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Macau’s premium mass market, high-profile events and new luxury openings helped Galaxy Entertainment deliver another strong half-year, and set the stage for bigger things ahead.
Galaxy Entertainment Group closed the first half of 2025 with HKD5.24 billion (US$667.6 million) in profit, up 19.4% year-on-year, and announced an interim dividend of HKD0.7 per share to be paid on 31 October.
The numbers came off the back of HKD23.25 billion in net revenue, up 8.3% from last year, while adjusted EBITDA climbed 14.2% to HKD6.87 billion. Chairman Francis Lui Yiu Tung credited a resilient Macau market and a sharp focus on the premium mass segment for keeping the growth curve moving despite global economic headwinds.
Q2 keeps the pace
Premium players and steady non-gaming spend kept the momentum going.
For the three months to 30 June, Galaxy’s net revenue rose 10% to HKD12 billion, while adjusted EBITDA increased 12% to HKD3.6 billion.
Gaming revenue for the first half reached HKD18.58 billion, up 10.7%, with non-gaming revenue also edging up 2.5% to HKD3.17 billion. Lui said every segment of the business had grown, but premium mass continued to be the star performer.
Strong footing and rising volumes
Cash reserves remain high, debt low, giving room to manoeuvre.
Galaxy ended June with HKD30.7 billion in cash and liquid investments, carrying minimal debt. Gaming volumes told a similar growth story: rolling chip volume surged 20.7% year-on-year to HKD102.14 billion, mass table drop rose 5.4% to HKD67.27 billion, and electronic gaming volume jumped 30.8% to HKD54.17 billion.
The smaller City Clubs satellite casino business brought in HKD3 million in adjusted EBITDA, down from HKD9 million last year. The group also confirmed that Waldo Casino will close by year-end for commercial reasons, with all staff redeployed to other properties and given retraining options.
Luxury upgrades and record-breaking crowds
Capella at Galaxy Macau makes its debut alongside a packed events calendar.
May saw the soft opening of the all-suite Capella at Galaxy Macau, with exclusive invitation-only stays for top VIP guests. Public bookings are expected from late September, and the property includes a gaming area within the tower.
Entertainment and events have been just as key to Galaxy’s strategy. In the first half of the year, the group hosted 190 events, generating a 65% increase in foot traffic. Standout moments included concerts by BIGBANG’s G-Dragon and Jacky Cheung, which helped deliver a record 123,000 visits in a single day.
The momentum is set to continue, with Eason Chan’s August concert series already tipped by analysts to give Galaxy’s gaming floors another lift.
Phase 4: building for the next wave
A major expansion is on track for 2027, bringing more hotels, entertainment and non-gaming attractions.
The Phase 4 development at Galaxy Macau has its superstructure and facade complete, with interior fit-out now underway. Covering 600,000 square metres, it will introduce multiple luxury hotel brands new to Macau, a 5,000-seat theatre, expanded dining and retail, a water resort deck, landscaped areas. and, of course, a casino.
Lui said Phase 4 aims to cement Galaxy’s place as a leader in both gaming and non-gaming entertainment, giving Macau a broader appeal to international visitors.
What’s next?
Galaxy heads into the second half of 2025 with a strong premium mass base, deep cash reserves and new assets ready to open. While competition across the region is heating up, the group’s blend of luxury hospitality, entertainment, and long-term investment in infrastructure gives it a clear playbook for sustainable growth.
Source: GGR Asia
