Macau’s Galaxy Entertainment Group (GEG) reported a 22% year-on-year and 14% quarter-on-quarter increase in net revenue to HK$13.8 billion (US$1.76 billion) in the three months to 31 December 2025, aided by its enhanced exposure to the premium mass and super-premium mass segments.
Gross gaming revenue for the period was up 27% year-on-year and 14% quarter-on-quarter to HK$14.0 billion (US$1.79 billion), with mass GGR rising 15% year-on-year to HK$10.0 billion (US$1.29 billion). VIP GGR was up 102% to HK$3.1 billion (US$396 million) while electronic GGR grew 6% to HK$830 million (US$106 million).
As a result, Group Adjusted EBITDA rose by 9% year-on-year and 7% quarter-on-quarter to HK$3.6 billion (US$460 million).
The December quarter was dominated by flagship resort Galaxy Macau, which saw net revenue rise by 29% year-on-year to HK$11.8 billion (US$1.51 billion) and Adjusted EBITDA by 41% to HK$4.0 billion (US$511 million) – aided by a HK$729 million (US$93 million) EBITDA benefit from playing lucky. Normalized EBITDA was still 15% higher year-on-year and 8% higher quarter-on-quarter.
GEG revealed that the combined hotel occupancy of its nine hotels in 4Q25 was 99%.
At StarWorld, net revenue fell 1% year-on-year to HK$1.3 billion (US$166 million) and Adjusted EBITDA by 2% to HK$356 million (US$46 million), while Broadway Macau reported a 21% decline in net revenue to HK$46 million (US$5.9 million).
For FY25, GEG posted net revenue of HK$49.2 billion (US$6.29 billion), up 13% year-on-year with Adjusted EBITDA of HK$14.5 billion (US$1.85 billion), up 19% year-on-year. Net profit grew by 22% to HK$10.7 billion (US$1.37 billion). 2025 included GGR of HK$49.1 billion (US$6.28 billion), up 19% year-on-year, including mass GGR of HK$36.5 billion (US$4.67 billion), VIP GGR of HK$9.5 billion (US$1.21 billion) and electronic GGR of HK$3.1 billion (US$396 million).
GEG Chairman Francis Lui said of the company’s 2025 performance: “We continued to drive growth across every segment of the business, with a particular focus in the premium mass and the super-premium mass segment.
“Capella soft launched in May 2025 and officially opened on 10 February 2026. With its ultra-luxury room product, Capella has allowed us to capture the super-premium mass segment more effectively at scale, further reinforcing our leadership in this high-value market.
“Our balance sheet remains healthy and liquid, with cash and liquid investments of HK$36.3 billion. This solid financial foundation, together with healthy cash flow from operations enables us to return capital to shareholders, fund our development pipeline, pursue international expansion opportunities and ensure that we have a strong balance sheet in the event of unforeseeable circumstances such as economic shocks.”
The GEG board on Thursday recommended a final dividend of HK$0.80 per share, adding to the HK$1.20 per share previously issue dover two earlier dividends. GEG said the dividends “demonstrate our continued confidence in the longer-term outlook for Macau and for GEG.”
