Galaxy 1H profit up 19% as Thailand plans on radar

Galaxy Entertainment Group Ltd announced a 19.4% rise in its first-half profit to HKD5.24 billion (USD667.6 million) for the six months ending June 30, 2025.

The firm also announced an interim dividend of HKD 0.70 per share, payable on October 31.

The information was provided in a filing to the Hong Kong Stock Exchange yesterday.

Net revenue for the first half climbed 8.3% year-on-year to nearly HKD23.25 billion, with adjusted EBITDA up by 14.2% to HKD6.87 billion. The second quarter alone saw net revenue hit HKD12.0 billion, a 10% increase from the same period last year, complemented by a 12% rise in adjusted EBITDA to HKD 3.6 billion.

The profit surge was driven in large part by a 10.7% increase in net gaming revenue to HKD18.58 billion and a more modest 2.5% growth in non-gaming revenue to HKD3.17 billion.

Galaxy Macau, the group’s flagship property, significantly boosted performance with a 65% increase in foot traffic over the first half of 2025, thanks largely to its packed calendar of entertainment, sports, and MICE (meetings, incentives, conferences, and exhibitions) events.

In June, Galaxy Macau set a new record for a single day’s visitation with over 123,000 visitors, coinciding with performances by K-pop superstar G-Dragon and Hong Kong singer Jacky Cheung at the Galaxy Arena.

Weighing in on this milestone, GEG chairman Francis Lui said, “Over the past two years, it has been proven that entertainment shows and events played a key role in driving new and repeat customers to Macau.”

Galaxy Macau’s gross gaming revenue (GGR) in Q2 rose 20.5% year-on-year to HKD 10.7 billion. Property adjusted EBITDA came in 19.5% higher than during the same quarter last year at HKD3.33 billion.

However, not all properties fared as well. StarWorld casino experienced a 9% decline in GGR to HKD1.29 billion and a 22.3% fall in adjusted EBITDA. Meanwhile, non-gaming revenues and profits at Broadway Macau slightly dropped, with EBITDA halving to HKD6 million in 1H 2025.

GEG boosted its interim dividend to HKD 0.70 per share, up from HKD 0.50 paid in June. Lui said this “demonstrates our confidence in the medium- to longer-term outlook for Macau in general and GEG specifically.”

Looking ahead, Lui expressed confidence in the company’s financial strength.

As of June 30, 2025, GEG held HKD30.7 billion in cash and liquid investments with minimal debt. “This financial strength allows us to fund our development pipeline and explore overseas opportunities,” Lui said.

Central to this growth is the Phase 4 expansion at Galaxy Macau, scheduled for completion in 2027. This project will add luxury hotels, a large theater, new entertainment venues, and a casino to the resort’s portfolio.

Beyond Macau, the group is closely watching Thailand’s Entertainment Complex Bill, expressing keen interest in expanding into Bangkok.

“We believe that an integrated resort in Bangkok would be highly accretive to our resort portfolio. We continue to remain very interested in Thailand,” the company said.