Galaxy Entertainment Group Reports Q4 & Annual 2025 Results

Main Macau’s Non-Gaming Diversification By way of Mice, Entertainment Occasions and Dwell Sports activities

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 Last 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”, “Firm” or the “Group”) (HKEx inventory code: 27) immediately reported outcomes for the three-month and twelve-month intervals ended 31 December 2025. (All quantities are expressed in HKD except in any other case acknowledged).

Mr. Francis Lui, Chairman of GEG mentioned,

“In 2025 Macau continued its publish Covid restoration, with Gross Gaming Income (‘GGR’) rising 9% to $240.2 billion. Throughout the yr, the Central Authorities additional elevated flexibility for mainland guests, together with the one-trip-per-week visa for Zhuhai residents and the multiple-entry visa for Hengqin residents, which allows extra frequent journey to Macau. In consequence, whole visitation to Macau elevated 15% to 40.1 million, setting an all-time document for arrivals. Visitation from Mainland China elevated at a fair sooner tempo, rising 18% to 29.0 million. Equally vital, worldwide customer arrivals elevated 14% to 2.8 million, additionally setting a brand new document for abroad visitation. GEG has been actively working with Macao Authorities Tourism Workplace (‘MGTO’) to place Macau as a vacation spot of alternative, significantly throughout Asia. GEG stays totally dedicated to advancing this effort via our advertising groups and worldwide workplaces in Seoul, Tokyo, Bangkok, and Singapore.

Turning to GEG’s efficiency, we continued to drive development throughout each phase of the enterprise, with a specific focus within the premium mass and the super-premium mass phase. Capella comfortable launched in Could 2025 and formally opened on 10 February 2026. With its ultra-luxury room product, Capella has allowed us to seize the super-premium mass phase extra successfully at scale, additional reinforcing our management on this high-value market.

From a monetary perspective, GEG grew Adjusted EBITDA by 19% from $12.2 billion to $14.5 billion in 2025. Full yr Internet Revenue Attributable to Shareholders (‘NPAS’) grew 22% to $10.7 billion.

Our steadiness sheet stays wholesome and liquid, with money and liquid investments of $36.3 billion. This strong monetary basis, along with wholesome money movement from operations allows us to return capital to shareholders, fund our growth pipeline, pursue worldwide growth alternatives and be certain that now we have a robust steadiness sheet within the occasion of unforeseeable circumstances reminiscent of financial shocks. Throughout 2025, we paid two dividends of $0.50 and $0.70, totaling $1.20 per share. In the present day the Board recommends a closing dividend of $0.80 per share. These dividends exhibit our continued confidence within the longer-term outlook for Macau and for GEG.

GEG continues to help the Macau Authorities’s aim to develop Macau right into a ‘Metropolis of Performing Arts’ and ‘Metropolis of Sports activities’ by internet hosting world-class occasions throughout varied classes. The Galaxy Enviornment and Galaxy Worldwide Conference Heart (‘GICC’) have been tremendously profitable, with mega occasions driving a major improve in buyer site visitors. In 2025, GEG hosted round 350 live shows, leisure exhibits, sporting and main occasions. Highlights included world-class tenor Andrea Bocelli’s live performance in March, the ITTF World Cup in April, performances by G-Dragon, Jacky Cheung, and Eason Chan throughout summer season, and the Nationwide Video games in November which was the primary time that they had been collectively held in Macau. We additionally hosted the two-day iQIYI Scream Carnival which is an unique multi-year strategic partnership with Galaxy Enviornment. As well as, the ‘2025 Larger Bay Space Movie and Music Gala – Bay Space Rising Moon’, co-organized by the Movie Channel Program Centre, the Cultural Affairs Bureau of the Macao SAR Authorities, Zijing Tradition Group and Phoenix Tv, was additionally efficiently held at Galaxy Enviornment. These landmark occasions drew giant audiences from each Mainland China and abroad markets, underscoring the facility of leisure to broaden Macau’s attraction nicely past gaming. Every occasion not solely strengthened the Galaxy model but additionally generated incremental income throughout our resorts.

Trying forward, 2026 guarantees one other thrilling calendar of leisure. We’ll proceed our partnerships with main world leisure firms to current marquee live shows, whereas increasing our collaboration with UFC to deliver thrilling UFC Struggle Nights to town. We now have additionally renewed a three-year cooperation settlement with Damai Entertainment, a member of Alibaba Group, and Macau Cross to reinforce our occasions ticketing providers. Collectively, these initiatives will deepen buyer loyalty, appeal to new audiences, and firmly set up Macau as Asia’s premier vacation spot for leisure and leisure.

GEG introduced that Waldo On line casino ceased operations on 31 October 2025. In alignment with Macau Authorities insurance policies, GEG is dedicated to safeguarding native employment. Along with with the ability to retain the identical place, workers have additionally been supplied the chance to discover a variety of profession paths if they need to take action and so they acquired help for his or her transition into a brand new working atmosphere.

Macau’s 2025 Coverage Deal with reaffirmed the significance of balancing reliance on gaming with diversified tourism and cultural growth. In response, concessionaires continued to take a position closely in non-gaming services reminiscent of lodges, retail, household leisure, and occasion venues, whereas additionally increasing worldwide advertising. Collectively, these initiatives are serving to Macau evolve right into a globally aggressive World Centre of Tourism and Leisure.

Looking forward to 2026, we stay firmly centered on accelerating Part 4 growth, enhancing the attraction of our present resorts, and additional increasing our non-gaming choices — from mega exhibits to worldwide occasions — to diversify Macau’s choices. We stay optimistic about GEG and the broader market panorama. We’re assured that the Central Authorities will proceed to help Macau via insurance policies, and that the Macau Authorities will maintain its concentrate on secure growth and financial diversification.

On a closing word, I wish to categorical my heartfelt appreciation to our crew members who ship ‘World Class, Asian Coronary heart’ service every day. Their professionalism and dedication have been instrumental in upholding GEG’s fame and driving the strong monetary outcomes now we have achieved.”

Macau Market Overview

Primarily based on DICJ reporting, Macau’s GGR for full yr 2025 was $240.2 billion, up 9% year-on-year, and represented 85% of 2019 degree. GGR in Q4 2025 was $64.1 billion, up 15% year-on-year and up 6% quarter-on-quarter.

In 2025, customer arrivals to Macau had been 40.1 million, up 15% year-on-year and exceeding the 2019 degree of 39.4 million. Guests from the Mainland had been 29.0 million, up 18% year-on-year, with these touring beneath the Particular person Go to Scheme rising by 26% year-on-year. Among the many Mainland guests, over 2.1 million travelled beneath the “one journey per week measure” and roughly 0.8 million beneath the “multiple-entry measure”. Guests from the 9 Pearl River Delta cities within the Larger Bay Space rose by 24% year-on-year to 14.8 million, pushed by a rise of 58% within the variety of guests from Zhuhai.

Worldwide guests elevated by 14% year-on-year to 2.8 million. Relating to the Asian markets, guests 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 a world vacationer vacation spot. We’ll proceed to advance this effort via our advertising groups and worldwide workplaces in Tokyo, Seoul, Bangkok and Singapore.

Group Monetary Results

Full Yr 2025

The Group posted Internet Income 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 performed fortunate in its gaming operation which elevated its Adjusted EBITDA by roughly $1.5 billion. Normalized Adjusted EBITDA was $13.0 billion, up 5% year-on-year.

Abstract desk of GEG Q4 and full yr 2025 Adjusted EBITDA and changes:

The Group’s whole 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. Digital GGR was $3.1 billion, up 14% year-on-year.

Steadiness Sheet and Dividends

The Group’s steadiness sheet stays wholesome and liquid. As of 31 December 2025, money and liquid investments had been $36.3 billion and the web place was $35.0 billion after debt of $1.3 billion. Our sturdy steadiness sheet mixed with substantial money movement from operations permits us to return capital to shareholders by way of dividends, fund our growth pipeline, pursue our worldwide growth ambitions and be certain that now we have a robust steadiness sheet within the occasion of unforeseeable circumstances reminiscent of financial 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 closing dividend of $0.80 per share payable in June 2026. This attests to our confidence in Macau, our monetary energy and our future earnings potential.

Q4 2025

The Group’s Internet Income 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.

Throughout Q4 2025, GEG performed fortunate in its gaming operations which elevated its Adjusted EBITDA by roughly $731 million. Normalized Adjusted EBITDA was $3.6 billion, up 9% year-on-year and up 7% quarter-on-quarter.

The Group’s whole 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. Digital GGR was $830 million, up 6% year-on-year and up 12% quarter-on-quarter.

Galaxy Macau™

Galaxy Macau™ is the first contributor to Group income and earnings. In 2025, Internet Income was $41.0 billion, up 19% year-on-year. Adjusted EBITDA was $13.4 billion, up 24% year-on-year. Galaxy Macau™ performed fortunate in its gaming operations which elevated its Adjusted EBITDA by roughly $1.5 billion. Normalized 2025 Adjusted EBITDA was $11.9 billion, up 8% year-on-year.

In Q4 2025, Galaxy Macau™’s Internet Income was $11.8 billion, up 29% year-on-year and up 17% quarter-on-quarter. Adjusted EBITDA was $4.0 billion, up 41% year-on-year and up 31% quarter-on-quarter. Galaxy Macau™ performed fortunate in its gaming operations which elevated its Adjusted EBITDA by roughly $729 million. Normalized Q4 2025 Adjusted EBITDA was $3.3 billion, up 15% year-on-year and up 8% quarter-on-quarter.

The mixed 9 lodges occupancy for Q4 2025 and full yr had been 99% and 98% respectively.

Galaxy Macau™ Key Monetary Information

StarWorld Macau

In 2025, StarWorld Macau’s Internet Income was $5.0 billion, down 7% year-on-year. Adjusted EBITDA was $1.4 billion, down 13% year-on-year. StarWorld Macau performed unfortunate in its gaming operations which decreased its Adjusted EBITDA by roughly $20 million. Normalized 2025 Adjusted EBITDA was $1.4 billion, down 9% year-on-year.

In Q4 2025, StarWorld Macau’s Internet Income was $1.3 billion, down 1% year-on-year and up 1% quarter-on-quarter. Adjusted EBITDA was $356 million, down 2% year-on-year and down 4% quarter-on-quarter. StarWorld Macau performed fortunate in its gaming operations which elevated its Adjusted EBITDA by roughly $2 million in Q4 2025. Normalized Adjusted EBITDA was $354 million, down 5% year-on-year and down 5% quarter-on-quarter.

Resort occupancy was 100% for Q4 and full yr 2025.

StarWorld Macau Key Monetary Information

Broadway Macau™

Broadway Macau™ is a novel household pleasant, theatre, avenue leisure and meals resort strongly collaborating with Macau SMEs. In 2025, Internet Income for Broadway Macau™ was $205 million, down 7% year-on-year. Adjusted EBITDA was $11 million, down 54% year-on-year. In Q4 2025, Internet Income for Broadway Macau™ was $46 million, down 21% year-on-year and down 26% quarter-on-quarter. Adjusted EBITDA was $4 million, versus $1 million in Q4 2024 and $1 million in Q3 2025.

Metropolis Golf equipment

In 2025, Metropolis Golf equipment’ Internet Income was $109 million, down 48% year-on-year. Adjusted EBITDA was $(7) million, versus $14 million in 2024. In Q4 2025, Metropolis Golf equipment’ Internet Income was $6 million, down 83% year-on-year and down 68% quarter-on-quarter. Adjusted EBITDA was $(4) million, versus $(1) million in Q4 2024 and $(6) million in Q3 2025.

GEG introduced that Waldo On line casino ceased operations on 31 October 2025. In alignment with Macau Authorities insurance policies, GEG is dedicated to safeguarding native employment. Along with with the ability to retain the identical place, workers have additionally been supplied the chance to discover a variety of profession paths if they need to take action and so they acquired help for his or her transition into a brand new working atmosphere.

Building Supplies Division (“CMD”)

CMD contributed Adjusted EBITDA of $877 million for full yr 2025, up 2% year-on-year. In Q4 2025, Adjusted EBITDA was $248 million, down 10% year-on-year and up 20% quarter-on-quarter.

Growth Replace

Galaxy Macau™ and StarWorld Macau

We proceed to make ongoing progressive enhancements to our resorts to make sure that they continue to be aggressive and interesting to our visitors together with including new F&B, way of life and retail choices at Galaxy Macau™.

Capella at Galaxy Macau comfortable launched in Could 2025 and formally opened on 10 February 2026. Capella affords 95 ultra-luxury signature suites and Penthouses, which set a brand new degree of luxurious, opulence and repair ranges in Macau and have been extraordinarily nicely acquired by our visitors since opening, permitting us to seize the super-premium mass phase extra successfully at scale.

We additionally proceed to ramp up GICC and Galaxy Enviornment by bringing a variety of mega exhibits, live shows and occasions to Galaxy Macau™. In 2025, GEG hosted round 350 live shows, leisure exhibits, sporting and main occasions. Highlights included world-class tenor Andrea Bocelli’s live performance in March, the ITTF World Cup in April, performances by G-Dragon, Jacky Cheung, and Eason Chan throughout summer season, and the Nationwide Video games in November which was the primary time that they had been collectively held in Macau. We additionally hosted the two-day iQIYI Scream Carnival which is an unique multi-year strategic partnership with Galaxy Enviornment. As well as, the ‘2025 Larger Bay Space Movie and Music Gala – Bay Space Rising Moon’, co-organized by the Movie Channel Program Centre, the Cultural Affairs Bureau of the Macao SAR Authorities, Zijing Tradition Group and Phoenix Tv, was additionally efficiently held at Galaxy Enviornment. In 2026 we’ll proceed our partnerships with main world leisure firms to current marquee live shows, whereas increasing our collaboration with UFC to deliver thrilling UFC Struggle Nights to town. We now have additionally renewed a three-year cooperation settlement with Damai Entertainment, a member of Alibaba Group, and Macau Cross to reinforce our occasions ticketing providers.

At StarWorld Macau we’re enterprise a complete renovation and improve of the resort to make sure it stays aggressive and interesting to visitors. We now have accomplished the renovation of the gaming flooring on degree one and three, together with a refit of the meals and beverage areas which incorporates new meals and beverage choices. Just lately we commenced the renovation of the lodge rooms and suites. We anticipate to have all lodge rooms totally accomplished by the primary quarter of 2027.

Cotai – The Subsequent Chapter

We’re progressing nicely with the becoming out of the roughly 600,000 sqm Part 4 growth. We continued to analysis the market and acquired buyer suggestions. All of the suggestions leads us to conclude that clients need premium merchandise – bigger, extra spacious and splendid rooms together with premium facilities and providers. Due to this fact now we have elevated the room measurement of our Part 4 and the overall lodge rooms and suites can be roughly 1,350, along with an roughly 5,000-seat theater, intensive F&B, retail, non-gaming facilities, landscaping, a water resort deck and a on line casino. Part 4 is focused to finish in 2027. We stay extremely assured about the way forward for Macau the place Phases 3 & 4 will help Macau’s imaginative and prescient of changing into a World Centre of Tourism and Leisure.

Chosen Main Awards for 2025 

Outlook

Over the nine-day Chinese language New Yr vacation from 15 to 23 February, Macau welcomed 1.55 million guests, with a mean of roughly 172,000 per day, setting a brand new document for single-day visitation. Macau’s main resort lodges had been totally occupied throughout the interval, underscoring sturdy demand from Mainland guests, pushed by enhanced vacationer sights and mega leisure and sporting occasions.

Macau is poised for an additional dynamic yr of leisure and leisure development. GEG’s sustained partnerships with main world leisure firms will ship premier live shows that strengthen our worldwide profile. On the identical time, our expanded collaboration with UFC will introduce thrilling UFC Struggle Nights, and we’ll host extra worldwide sporting tournaments, additional strengthening Macau’s fame because the ‘Metropolis of Sports activities’. We now have additionally renewed a three-year cooperation settlement with Damai Entertainment, a member of Alibaba Group, and Macau Cross to strengthen our occasions ticketing providers. Collectively, these strategic initiatives will improve buyer engagement, broaden viewers attain, and solidify Macau’s place because the World Centre of Tourism and Leisure.

Trying forward, we acknowledge the Macau gaming market will stay extremely aggressive, particularly within the premium mass phase. Our technique is obvious: differentiate via high quality services and products, operational excellence, buyer engagement, and technological innovation. We will even proceed to leverage our advertising workplaces in Tokyo, Seoul, Bangkok, and Singapore to increase our regional buyer base.

On the event entrance, we stay centered on enhancing competitiveness via resort upgrades and the event of Part 4. Part 4 will introduce a number of high-end lodge manufacturers which are new to Macau, along with an roughly 5,000-seat theater, intensive F&B, retail, non-gaming facilities, landscaping, a water resort deck and a on line casino. Completion is focused for 2027.

We proceed to actively pursue worldwide growth alternatives, evaluating every on a case-by-case foundation. They should strategically align with GEG’s general grasp plan and imaginative and prescient, whereas additionally being scalable sufficient to make a that means contribution to our EBITDA.

Whereas we stay assured within the medium to long term prospects of each Macau and GEG, we’ll proceed to carefully monitor the worldwide financial atmosphere and geopolitical developments. This vigilance will permit us to adapt shortly to altering circumstances, guarantee our resilience and drive long-term worth creation.

About Galaxy Entertainment Group (HKEx inventory code: 27)

Galaxy Entertainment Group Restricted (“GEG” or the “Firm”) and its subsidiaries (“GEG” or the “Group”) is among the world’s main resorts, hospitality and gaming firms. The Group primarily develops and operates a big portfolio of built-in resort, retail, eating, lodge and gaming services in Macau. GEG is listed on the Hong Kong Inventory Alternate and is a constituent inventory of the Dangle Seng Index.

GEG via its subsidiary, Galaxy On line casino S.A., is among the three authentic concessionaires in Macau when the gaming business was liberalized in 2002. In 2022, GEG was awarded a brand new gaming concession legitimate from January 1, 2023, to December 31, 2032. GEG has a profitable monitor document of delivering modern, spectacular and award-winning properties, services and products, underpinned by a “World Class, Asian Coronary heart” service philosophy, that has enabled it to persistently outperform the market in Macau.

The Group operates three flagship locations in Macau: on Cotai, Galaxy Macau™, one of many world’s largest built-in vacation spot resorts, and the adjoining Broadway Macau™, a novel landmark leisure and meals avenue vacation spot; and on the Peninsula, StarWorld Macau, an award-winning premium property.

The Group has the biggest growth pipeline of any concessionaire in Macau. When The Subsequent Chapter of its Cotai growth is accomplished, GEG’s resorts footprint on Cotai can be greater than 2 million sq. meters, making the resorts, leisure and MICE precinct one of many largest and most numerous built-in locations on the earth. GEG additionally considers alternatives within the Larger Bay Space and internationally. These tasks will assist GEG develop and help Macau in its imaginative and prescient of changing into a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic funding in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (“Monte-Carlo SBM”), a world famend proprietor and operator of iconic luxurious lodges and resorts within the Principality of Monaco. GEG continues to discover a variety of worldwide growth alternatives with Monte-Carlo SBM.

GEG is dedicated to delivering world class distinctive experiences to its visitors and constructing a sustainable future for the communities by which it operates.

For extra details about the Group, please go to www.galaxyentertainment.com

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¹ Displays luck changes related to our rolling chip program.
² Gaming statistics are offered earlier than deducting fee and incentives.
³ Displays sum of promoter and inhouse premium direct.
⁴ Mass desk drop consists of the quantity of desk drop plus money chips bought on the cage.
⁵ Complete GGR win consists of gaming win from Metropolis Golf equipment. Waldo On line casino ceased operations on 31 October 2025.
⁶ Gaming statistics are offered earlier than deducting fee and incentives.
⁷ Displays sum of promoter and inhouse premium direct.
⁸ Mass desk drop consists of the quantity of desk drop plus money chips bought on the cage.
⁹ Complete GGR win consists of gaming win from Metropolis Golf equipment. Waldo On line casino ceased operations on 31 October 2025.
¹⁰ Gaming statistics are offered earlier than deducting fee and incentives.
¹¹ Displays sum of promoter and inhouse premium direct.
¹² Mass desk drop consists of the quantity of desk drop plus money chips bought on the cage.
¹³ Gaming statistics are offered earlier than deducting fee and incentives.
¹⁴ Displays sum of promoter and inhouse premium direct.
¹⁵ Mass desk drop consists of the quantity of desk drop plus money chips bought on the cage.

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