Galaxy posts 33% growth in full-year earnings

Galaxy Entertainment Group (GEG) reported its 2025 full-year results yesterday, with adjusted EBITDA rising 19% to HKD14.5 billion (USD1.86 billion) and net profit attributable to shareholders increasing 22% to HKD10.7 billion.

The casino operator’s Q4 adjusted EBITDA jumped 33% year-on-year to approximately HKD4.3 billion. In the third quarter of 2025, adjusted EBITDA stood at HKD3.3 billion.

For the full year, GEG’s net revenue increased 13% to HKD49.2 billion, with net gaming revenue climbing to HKD39.6 billion from HKD33.8 billion in 2024.

The group’s total GGR in 2025 was HKD49.1 billion, up 19% year-on-year. Mass GGR was HKD36.5 billion, up 10%, VIP GGR was HKD9.5 billion, up 79%, and electronic GGR was HKD3.1 billion, up 14%.

Galaxy Macau, the group’s flagship property, generated HKD41 billion in revenue, up 19%, and HKD13.4 billion in adjusted EBITDA, a 24% increase, with fourth-quarter hotel occupancy reaching 99%.

StarWorld Macau saw revenue fall 7% to HKD5 billion amid property upgrades, while Broadway Macau and city clubs recorded declines.

Cash and liquid investments totaled HKD36.3 billion as of December 31, 2025, with net cash at HKD35 billion after accounting for HKD1.3 billion in debt. Normalized full-year EBITDA, adjusted for HKD1.48 billion in gaming luck, was HKD13 billion, up 5%.

Chairman Francis Lui said the group will continue expanding entertainment partnerships, including collaborations with global concert organizers and UFC events, to strengthen Macau’s position as a regional leisure destination.

The board has recommended a final dividend of HKD0.80 per share, payable in June 2026, following total dividends of HKD1.20 per share paid during 2025.