Macau’s Galaxy Entertainment Group (GEG) reported total net revenue of HK$11.2 billion in the first three months of 2025, including gross gaming revenue of HK$10.9 billion (US$1.36 billion) – up 13.6% year-on-year although slightly lower than the HK$11.0 billion (US$1.38 billion) reported in the December quarter.
Group-wide Adjusted EBITDA was up 16.3% year-on-year and 1.8% quarter-on-quarter to HK$3.30 billion (US$412.5 million).
Industry analysts noted that the results were broadly in-line with consensus although GEG benefited from favorable luck in the VIP gaming segment. Market share for the quarter was 19.5%.
By property, Galaxy Macau reported GGR of HK$9.54 billion – up 17.2% year-on-year but slightly down quarter-on-quarter largely due to unfavorable hold in mass. Adjusted EBITDA grew to HK$3.02 billion (US$377.5 million) on a strong 33% margin, higher than the 31% margin reported in both 1Q24 and 4Q24.
StarWorld saw its GGR fall by 5.2% year-on-year and 2.5% quarter-on-quarter to HK$1.36 billion (US$170 million) with both VIP and mass seeing year-on-year declines. Adjusted EBITDA fell by 19.5% year-on-year to HK$350 million (US$43.8 million).
“During the quarter we continued to drive every segment of the business, in particular 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,” said GEG Chairman Francis Lui.
“We were satisfied with our casinos’ performance over the Chinese New Year and in particular the post Chinese New Year which experienced a longer tail than previously.
“During March we made a few adjustments to Galaxy Macau’s main gaming floor adding new electronic games which was partially disruptive for the month.”
Analysts also confirmed Thursday that GEG had soft-opened its new uber-luxury, all-suite hotel Capella at Galaxy Macau just prior to the recent Golden Week holiday – earlier than anticipated. Galaxy Macau Phase 4 remains on track for a 2027 launch.
