Galaxy Entertainment Group’s Growth Remains Stable, Company Bullish on 2025

Galaxy Entertainment Group (GEG), one of Macau’s casino concessionaires, has reported its Q1 results, highlighting a stable increase in revenue and EBITDA.

GEG’s Q1 Was Strong

In Q1, Galaxy Entertainment’s total GGR reached HKD 10.9 billion ($1.4 billion), up 14% year-on-year. This figure represented a slight quarter-on-quarter decline due to seasonal fluctuations but still demonstrated the company’s strong position.

The GGR figure was underpinned by HKD 8.2 billion ($1 billion) in Mass GGR and HKD 2 billion ($257 million) in VIP GGR. Both segments experienced YOY growth, and so did Electronic GGR, which increased to HKD 729 million ($94 million).

In the three months ended March 31, GEG’s net revenue reached HKD 11.2 billion ($1.44 billion), up 6% YOY and down 1% from Q4 2024.  

Group adjusted EBITDA, on the other hand, stood at HKD 3.3 billion ($425 million), marking a 16% increase from Q1 2024, and a 2% increase from Q4 2024.

GEG added that its balance sheet remains healthy and liquid. Its financial report outlined cash and liquid investments of HKD 33 billion ($4.25 billion) as of March 31. Paired with the company’s substantial cash flow, these favorable metrics will allow Galaxy Entertainment to generate more value for its shareholders.

Speaking of which, the GEG board of directors proposed a final dividend of HKD 0.50 ($0.064) per share payable in June 2025.

Chair Francis Lui Remains Confident in GEG’s Prospects

GEG’s chair Francis Lui, commented on the results, saying that he was very pleased with the solid performance. He applauded his team and Macau as a whole for driving growth despite the geo-political turbulence and continued economic slowdown.

During the quarter we continued to drive every segment of the business in particular the premium mass through our unparalleled products and service, ongoing property enhancements, diverse entertainment shows and events, as well as the full implementation of smart tables, among others.      

Francis Lui, chair, GEG

Lui added that the company continued its investment in its extensive non-gaming amenities, including retail, restaurants, hotels and other entertainment facilities. In Q1, these included many significant events at the Galaxy International Convention Center, including concerts and sporting events.

In the meantime, GEG continues to evaluate development opportunities in the Greater Bay Area and overseas markets. The company is currently carefully following Thailand’s regulatory progress.

Lui concluded that GEG will continue to push forward despite the projected macroeconomic challenges in 2025. He thanked all company members who allowed the company to deliver “World Class, Asian Heart” service to its clients.