Galaxy Entertainment reports higher first-half profit as Macau tourism, premium mass play lift results

Galaxy Entertainment Group Ltd (GEG) posted a first-half 2025 profit of HKD5.24 billion ($670 million), up 19.4% from the same period last year, as Macau’s gaming and tourism markets continued to recover despite global economic headwinds.

The Hong Kong-listed operator reported net revenue of HKD23.25 billion ($2.96 billion) for the six months ended June 30, an 8.3% increase year-on-year. Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 14.2% to HKD6.87 billion ($880 million). Net gaming revenue grew 10.7% to HKD18.58 billion ($2.37 billion), while non-gaming revenue edged up 2.5% to HKD3.17 billion ($400 million).

For the second quarter, net revenue reached HKD12.0 billion ($1.53 billion), up 10% from a year earlier and 8% from the previous quarter. Adjusted EBITDA climbed 12% year-on-year to HKD3.6 billion ($460 million).

Chairman Francis Lui said: “Today, I am pleased to report solid performance for the Macau market and GEG in Q2 and the first half of 2025. Despite global tariff disruptions, continued economic slowdown, and regional competition, Macau remained resilient in Q2 2025 with Gross Gaming Revenue growing 8% year-on-year and 6% quarter-on-quarter to $59.3 billion."

Chairman Francis Lui

"GEG delivered solid results and growth in market share under competitive market conditions. We managed to drive every segment of the business, particularly the premium mass.”

Galaxy Macau remained the company’s primary earnings driver, generating first-half net revenue of HKD19.1 billion ($2.43 billion), up 13%, and adjusted EBITDA of HKD6.3 billion ($800 million), up 18%. Hotel occupancy across its nine properties averaged 98% in the second quarter. StarWorld Macau reported weaker results, with net revenue down 10% and adjusted EBITDA down 21% in the first half.

Rolling chip volume across the group increased 20.7% year-on-year to HKD102.14 billion ($13 billion), mass table drop rose 5.4% to HKD67.27 billion ($8.5 billion), and electronic gaming volume surged 30.8% to HKD54.17 billion ($6.9 billion).

The group’s balance sheet remained strong, with HKD30.7 billion ($3.91 billion) in cash and liquid investments and minimal debt as of June 30. Following a HKD0.50 ($0.064) per share final dividend paid in June, GEG declared an interim dividend of HKD0.70 ($0.089) per share, payable on October 31.

Galaxy Macau

Entertainment and tourism contributed to performance gains, with Galaxy Macau hosting 190 entertainment, sports, and MICE events in the first half, as foot traffic increased by 65% year-on-year.

Standout events included concerts by K-pop star G-Dragon and Hong Kong singer Jacky Cheung in June, which helped drive a record single-day visitation of more than 123,000. The venue also hosted the ITTF World Cup Macao and performances by BTS’s j-hope and Wakin Chau earlier in the quarter.

The all-suite Capella at Galaxy Macau opened for exclusive previews in May, targeting high-value guests. Its full launch is expected in the coming months, with analysts noting a gaming area located in the same tower.

GEG is progressing with the Phase 4 development at Galaxy Macau, which will include multiple new-to-Macau luxury hotel brands, a 5,000-seat theatre, expanded non-gaming amenities, and a casino. The superstructure and facade are complete, with internal fit-out works underway ahead of a planned 2027 opening.

In June, the company announced it would close the Waldo Casino by year-end for commercial reasons, with affected employees redeployed across its other properties and offered vocational training.

The group also secured several industry accolades, including ‘Integrated Resort of the Year’ for Galaxy Macau and ‘Casino Operator of the Year’ at the Global Gaming Awards Asia-Pacific 2025. Four of its restaurants earned a total of five Michelin stars in the 2025 Hong Kong Macau Guide, while Galaxy Macau retained its status in the Forbes Travel Guide as the integrated resort with the most five-star hotels under one roof worldwide.

GEG expects large-scale events, the phased opening of Capella, and steady progress on Phase 4 to support its medium- to long-term outlook for Macau. “We remain confident in the medium to longer term outlook for Macau,” Lui said, citing infrastructure upgrades and steady demand from Chinese and international visitors.