Galaxy Entertainment Group continued its recovery in the third quarter, with Gross Gaming Revenue (GGR) rising by 21% year-on-year and 2% quarter-on-quarter to HK$12.2 billion (US$1.57 billion).
The mass gaming table segment delivered the strongest performance, generating HK$9.46 billion (US$1.22 billion) in GGR – up 13% year-on-year and 7% compared to the previous quarter. VIP tables saw an 86% year-on-year increase, but fell 15% quarter-on-quarter to HK$2.04 billion (US$257 million). Electronic gaming revenue totaled HK$738 million (US$94.9 million), 11% higher than a year earlier but 6% lower versus Q2.
Adjusted EBITDA grew by 14% compared to the same period in 2024, but decreased by 6% from Q2.
Commenting on GEG’s Q3 results, Chairman Francis Lui highlighted two factors that affected both revenue and adjusted EBITDA. The first was seasonality: September is generally a softer month as many tourists postpone travel until October to coincide with Golden Week. However, the more significant factor was Typhoon Ragasa, which led the government to order the closure of all casinos for 33 hours.
“Thirty-three hours may not seem like a long period of time, however potential visitors canceled their trips in advance due to concerns over the impact of Typhoon Ragasa. And after it passes, it takes several days before people start planning their next trip,” Lui said.
Despite this, he noted that the Group’s balance sheet remains extremely strong, 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 accounting for HK$2.0 billion (US$257 million) in debt.
“Our strong balance sheet and operating cash flow allow us to return capital to shareholders through dividends, fund our development projects and pursue international expansion. In October 2025, we paid the previously announced interim dividend of US$0.70 per share. This dividend reflects our confidence in the long-term prospects of Macau and the company,” Lui added.
Galaxy Macau generated GGR of HK$10.8 billion in Q3 2025, an increase of HK$100 million from the previous quarter. StarWorld saw GGR growth of 9% to HK$1.42 billion (US$183 million).
Broadway Macau, the entertainment complex including F&B outlets, increased net revenue by 22% quarter-on-quarter to HK$62 million (US$8.0 million), while adjusted EBITDA amounted to HK$1 million (US$128,600).
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