-on-quarter.
In Q2 2025, GEG experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $407 million. Normalized Q2 2025 Adjusted EBITDA was $3.2 billion, down 1% year-on-year and up 7% quarter-on-quarter.
Summary Table of GEG Q2 & 1H 2025 Adjusted EBITDA and Adjustments:
| in HK$'m | Q2 2024 | Q1 2025 | Q2 2025 | YoY | QoQ | 1H 2024 | 1H 2025 | |
| Adjusted EBITDA | 3,176 | 3,296 | 3,569 | 12% | 8% | 6,011 | 6,865 | |
| Luck5 | (20) | 330 | 407 | - | - | 43 | 737 | |
| Normalized Adjusted EBITDA | 3,196 | 2,966 | 3,162 | (1)% | 7% | 5,968 | 6,128 |
The Group’s total GGR in Q2 2025 was $12.0 billion, up 16% year-on-year and up 10% quarter-on-quarter. Mass GGR was $8.8 billion, up 6% year-on-year and up 7% quarter-on-quarter. VIP GGR was $2.4 billion, up 73% year-on-year and up 22% quarter-on-quarter. Electronic GGR was $785 million, up 19% year-on-year and up 8% quarter-on-quarter.
| Group Key Financial Data | |||||||||||||||||
| (HK$'m) | |||||||||||||||||
| Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 | |||||||||||||
| Revenues: | |||||||||||||||||
| Net Gaming | 8,595 | 8,922 | 9,656 | 16,776 | 18,578 | ||||||||||||
| Non-gaming | 1,483 | 1,557 | 1,608 | 3,089 | 3,165 | ||||||||||||
| Construction Materials | 840 | 723 | 780 | 1,605 | 1,503 | ||||||||||||
| Total Net Revenue | 10,918 | 11,202 | 12,044 | 21,470 | 23,246 | ||||||||||||
| Adjusted EBITDA | 3,176 | 3,296 | 3,569 | 6,011 | 6,865 | ||||||||||||
| Gaming Statistics6 | |||||||||||||||||
| (HK$'m) | |||||||||||||||||
| Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 | |||||||||||||
| Rolling Chip Volume7 | 46,155 | 46,375 | 55,764 | 84,612 | 102,139 | ||||||||||||
| Win Rate % | 3.0% | 4.3% | 4.3% | 3.2% | 4.3% | ||||||||||||
| Win | 1,391 | 1,978 | 2,413 | 2,690 | 4,391 | ||||||||||||
| Mass Table Drop8 | 32,370 | 32,190 | 35,076 | 63,841 | 67,266 | ||||||||||||
| Win Rate % | 25.6% | 25.6% | 25.1% | 25.1% | 25.3% | ||||||||||||
| Win | 8,291 | 8,230 | 8,811 | 16,019 | 17,041 | ||||||||||||
| Electronic Gaming Volume | 22,370 | 25,562 | 28,609 | 41,413 | 54,171 | ||||||||||||
| Win Rate % | 2.9% | 2.9% | 2.7% | 3.0% | 2.8% | ||||||||||||
| Win | 658 | 729 | 785 | 1,258 | 1,514 | ||||||||||||
| Total GGR Win9 | 10,340 | 10,937 | 12,009 | 19,967 | 22,946 | ||||||||||||
Balance Sheet and Dividend
The Group’s balance sheet remains healthy and liquid. As of 30 June 2025, cash and liquid investments were $30.7 billion and the net position was $30.3 billion after debt of $0.4 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline. The Group paid the previously announced final dividend of $0.50 per share in June 2025. Subsequently the GEG Board announced an interim dividend of $0.70 per share to be paid on or about 31 October 2025.
Galaxy Macau™
Galaxy Macau™ is the primary contributor to the Group’s revenue and earnings. Net Revenue in 1H 2025 was $19.1 billion, up 13% year-on-year. Adjusted EBITDA was $6.3 billion, up 18% year-on-year. In 1H 2025, Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $755 million. Normalized 1H 2025 Adjusted EBITDA was $5.6 billion, up 3% year-on-year.
In Q2 2025, Galaxy Macau™’s Adjusted EBITDA was $3.3 billion, up 20% year-on-year and up 10% quarter-on-quarter. In Q2 2025, Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $410 million. Normalized Q2 2025 Adjusted EBITDA was $2.9 billion, up 3% year-on-year and up 9% quarter-on-quarter.
The combined nine hotels occupancy was 98% for 1H and Q2 2025.
| Galaxy Macau™ Key Financial Data | |||||
| (HK$'m) | Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 |
| Revenues: | |||||
| Net Gaming | 7,347 | 7,762 | 8,567 | 14,234 | 16,329 |
| Hotel / F&B / Others | 971 | 1,052 | 1,105 | 2,027 | 2,157 |
| Mall | 326 | 335 | 328 | 697 | 663 |
| Total Net Revenue | 8,644 | 9,149 | 10,000 | 16,958 | 19,149 |
| Adjusted EBITDA | 2,782 | 3,016 | 3,325 | 5,395 | 6,341 |
| Adjusted EBITDA Margin | 32% | 33% | 33% | 32% | 33% |
| Gaming Statistics10 | |||||
| (HK$'m) | Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 |
| Rolling Chip Volume11 | 44,577 | 44,371 | 54,859 | 82,010 | 99,230 |
| Win Rate % | 2.9% | 4.4% | 4.4% | 3.1% | 4.4% |
| Win | 1,287 | 1,941 | 2,391 | 2,530 | 4,332 |
| Mass Table Drop12 | 24,647 | 25,270 | 27,416 | 49,119 | 52,686 |
| Win Rate % | 28.6% | 27.8% | 28.0% | 27.4% | 27.9% |
| Win | 7,047 | 7,027 | 7,669 | 13,453 | 14,696 |
| Electronic Gaming Volume | 14,772 | 16,333 | 18,435 | 27,551 | 34,768 |
| Win Rate % | 3.5% | 3.5% | 3.3% | 3.7% | 3.4% |
| Win | 524 | 570 | 611 | 1,011 | 1,181 |
| Total GGR Win | 8,858 | 9,538 | 10,671 | 16,994 | 20,209 |
StarWorld Macau
StarWorld Macau’s Net Revenue was $2.4 billion in 1H 2025, down 10% year-on-year. Adjusted EBITDA was $653 million, down 21% year-on-year. In 1H 2025, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $18 million. Normalized 1H 2025 Adjusted EBITDA was $671 million, down 14% year-on-year.
In Q2 2025, StarWorld Macau’s Adjusted EBITDA was $303 million, down 22% year-on-year and down 13% quarter-on-quarter. In Q2 2025, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $3 million. Normalized Q2 2025 Adjusted EBITDA was $306 million, down 14% year-on-year and down 16% quarter-on-quarter.
Hotel occupancy was 100% for 1H 2025 and Q2 2025.
| StarWorld Macau Key Financial Data | |||||
| (HK$’m) | Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 |
| Revenues: | |||||
| Net Gaming | 1,190 | 1,118 | 1,047 | 2,425 | 2,165 |
| Hotel / F&B / Others | 128 | 119 | 119 | 256 | 238 |
| Mall | 5 | 5 | 5 | 11 | 10 |
| Total Net Revenue | 1,323 | 1,242 | 1,171 | 2,692 | 2,413 |
| Adjusted EBITDA | 390 | 350 | 303 | 825 | 653 |
| Adjusted EBITDA Margin | 29% | 28% | 26% | 31% | 27% |
| Gaming Statistics13 | |||||
| (HK$'m) | Q2 2024 | Q1 2025 | Q2 2025 | 1H 2024 | 1H 2025 |
| Rolling Chip Volume14 | 1,578 | 2,004 | 905 | 2,602 | 2,909 |
| Win Rate % | 6.5% | 1.8% | 2.4% | 6.1% | 2.0% |
| Win | 104 | 37 | 22 | 160 | 59 |
| Mass Table Drop15 | 7,467 | 6,734 | 7,501 | 14,223 | 14,235 |
| Win Rate % | 16.2% | 17.4% | 14.8% | 17.5% | 16.1% |
| Win | 1,207 | 1,174 | 1,112 | 2,490 | 2,286 |
| Electronic Gaming Volume | 6,325 | 8,351 | 9,284 | 11,370 | 17,635 |
| Win Rate % | 1.8% | 1.8% | 1.7% | 1.8% | 1.7% |
| Win | 113 | 146 | 162 | 206 | 308 |
| Total GGR Win | 1,424 | 1,357 | 1,296 | 2,856 | 2,653 |
Broadway Macau™
Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. Broadway Macau™’s Net Revenue was $97 million for 1H 2025, down 3% year-on-year. Adjusted EBITDA was $6 million for 1H 2025 versus $12 million in 1H 2024. In Q2 2025, Broadway Macau™’s Adjusted EBITDA was $4 million, versus $8 million in Q2 2024 and $2 million in Q1 2025.
City Clubs
City Clubs contributed $3 million of Adjusted EBITDA to the Group’s earnings for 1H 2025, versus $9 million in 1H 2024. Q2 2025 Adjusted EBITDA was $2 million, versus $5 million in Q2 2024 and $1 million in Q1 2025.
GEG announced that the Waldo Casino will cease operation by the end of this year due to commercial considerations. GEG’s employees working at the Waldo Casino will be reallocated to its other properties and casinos. Related departments will discuss the best options with the team members and provide them with a series of vocational training programs to assist them in adapting to their new working environment. GEG would like to thank the Macau residents, patrons and the community for their support to the Waldo Casino over the years. As always, GEG remains fully committed to making a positive contribution to the Macau’s leisure and tourism industry.