Galaxy Entertainment Group (GEG) reported topline sales growth of 22 percent in 2024, with full-year revenue reaching $43.4 billion, according to a company filing. Group earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 22 percent to $12.2 billion, with net profits attributable to shareholders at $8.8 billion, an increase of 28 percent from the previous year.
Galaxy Macau accounted for more than 80 percent of the group’s EBITDA, as the property’s full year EBITDA was 18 percent higher than the previous twelve months. EBITDA at StarWorld Macau was 24 percent higher than a year ago.
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With $31.3 billion in cash and liquid investments against a debt position of $4.2 billion, the group recommended a final dividend of $0.50 per share payable in June 2025, matching the interim dividend paid in October but representing an increase from the $0.30 per share paid in April 2024, a decision that demonstrates GEG’s confidence in the longer-term outlook for Macao and the company, according to the earnings presentation.
The net position after debt was $27.1 billion at the end of December 2024, compared to $23.5 billion twelve months earlier.
Net gaming outpaces non-gaming
Net gambling revenues outpaced the group’s non-gambling businesses. Net gambling rose 24 percent to $33.8 billion, while non-gambling grew 19 percent to $6.4 billion.
The group’s total gross gaming revenue (GGR) in 2024 was $41.1 billion, 30 percent higher than a year ago, with the bulk being mass GGR at $33.1 billion, up 25 percent year over year.
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The SAR’s casino industry recorded a GGR drop of 5.6 percent in January from a year ago, which surprised the market. Analysts are pointing to the seasonality of the Lunar New Year, along with Chinese President Xi Jinping’s visit to Macao for the handover celebrations in December, as affecting the numbers.
Development updates
GEG looks to build on its live entertainment business after hosting approximately 460 shows and events in 2024 which featured major acts such as the Andy Lau World Tour, Ultimate Fighting Championship (UFC), International Table Tennis Federation (ITTF) World Cup and Women’s Volleyball Nations League.
The calendar ahead already includes legendary Italian tenor Andrea Bocelli this March and the ITTF World Cup 2025 in April. In June, Hong Kong singer Jacky Cheung will perform at the Galaxy Arena for the tenth time.
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On the property, the Capella at Galaxy Macau is targeting its opening for the middle of 2025. Phase 4 of Cotai remains focused on non-gambling entertainment, where the approximately 600,000 square meters of development is scheduled to be completed in 2027, which the group hopes to strengthen its appeal as an international tourist destination.
“GEG has been working with the MGTO to actively promote Macao as an international tourist destination. We previously announced the opening of offices in Tokyo, Seoul, and Bangkok. In 2024, international visitor arrivals to Macao increased by 66 percent to 2.4 million. We will continue to work with the MGTO and support this important initiative,” GEG’s press release said.
