Leading Macau’s Non-Gaming Diversification Through Mice, Entertainment Events and Live Sports
Q4 2025 Group Adjusted EBITDA
Up 33% YoY and Up 29% QoQ to $4.3 Billion
FY2025 Group Adjusted EBITDA
Up 19% YoY to $14.5 Billion
FY2025 Group NPAS Up 22% YoY to $10.7 Billion
Recommends a Final Dividend of $0.80 Per Share
Capella at Galaxy Macau Grand Opened on February 10
HONG KONG, Feb. 26, 2026 (GLOBE NEWSWIRE) — Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month and twelve-month periods ended 31 December 2025. (All amounts are expressed in HKD unless otherwise stated).
Mr. Francis Lui, Chairman of GEG said,
“In 2025 Macau continued its post Covid recovery, with Gross Gaming Revenue (‘GGR’) increasing 9% to $240.2 billion. During the year, the Central Government further increased flexibility for mainland visitors, including the one-trip-per-week visa for Zhuhai residents and the multiple-entry visa for Hengqin residents, which enables more frequent travel to Macau. As a result, total visitation to Macau increased 15% to 40.1 million, setting an all-time record for arrivals. Visitation from Mainland China increased at an even faster pace, rising 18% to 29.0 million. Equally significant, international visitor arrivals increased 14% to 2.8 million, also setting a new record for overseas visitation. GEG has been actively working with Macao Government Tourism Office (‘MGTO’) to position Macau as a destination of choice, particularly across Asia. GEG remains fully committed to advancing this effort through our marketing teams and international offices in Seoul, Tokyo, Bangkok, and Singapore.
Turning to GEG’s performance, we continued to drive growth across every segment of the business, with a particular focus in the premium mass and the super-premium mass segment. Capella soft launched in May 2025 and officially opened on 10 February 2026. With its ultra-luxury room product, Capella has allowed us to capture the super-premium mass segment more effectively at scale, further reinforcing our leadership in this high-value market.
From a financial perspective, GEG grew Adjusted EBITDA by 19% from $12.2 billion to $14.5 billion in 2025. Full year Net Profit Attributable to Shareholders (‘NPAS’) grew 22% to $10.7 billion.
Our balance sheet remains healthy and liquid, with cash and liquid investments of $36.3 billion. This solid financial foundation, together with healthy cash flow from operations enables us to return capital to shareholders, fund our development pipeline, pursue international expansion opportunities and ensure that we have a strong balance sheet in the event of unforeseeable circumstances such as economic shocks. During 2025, we paid two dividends of $0.50 and $0.70, totaling $1.20 per share. Today the Board recommends a final dividend of $0.80 per share. These dividends demonstrate our continued confidence in the longer-term outlook for Macau and for GEG.
GEG continues to support the Macau Government’s goal to develop Macau into a ‘City of Performing Arts’ and ‘City of Sports’ by hosting world-class events across various categories. The Galaxy Arena and Galaxy International Convention Center (‘GICC’) have been tremendously successful, with mega events driving a significant increase in customer traffic. In 2025, GEG hosted around 350 concerts, entertainment shows, sporting and major events. Highlights included world-class tenor Andrea Bocelli’s concert in March, the ITTF World Cup in April, performances by G-Dragon, Jacky Cheung, and Eason Chan during summer, and the National Games in November which was the first time that they were jointly held in Macau. We also hosted the two-day iQIYI Scream Carnival which is an exclusive multi-year strategic partnership with Galaxy Arena. In addition, the ‘2025 Greater Bay Area Film and Music Gala – Bay Area Rising Moon’, co-organized by the Film Channel Program Centre, the Cultural Affairs Bureau of the Macao SAR Government, Zijing Culture Group and Phoenix Television, was also successfully held at Galaxy Arena. These landmark events drew large audiences from both Mainland China and overseas markets, underscoring the power of entertainment to broaden Macau’s appeal well beyond gaming. Each event not only strengthened the Galaxy brand but also generated incremental revenue across our resorts.
Looking ahead, 2026 promises another exciting calendar of entertainment. We will continue our partnerships with leading global entertainment companies to present marquee concerts, while expanding our collaboration with UFC to bring thrilling UFC Fight Nights to the city. We have also renewed a three-year cooperation agreement with Damai Entertainment, a member of Alibaba Group, and Macau Pass to enhance our events ticketing services. Together, these initiatives will deepen customer loyalty, attract new audiences, and firmly establish Macau as Asia’s premier destination for leisure and entertainment.
GEG announced that Waldo Casino ceased operations on 31 October 2025. In alignment with Macau Government policies, GEG is committed to safeguarding local employment. In addition to being able to retain the same position, employees have also been offered the opportunity to explore a range of career paths if they wish to do so and they received support for their transition into a new working environment.
Macau’s 2025 Policy Address reaffirmed the importance of balancing reliance on gaming with diversified tourism and cultural development. In response, concessionaires continued to invest heavily in non-gaming facilities such as hotels, retail, family entertainment, and event venues, while also expanding international marketing. Together, these initiatives are helping Macau evolve into a globally competitive World Centre of Tourism and Leisure.
Looking ahead to 2026, we remain firmly focused on accelerating Phase 4 development, enhancing the appeal of our existing resorts, and further expanding our non-gaming offerings — from mega shows to international events — to diversify Macau’s offerings. We remain optimistic about GEG and the broader market landscape. We are confident that the Central Government will continue to support Macau through policies, and that the Macau Government will sustain its focus on stable development and economic diversification.
On a final note, I would like to express my heartfelt appreciation to our team members who deliver ‘World Class, Asian Heart’ service each and every day. Their professionalism and commitment have been instrumental in upholding GEG’s reputation and driving the solid financial results we have achieved.“
| Q4 & FULL YEAR 2025 RESULTS HIGHLIGHTS
GEG: Well Positioned for Future Growth
Galaxy Macau™: Primary Driver to Group Earnings
StarWorld Macau: Continuing with Major Property Upgrades
Broadway Macau™, City Clubs and Construction Materials Division (“CMD”)
Balance Sheet: Remained Healthy and Liquid
Development Update: Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with Phase 4
|
Macau Market Overview
Based on DICJ reporting, Macau’s GGR for full year 2025 was $240.2 billion, up 9% year-on-year, and represented 85% of 2019 level. GGR in Q4 2025 was $64.1 billion, up 15% year-on-year and up 6% quarter-on-quarter.
In 2025, visitor arrivals to Macau were 40.1 million, up 15% year-on-year and exceeding the 2019 level of 39.4 million. Visitors from the Mainland were 29.0 million, up 18% year-on-year, with those traveling under the Individual Visit Scheme increasing by 26% year-on-year. Among the Mainland visitors, over 2.1 million travelled under the “one trip per week measure” and approximately 0.8 million under the “multiple-entry measure”. Visitors from the nine Pearl River Delta cities in the Greater Bay Area rose by 24% year-on-year to 14.8 million, driven by an increase of 58% in the number of visitors from Zhuhai.
International visitors increased by 14% year-on-year to 2.8 million. Regarding the Asian markets, visitors from the Republic of Korea, Japan and Thailand grew by 11%, 26% and 38% year-on-year respectively. GEG has been working with the MGTO to actively promote Macau as an international tourist destination. We will continue to advance this effort through our marketing teams and international offices in Tokyo, Seoul, Bangkok and Singapore.
Group Financial Results
Full Year 2025
The Group posted Net Revenue of $49.2 billion, up 13% year-on-year. Adjusted EBITDA was $14.5 billion, up 19% year-on-year. NPAS was $10.7 billion, up 22% year-on-year. Galaxy Macau™’s Adjusted EBITDA was $13.4 billion, up 24% year-on-year. StarWorld Macau’s Adjusted EBITDA was $1.4 billion, down 13% year-on-year. Broadway Macau™’s Adjusted EBITDA was $11 million, down 54% year-on-year.
In 2025, GEG played lucky in its gaming operation which increased its Adjusted EBITDA by approximately $1.5 billion. Normalized Adjusted EBITDA was $13.0 billion, up 5% year-on-year.
Summary table of GEG Q4 and full year 2025 Adjusted EBITDA and adjustments:
in HK$’m |
Q4 2024 |
Q3 2025 |
Q4 2025 |
YoY | QoQ | FY 2024 |
FY 2025 |
YoY | |
| Adjusted EBITDA | 3,237 | 3,341 | 4,296 | 33% | 29% | 12,188 | 14,502 | 19% | |
| Luck1 | (35) | 14 | 731 | – | – | (157) | 1,482 | – | |
| Normalized Adjusted EBITDA | 3,272 | 3,327 | 3,565 | 9% | 7% | 12,345 | 13,020 | 5% |
The Group’s total GGR in 2025 was $49.1 billion, up 19% year-on-year. Mass GGR was $36.5 billion, up 10% year-on-year. VIP GGR was $9.5 billion, up 79% year-on-year. Electronic GGR was $3.1 billion, up 14% year-on-year.
| Group Key Financial Data | |||
| (HK$’m) Revenues: |
FY2024 | FY2025 | |
| Net Gaming | 33,826 | 39,648 | |
| Non-gaming | 6,425 | 6,631 | |
| Construction Materials | 3,181 | 2,963 | |
| Total Net Revenue | 43,432 | 49,242 | |
| Adjusted EBITDA | 12,188 | 14,502 | |
| Gaming Statistics2 (HK$’m) |
|||
| FY2024 | FY2025 | ||
| Rolling Chip Volume3 | 180,879 | 227,631 | |
| Win Rate % | 2.9% | 4.2% | |
| Win | 5,329 | 9,544 | |
| Mass Table Drop4 | 127,823 | 137,961 | |
| Win Rate % | 25.9% | 26.5% | |
| Win | 33,112 | 36,512 | |
| Electronic Gaming Volume | 95,380 | 110,815 | |
| Win Rate % | 2.8% | 2.8% | |
| Win | 2,704 | 3,082 | |
| Total GGR Win5 | 41,145 | 49,138 | |
Balance Sheet and Dividends
The Group’s balance sheet remains healthy and liquid. As of 31 December 2025, cash and liquid investments were $36.3 billion and the net position was $35.0 billion after debt of $1.3 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends, fund our development pipeline, pursue our international expansion ambitions and ensure that we have a strong balance sheet in the event of unforeseeable circumstances such as economic shocks.
GEG paid two dividends of $0.50 and $0.70 per share in June and October 2025 respectively. Subsequently the GEG Board recommends a final dividend of $0.80 per share payable in June 2026. This attests to our confidence in Macau, our financial strength and our future earnings potential.
Q4 2025
The Group’s Net Revenue was $13.8 billion, up 22% year-on-year and up 14% quarter-on-quarter. Adjusted EBITDA was $4.3 billion, up 33% year-on-year and up 29% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $4.0 billion, up 41% year-on-year and up 31% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $356 million, down 2% year-on-year and down 4% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was $4 million, versus $1 million in Q4 2024 and $1 million in Q3 2025.
During Q4 2025, GEG played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $731 million. Normalized Adjusted EBITDA was $3.6 billion, up 9% year-on-year and up 7% quarter-on-quarter.
The Group’s total GGR in Q4 2025 was $14.0 billion, up 27% year-on-year and up 14% quarter-on-quarter. Mass GGR was $10.0 billion, up 15% year-on-year, up 6% quarter-on-quarter. VIP GGR was $3.1 billion, up 102% year-on-year and up 52% quarter-on-quarter. Electronic GGR was $830 million, up 6% year-on-year and up 12% quarter-on-quarter.
| Group Key Financial Data | |||||
| (HK$’m) | Q4 2024 | Q3 2025 | Q4 2025 | FY2024 | FY2025 |
| Revenues: | |||||
| Net Gaming | 8,853 | ||||