Galaxy Entertainment Group net revenue climbs in Q1
First-quarter net revenue was HK$11.20bn (US$1.44bn).
Macau.- Galaxy Entertainment Group has released its financial results for the first quarter of the year. Net revenue was HK$11.20bn (US$1.44bn), up 6.2 per cent in year-on-year terms but down 1 per cent sequentially.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the first quarter was HK$3.3bn (US$m), up 16 per cent year-on-year and up 2 per cent quarter-on-quarter. GGR was HK$10.9bn (US$bn), up 14 per cent year-on-year but down 1 per centt sequentially.
Mass GGR was HK$8.2bn, up 6 per cent year-on-year and down 5 per cent quarter-on-quarter. VIP GGR was HK$2.0bn, up 52 per cent year-on-year and 29 per cent sequentially. Electronic GGR was HK$729m, up 22 per cent year-on-year and down 7 per cent quarter-on-quarter.
Galaxy Macau posted net revenue of HK$9.1bn, up 10 per cent year-on-year and flat per cent quarter-on-quarter. Adjusted EBITDA was HK$3bn. Occupancy across its seven hotels was 99 per cent.
StarWorld Macau posted net revenue of HK$1.2bn, down 9 per cent year-on-year and down 4 per cent quarter-on-quarter. Adjusted EBITDA was HK$350m, down 20 per cent year-on-year and down 4 per cent quarter-on-quarter. Hotel occupancy was 100 per cent.
GEG chairman Francis Lui said: “We continue to leverage our competitive advantage of our extensive non-gaming amenities including: our retail, food & beverage, multiple hotels brands, Grand Resort Deck, MICE facilities and Galaxy Arena. Entertainment shows and events continued to play a key role in driving new and repeat customers to Macau.
“In the first quarter alone, we hosted a number of significant events at the Galaxy International Convention Center (“GICC”) and Galaxy Arena such as 2025 TF Family New Year Concert, Jeff Chang World Tour Concert, for K-pop we had BIGBANG’s lead singer Taeyang 2025 Macao solo Tour and BLACKPINK’s member JISOO solo Asia Fan Tour, as well as the world-renowned Italian tenor Andrea Bocelli’s Concert, among others. During the first quarter we experienced a 64 per cent year-on-year increase in Galaxy Macau’s foot traffic which we believe was driven largely by our diverse non-gaming amenities and entertainment offering.
“We will continue to make enhancements to our resorts including adding new F&B and retail offerings at Galaxy Macau. At StarWorld Macau we are evaluating a range of major upgrades, that includes the main gaming floor, the lobby arrival experience and increasing the F&B options. StarWorld Macau now hosts one of the largest scale Live Table Games (“LTG”) terminals in Macau.
“On the development front, the ultra-luxury Capella at Galaxy Macau, the 10th hotel brand in GEG’s portfolio, soft launched in May and we anticipate to have the property fully opened over the next few months. Capella at Galaxy Macau is an all-suite gilded residence, located within Asia’s most luxurious and award-winning resort. Showcasing new standards of bespoke, accentuated luxury, Capella at Galaxy Macau sets the scene for the most discerning of guests to forge authentic connections with Macau – a global entertainment hub with a rich history of culture, UNESCO-world heritage gastronomy and a gateway to the vibrant Greater Bay Area. We also continue to progress with the construction of Phase 4, which has a strong focus on non-gaming, primarily targeting entertainment and family facilities, and also includes a casino.
“Meanwhile we continue to evaluate development opportunities in the Greater Bay Area and overseas markets on a case by case basis, including Thailand.”
