Key points:
- GEG reported HK$11.2bn in Q1 revenue and HK$3.3bn in adjusted EBITDA, up 16% YoY
- Galaxy Macau continues to be the main revenue driver with 99% hotel occupancy and 15% EBITDA growth
- Capella at Galaxy Macau soft launched, and Cotai Phase 4 development is progressing toward a 2027 completion
Galaxy Entertainment Group (GEG) has reported solid financial results for the first quarter of 2025, underpinned by growing momentum in its non-gaming segments and continued investment in diversified entertainment offerings.
The group recorded net revenue of HK$11.2bn ($1.4bn), up 6% year-on-year, while adjusted EBITDA reached HK$3.3bn, marking a 16% annual increase and a 2% rise quarter-on-quarter.
Galaxy Macau remained the primary driver of group earnings, generating HK$9.1bn in revenue and HK$3.0bn in adjusted EBITDA.
Meanwhile, StarWorld Macau posted HK$1.2bn in revenue (down 9% year-on-year and down 4% quarter-on-quarter) and HK$350m in EBITDA (down 20% year-on-year and down 4% quarter-on-quarter).
Hotel occupancy across Galaxy Macau's seven hotels stood at 99%, with StarWorld Macau achieving full occupancy.
GEG’s Q1 performance was bolstered by successful entertainment and MICE events hosted at Galaxy Arena and the Galaxy International Convention Center.
These included concerts by global artists such as Andrea Bocelli, Taeyang and JISOO, contributing to a 64% year-on-year increase in foot traffic at Galaxy Macau.
Good to know: In early May, GEG soft-launched Capella at Galaxy Macau, its 10th hotel brand, offering ultra-luxury suites and sky villas. The property is expected to be fully operational in the coming months
The group also continues to progress on Cotai Phase 4 – a 600,000-square-metre development focusing on non-gaming amenities including a theatre, resort deck, high-end hotels and retail spaces, scheduled for completion by 2027.
Despite short-term economic uncertainties and geopolitical headwinds, GEG maintains a strong financial position with HK$33bn in cash and investments.
A final dividend of HK$0.50 per share is payable in June 2025, reflecting confidence in Macau’s long-term growth prospects.
