Galaxy Entertainment Group reports strong FY and Q4 2024 results: Group Adjusted EBITDA up 22%
Galaxy Entertainment Group (GEG) has announced its financial results for the fourth quarter and full year ending 31 December 2024, reflecting continued growth and reasons to be optimistic about the future.
Key points:
– Q4 2024 Group Adjusted EBITDA increased by 15% year-on-year to HKD 3.2bn; full-year Group Adjusted EBITDA rose by 22% to HKD 12.2bn
– GEG maintains a strong financial position with HKD 31.3bn in cash and liquid investments, plus minimal debt of HKD 4.2bn
– The company hosted approximately 460 events in 2024 and plans to continue attracting international visitors through events and collaborations in 2025
Galaxy Entertainment Group (GEG) has announced its financial results for the fourth quarter and full year ending 31 December 2024, reflecting continued growth in its business operations.
The company reported a 15% year-on-year and 10% quarter-on-quarter increase in Group Adjusted EBITDA for Q4, reaching HKD 3.2bn ($412m).
For the full year, Group Adjusted EBITDA rose by 22% to HKD 12.2bn, while Net Profit Attributable to Shareholders (NPAS) increased by 28% to HKD 8.8bn.
Chairman Francis Lui attributed this growth to the company’s focus on the premium mass market segment, which remains a primary profit driver. He emphasised GEG’s commitment to allocating resources efficiently and competing through the quality of products and services rather than price competition.
Lui rounded off his comments by stating: “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.”
GEG also maintains a robust financial position, with cash and liquid investments totalling HKD 31.3bn and minimal debt of HKD 4.2bn, resulting in a net position of HKD 27.1bn.
In 2024, GEG paid an interim dividend of HKD 0.50 per share in October, an increase from the HKD 0.30 per share distributed in April.
Good to know: The Board has recommended a final dividend of HKD 0.50 per share, payable in June 2025, reflecting confidence in Macau’s long-term prospects and the company’s outlook
Additionally, GEG has actively contributed to Macau’s positioning as an international tourist destination. In 2024, international visitor arrivals to Macau increased by 66% year-on-year, totalling 2.4 million.
This was supported by the company’s efforts to attract new and returning visitors through entertainment and sporting events. Throughout the year, GEG hosted approximately 460 events at the Galaxy International Convention Center (GICC) and Galaxy Arena, including performances by global artists and major sporting competitions such as the Ultimate Fighting Championship (UFC) and the International Table Tennis Federation (ITTF) World Cup.
Looking ahead, GEG has a varied lineup of events planned for 2025, including performances by Italian tenor Andrea Bocelli in March, the ITTF World Cup in April and Hong Kong singer Jacky Cheung’s concert tour in June. These events are expected to drive visitor growth, boost gaming activity, retail sales and hotel demand.
Macau’s tourism policies have also evolved in favour of increased visitor flow. In May 2024, the Central Government expanded the Individual Visit Scheme (IVS) to include 59 eligible cities, covering a combined population of approximately 500 million people.
Good to know: Starting in 2025, Zhuhai residents will be able to apply for a “one-trip-per-week” visa to Macau, while Hengqin residents will be eligible for multiple-entry permits. These policy enhancements are expected to boost GEG’s operations by increasing visitor numbers
Finally, the company’s ongoing development projects are progressing according to schedule. The Capella at Galaxy Macau is in the final stages of construction and is set to open in mid-2025. Beyond this, GEG continues to expand operations at the GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau, while continuing work on Phase 4 of its expansion plans.
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