Q3 2025 Group Normalized EBITDA Of $3.3 Billion Up 7% Year-on-Year And Up 5% Quarter-on-Quarter
Paid An Interim Dividend Of $0.70 Per Share In October 2025
Continues To Ramp Up Capella At Galaxy Macau And Progressing With The Fitting Out Of Phase 4
HONG KONG, Nov. 05, 2025 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group ("GEG", "Company" or the "Group") (HKEx stock code: 27) today reported results for the three-month period ended 30 September 2025. (All amounts are expressed in Hong Kong dollars unless otherwise stated)
Mr. Francis Lui, Chairman of GEG said:
"Today I am pleased to report the third quarter 2025 results for the Group. In Q3 2025 Group Net Revenue increased 14% year-on-year to $12.2 billion and Adjusted EBITDA increased 14% year-on-year to $3.3 billion.
I wish to bring to your attention two events that occurred during the third quarter that impacted Gross Gaming Revenue (‘GGR') and in turn Adjusted EBITDA for the quarter. The first event involves seasonality, where September is typically a slower month as many visitors defer their planned trips to October to coincide with the Golden Week holidays. The second event was Typhoon Ragasa. This typhoon resulted in the Government mandating that all casinos officially closed for 33 hours. 33 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.
Our balance sheet remains healthy and liquid. Total cash and liquid investments were $36.8 billion and the net position was $34.8 billion after debt of $2.0 billion. Our solid balance sheet and cash flow from operations allows us to return capital to shareholders through dividends, fund our development pipeline and pursue our international expansion ambitions. In October 2025, we paid the previously announced interim dividend of $0.70 per share. This dividend demonstrates our continued confidence in the longer-term outlook of Macau and for the Company.
GEG continues to support the Macau Government's goal to develop Macau into a ‘City of Performing Arts' by hosting world-class events across various categories and acclaimed concert singers. We believe this will help to boost Macau's tourism, retail, as well as hotel spending, contributing to Macau's evolvement into the World Centre of Tourism and Leisure. In Q3, we hosted multiple mega entertainment events including the ‘King of Asian Pop' Eason Chan's Concert and America's comedy star Jimmy O. Yang's performance in Macau. For the first nine months of 2025, we have held approximately 260 entertainment, sports, arts and culture, and MICE events, which contributed to a 41% year-on-year increase in the foot traffic at Galaxy Macau™ and contributed significantly to our business.
Post Q3 in October, two popular singers, Luhan and Jackson Wang performed at Galaxy Arena, and the world-renowned Chinese pianist, Yundi Li made his debut with Galaxy Music Gala at Galaxy International Convention Center (‘GICC'). Additionally, we will support the National Games by hosting its Table Tennis Competition in Galaxy Arena. Further, we have signed a four-year strategic partnership with the Ultimate Fighting Championship (‘UFC') to bring UFC Fight Nights to Galaxy Arena, as well as renewed a three-year strategic partnership with TMElive (Tencent Music) to co-host multifaceted popular music events. We have also renewed a three-year cooperation agreement with Damai Entertainment under Alibaba Group and Macau Pass for events ticketing. We remain optimistic about mega events tourism in the future.
Over the past 18 months we have been investing heavily into technology. This has included the implementation of smart tables, consolidating data information and deepening our data analytics capability. The purpose of these programs is to ensure that we more fully understand our customers and that we are in a position to provide the best service and experience to our valuable guests. We want to make informed customer decisions based upon ‘hard data' and not a ‘gut impression'. We have already seen economic benefits from these investments and we will continue to drive each and every segment of the business.
GEG announced that Waldo Casino ceased operations on 31 October 2025. In alignment with Macau Government policies, GEG is committed to safeguarding local employment. In addition to being able to retain the same position, employees have also been offered the opportunity to explore a range of career paths if they wish to do so and they received support for their transition into a new working environment.
We previously announced the exclusive previews of the ultra-luxury Capella at Galaxy Macau and Horizon Plus. Both facilities have been extremely well received by our guests and currently the vast majority of both facilities are opened. However, we are still fitting out some additional enhancement facilities including a signature restaurant. We anticipate that the facilities will be fully opened by early next year.
On the development front, we continue to progress with the fitting out of Phase 4, which includes multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027.
Previously GEG has been actively exploring opportunities to develop an integrated resort in Thailand. During Q3 there was a change in Government within Thailand, and it appears that the new Government's immediate priorities lie elsewhere. We will continue to monitor the situation.
Recently, we announced that Mr. Ted Chan will step down from his position of Chief Financial Officer (‘CFO') and depart GEG on 22 November 2025, and Mr. Thomas Arasi has commenced as CFO effective 27 October 2025. I would like to extend my heartfelt appreciation to Ted for his valuable contribution to GEG, and welcome Tom in his role as CFO of the Company.
Finally, I would like to thank all our team members who deliver ‘World Class, Asian Heart' service each and every day and contribute to the success of the Group."
Q3 2025 RESULTS HIGHLIGHTS GEG: Well Positioned for Future Growth
Q3 Group Net Revenue of $12.2 billion, up 14% year-on-year and up 1% quarter-on-quarter
Q3 Group Adjusted EBITDA of $3.3 billion, up 14% year-on-year and down 6% quarter-on-quarter
Played lucky in Q3 which increased Adjusted EBITDA by approximately $14 million, normalized Q3 Adjusted EBITDA of $3.3 billion, up 7% year-on-year and up 5% quarter-on-quarter
Latest twelve months Adjusted EBITDA of $13.4 billion, up 14% year-on-year and up 3% quarter-on-quarter
Galaxy Macau™: Primary Driver to Group Earnings
Q3 Net Revenue of $10.1 billion, up 20% year-on-year and up 1% quarter-on-quarter
Q3 Adjusted EBITDA of $3.1 billion, up 20% year-on-year and down 8% quarter-on-quarter
Played lucky in Q3 which increased Adjusted EBITDA by approximately $18 million, normalized Q3 Adjusted EBITDA of $3.1 billion, up 11% year-on-year and up 5% quarter-on-quarter
Hotel occupancy for Q3 across the nine hotels was 98%
StarWorld Macau: Continuing with Major Property Upgrades
Q3 Net Revenue of $1.3 billion, down 6% year-on-year and up 8% quarter-on-quarter
Q3 Adjusted EBITDA of $369 million, down 7% year-on-year and up 22% quarter-on-quarter
Played unlucky in Q3 which decreased Adjusted EBITDA by approximately $4 million, normalized Q3 Adjusted EBITDA of $373 million, down 2% year-on-year and up 22% quarter-on-quarter
Hotel occupancy for Q3 was 99%
Broadway Macau™, City Clubs and Construction Materials Division ("CMD")
Broadway Macau™: Q3 Adjusted EBITDA was $1 million, versus $11 million in Q3 2024 and $4 million in Q2 2025
City Clubs: Q3 Adjusted EBITDA was $(6) million, versus $6 million in Q3 2024 and $2 million in Q2 2025, Waldo Casino ceased operations on 31 October 2025
CMD: Q3 Adjusted EBITDA was $206 million, down 4% year-on-year and down 13% quarter-on-quarter
Balance Sheet: Remained Healthy and Liquid
As at 30 September 2025, cash and liquid investments were $36.8 billion and the net position was $34.8 billion after debt of $2.0 billion
Paid an interim dividend of $0.70 per share on 31 October 2025
Development Update: Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4
Cotai Phase 3, Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau
Cotai Phase 4, Our efforts are firmly focused on the development of Phase 4 which has a strong focus on non-gaming, primarily targeting entertainment, family facilities and also includes a casino
International, Continuously exploring opportunities in overseas markets
Market Overview
Based on DICJ reporting, Macau's GGR for Q3 2025 was $60.7 billion, up 13% year-on-year and up 2% quarter-on-quarter.
In Q3 2025, visitor arrivals to Macau were 10.5 million, up 14% year-on-year and up 12% quarter-on-quarter, representing 105% of 2019. Visitor arrivals from the Mainland were 7.8 million, up 17% year-on-year and up 19% quarter-on-quarter.
In the first nine months of 2025, visitor arrivals to Macau were 29.7 million, up 14% year-on-year. Visitors from Mainland China were 21.6 million, up 18% year-on-year and those travelling under the Individual Visit Scheme surged by 24% year-on-year to 11.5 million, while another 1.4 million travelled under the "one trip per week measure" and 444,326 under the "multiple-entry measure". Visitors from the nine Pearl River Delta cities in the Greater Bay Area rose by 24% year-on-year to 10.9 million, driven by an increase of 57% year-on-year in the number of visitors from Zhuhai.
International visitors were 1.9 million, up 12% year-on-year for the first nine months of 2025. Visitors from the Republic of Korea grew 12% year-on-year to 382,494 and from Japan by 25% year-on-year to 116,224. GEG has continued to work with Macao Government Tourism Office to actively promote Macau as a tourism destination. We have marketing offices in Tokyo, Seoul, Bangkok and Singapore.
Group Financial Results
In Q3 2025, the Group posted Net Revenue of $12.2 billion, up 14% year-on-year and up 1% quarter-on-quarter. Adjusted EBITDA was $3.3 billion, up 14% year-on-year and down 6% quarter-on-quarter. Galaxy Macau™'s Adjusted EBITDA was $3.1 billion, up 20% year-on-year and down 8% quarter-on-quarter. StarWorld Macau's Adjusted EBITDA was $369 million, down 7% year-on-year and up 22% quarter-on-quarter. Broadway Macau™'s Adjusted EBITDA was $1 million, versus $11 million in Q3 2024 and $4 million in Q2 2025. Latest twelve months Adjusted EBITDA for the Group was $13.4 billion, up 14% year-on-year and up 3% quarter-on-quarter.
During Q3 2025, GEG played lucky in its gaming operations which increased Adjusted EBITDA by approximately $14 million. Normalized Adjusted EBITDA was $3.3 billion, up 7% year-on-year and up 5% quarter-on-quarter.
Summary Table of GEG Q3 2025 Adjusted EBITDA and Adjustments:
in HK$'m
Q3 2024
Q2 2025
Q3 2025
YoY
QoQ
Adjusted EBITDA
2,940
3,569
3,341
14%
(6)%
Luck1
(165)
407
14
-
-
Normalized Adjusted EBITDA
3,105
3,162
3,327
7%
5%
The Group's total GGR in Q3 2025 was $12.2 billion, up 21% year-on-year and up 2% quarter-on-quarter. Mass GGR was $9.5 billion, up 13% year-on-year and up 7% quarter-on-quarter. VIP GGR was $2.0 billion, up 86% year-on-year and down 15% quarter-on-quarter. Electronic GGR was $738 million, up 11% year-on-year and down 6% quarter-on-quarter.
Group Key Financial Data
(HK$'m)
Q3 2024
Q2 2025
Q3 2025
Revenues:
Net Gaming
8,197
9,656
9,707
Non-gaming
1,666
1,608
1,729
Construction Materials
805
780
727
Total Net Revenue
10,668
12,044
12,163
Adjusted EBITDA
2,940
3,569
3,341
Gaming Statistics2
(HK$'m)
Q3 2024
Q2 2025
Q3 2025
Rolling Chip Volume3
44,459
55,764
65,003
Win Rate %
2.5%
4.3%
3.1%
Win
1,100
2,413
2,044
