Macau’s Galaxy Entertainment Group continued its resurgence in the three months to 30 September 2025, with Gross Gaming Revenue climbing 21% year-on-year and 2% quarter-on-quarter to HK$12.2 billion (US$1.57 billion).
The quarter was again dominated by mass gaming tables, which generated HK$9.46 billion (US$1.22 billion) in GGR representing a 13% year-on-year and 7% sequential improvement, while VIP tables showed 86% year-on-year growth but were down 15% quarter-on-quarter at HK$2.04 billion (US$257 million). Electronic GGR of HK$738 million (US$94.9 million) was also up 11% year-on-year but down 6% quarter-on-quarter.
Adjusted EBITDA of HK$3.34 billion grew by 14% versus the same period in 2024 but fell 6% compared with Q2.
In comments accompanying GEG’s Q3 results, Chairman Francis Lui pointed to two events that he said impacted both revenue and Adjusted EBITDA for the quarter, including seasonality where September is typically a slower month as visitors defer planned trips to October to coincide with Golden Week.
More significant, however, was Typhoon Ragasa which resulted in the government mandating that all casinos officially close for 33 hours.
“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,” Lui said.
Despite this, he noted that GEG’s balance sheet remains incredibly healthy with total cash and liquid investments of HK$36.8 billion (US$4.73 billion) and a net position of HK$34.8 billion (US$4.48 billion) after debt of HK$2.0 billion (US$257 million).
“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,” he continued. “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.”
By property, Galaxy Macau generated GGR of HK$10.8 billion in 3Q25, up slightly from HK$10.7 billion (US$1.38 billion) in the June quarter, while StarWorld produced a 9% improvement in GGR to HK$1.42 billion (US$183 million).
Entertainment and F&B property Broadway Macau produced a 22% sequential rise in net revenue to HK$62 million (US$8.0 million) with Adjusted EBITDA of HK$1 million (US$128,600).
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