Galaxy Entertainment Group (GEG) has announced its financial results for the first quarter of 2025, reporting a net revenue of HK$11.2 billion (US$1.43 billion), up 6 percent year-on-year, although down 1 percent quarter-on-quarter. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) reached HK$3.3 billion (US$422 million), reflecting a 16 percent year-on-year increase and a 2 percent quarter-on-quarter rise.
In a letter accompanying the results, chairman Francis Lui stated that GEG continued to “drive every segment of the business, in particular the premium mass through our unparalleled products and service, ongoing property enhancements, diverse entertainment shows and events, as well as the full implementation of smart tables, among others.” He noted that the casinos’ performance was particularly strong during and after the Chinese New Year period.
Lui also acknowledged the resilience of the overall Macao market, which recorded a gross gaming revenue (GGR) of HK$56 billion (US$7.17 billion) in the first quarter, a marginal year-on-year and quarter-on-quarter increase, recovering to 76 percent of 2019 levels.
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GEG’s balance sheet remains healthy, with cash and liquid investments increasing to HK$33 billion (US$4.22 billion). The net position stood at HK$29 billion (US$3.71 billion) after deducting debt of HK$4 billion (US$512 million). The GEG board previously recommended a final dividend of HK$0.50 (US$0.06) per share, payable in June 2025.
A key factor in GEG’s performance has been its focus on non-gambling amenities. The company highlighted its retail, dining, multiple hotel brands, Grand Resort Deck, MICE facilities, and Galaxy Arena. Entertainment shows and events significantly contributed to attracting new and repeat customers. Notable events in the first quarter included concerts by TF Family, Jeff Chang, Taeyang, Jisoo, and Andrea Bocelli. GEG reported a 64 percent year-on-year increase in foot traffic at Galaxy Macau, attributing this to its diverse offerings.
On the development front, the ultra-luxury Capella hotel soft-launched in May, and Phase 4 construction is progressing, with a focus on non-gaming facilities. GEG continues to evaluate development opportunities in the Greater Bay Area and overseas markets, including Thailand. Lui acknowledged the potential impact of the slowing global economy on Macao’s GGR target for 2025 but remained confident in the longer-term outlook.
This article was drafted by AI before being reviewed by an editor
