Galaxy Entertainment Group (GEG) has reported strong financial results for the first half of 2025, with the company’s chairman, Francis Lui Yiu Tung, highlighting a solid performance in the Macao market. It took place as Macao’s Gross Gaming Revenue (GGR) saw an 8 percent year-on-year increase and a 6 percent quarter-on-quarter rise to HK$59.3 billion (US$7.59 billion) in the second quarter of 2025, despite global tariff disruptions, an ongoing economic slowdown, and regional competition,
For the first six months of 2025, GEG’s net revenue reached HK$23.2 billion (US$2.97 billion), marking an 8 percent increase compared to the previous year. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew by 14 percent year-on-year to HK$6.9 billion (US$0.88 billion).
The second quarter saw net revenue at HK$12 billion (US$1.54 billion), up 10 percent year-on-year and 8 percent quarter-on-quarter, with adjusted EBITDA at HK$3.6 billion (US$0.46 billion), an increase of 12 percent year-on-year and 8 percent quarter-on-quarter. The company noted particular success in driving the premium mass segment of its business.
Lui commented on the results, stating, “We managed to drive every segment of the business, particularly the premium mass.” He added that the opening of the ultra-luxury Capella at Galaxy Macau, which has soft opened for VIPs, contributed to a strong performance during the week-long May Day holiday period.
GEG’s financial position remains robust, with cash and liquid investments totalling HK$30.7 billion (US$3.93 billion) as of 30 June 2025 and minimal debt. This financial strength, according to the chairman, allows the company to fund its development pipeline, explore overseas opportunities, and return capital to shareholders.
[See more: Analysts forecast a second-half surge in Macao’s gross gaming revenue]
Following a final dividend of HK$0.50 (US$0.064) per share paid in June, the board has now announced an interim dividend of HK$0.70 (US$0.090) per share, payable in October 2025. Lui stated this “demonstrates our confidence in the medium to longer term outlook for Macao in general and GEG specifically.”
The company continues to enhance its properties, including retail, food and beverage offerings, multiple hotels, and the Grand Resort Deck. GEG also emphasised leveraging its MICE facilities and Galaxy Arena. In the first half of 2025, approximately 190 entertainment, sports, and MICE events were hosted, leading to a 65 percent year-on-year increase in foot traffic at Galaxy Macau. The full rollout of smart tables has been completed, with GEG beginning to experience the benefits of this technology in enhancing customer experience through data insights.
On the development front, construction of Phase 4 is progressing, with the super structure and external facade completed. The internal fitting out works are underway for the approximately 600,000 sqm development, which will include new high-end hotel brands, a 5,000-seat theatre, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck, and a casino. Phase 4 is targeted for completion in 2027. GEG is also evaluating development opportunities in the Greater Bay Area and overseas markets, including Thailand.
Despite the Macao Government lowering its 2025 GGR estimate from 240 billion patacas (US$29.7 billion) to 228 billion patacas (US$28.2 billion) in June due to economic factors, GEG remains optimistic.
Lui concluded, “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 Macao.”
This article was drafted by AI before being reviewed by an editor.
