Galaxy Macau drives Galaxy Entertainment’s Q3 gross gaming revenue to $1.57 billion

Galaxy Macau continued to anchor Galaxy Entertainment Group’s (GEG) third-quarter performance with HK$10.09 billion (US$1.3 billion) in net revenue, while the company’s other Macau properties — StarWorld and Broadway Macau — recorded mixed results during a period impacted by Typhoon Ragasa and seasonal travel slowdown.

Overall, the operator continued its resurgence in the three months to 30 September, with Gross Gaming Revenue (GGR) climbing 21% year-on-year and 2% quarter-on-quarter to HK$12.2 billion ($1.57 billion).

Property performance

Galaxy Macau remained the company’s main contributor, posting a 20% year-on-year rise and 1% sequential gain in net revenue. Of this, gaming revenue reached HK$8.54 billion ($1.09 billion), up 23.27% from a year earlier, though slightly below the HK$8.56 billion ($1.1 billion) recorded in the previous quarter. Rolling chip volume increased 49.3% year-on-year and 16.7% sequentially to HK$64.03 billion ($8.24 billion). Mass table drop rose by nearly 2% from the prior quarter and 13.6% from a year ago.

StarWorld recorded total net revenue of HK$1.26 billion ($162 million), a 5.5% decline year-on-year but a 7.9% rise compared with the second quarter. Its net gaming revenue reached HK$1.14 billion ($146.6 million), slightly up from the previous quarter. Electronic gaming volume at the property reached HK$9.63 billion ($1.24 billion), representing a 13.2% increase year-on-year and a 3.8% rise sequentially.

Broadway Macau reported HK$62 million ($8 million) in net revenue, flat compared with last year but 22% higher than the previous quarter. Adjusted EBITDA from the property declined to HK$1 million ($128,600) from HK$11 million ($1.41 million) a year earlier and HK$4 million ($514,470) in the second quarter.

The third quarter also represented the final full-period contribution from the group’s satellite operation at Waldo Casino, which ceased operations on Oct. 31.

Consolidated results

For the quarter ended September 30, 2025, GEG reported gross gaming revenue (GGR) of HK$12.2 billion ($1.57 billion), up 21% from the same period last year and 2% from the second quarter. Net revenue increased 14% year-on-year and 1% sequentially to HK$12.16 billion (US$1.56 billion). Adjusted EBITDA reached HK$3.34 billion ($424 million), a 14% annual rise but 6% lower than the previous quarter.

Mass gaming tables accounted for HK$9.46 billion ($1.22 billion) of total GGR, representing a 13% annual increase and 7% sequential improvement. VIP tables contributed HK$2.04 billion ($257 million), up 86% year-on-year but down 15% quarter-on-quarter. Electronic gaming generated HK$738 million ($94.9 million), 11% higher than a year earlier but 6% lower sequentially.

Typhoon impact and seasonality

Chairman Francis Lui noted that Typhoon Ragasa and seasonal trends in September affected operations. “Thirty-three hours may not seem an extended period of time; however, potential visitors canceled their visits in advance over concerns of the potential impact of Typhoon Ragasa, and after the typhoon, it takes a few days before people commence to plan their next trip,” he said.

He added that the company’s financial position remains stable, with total cash and liquid investments of HK$36.8 billion ($4.73 billion) and a net position of HK$34.8 billion ($4.48 billion) after debt of HK$2 billion ($257 million). GEG paid an interim dividend of HK$0.70 per share in October.

Entertainment and expansion projects

Lui said GEG hosted about 260 entertainment, sports, arts, culture, and MICE events at its properties, contributing to a 41% increase in visitor traffic at Galaxy Macau. The group maintained partnerships with the Ultimate Fighting Championship to bring UFC Fight Nights to Galaxy Arena and renewed a three-year partnership with Tencent Music’s TMElive to hold music events.

The company is continuing its Cotai development program, with Phase 4 construction “progressing well” and targeted for completion in 2027. The upcoming development includes a 5,000-seat theater, food and beverage outlets, a water resort deck, retail areas, and a casino.

The group also continues the rollout of its Capella and Horizon Plus hotels, with most facilities already operational and full completion expected by early next year.

GEG said the post-Golden Week momentum has continued into the fourth quarter. “Our solid balance sheet and cash flow from operations allow us to return capital to shareholders through dividends, fund our development pipeline, and pursue our international expansion ambitions,” Lui said.

The company added that it remains confident in the medium- to long-term prospects for Macau’s gaming and entertainment market.