Macau casino operator Galaxy Entertainment Group Ltd reported a first-half profit of HKD5.24 billion (US$667.6 million), up 19.4 percent from the prior-year period. The firm also announced an interim dividend of HKD0.7 per share, payable on October 31.
The information was given in a filing to the Hong Kong Stock Exchange on Tuesday.
Galaxy Entertainment reported net revenue of nearly HKD23.25 billion for the six months to June 30, 8.3-percent higher than a year earlier.
Group-wide adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) were nearly HKD6.87 billion in the first half, a 14.2-percent increase year-on-year.
For the second quarter of 2025, the casino firm’s net revenue was HKD12.0 billion, up 10 percent from a year earlier. Adjusted EBITDA was HKD3.6 billion in the three months to June 30, a 12-percent increase year-on-year.
Galaxy Entertainment’s main gaming operations are at Galaxy Macau (pictured) in Cotai, and StarWorld Hotel downtown on Macau peninsula.
First-half net gaming revenues were up 10.7 percent year-on-year, to nearly HKD18.58 billion.
Non-gaming revenues for the first six months were almost HKD3.17 billion, a gain of 2.5 percent from the prior-year period.
Francis Lui Yiu Tung, chairman of Galaxy Entertainment, was quoted in Tuesday’s announcement as saying: “I am pleased to report solid performance for the Macau market and Galaxy Entertainment in the second quarter and the first half of 2025.”
“Despite global tariff disruptions, continued economic slowdown and regional competition, Macau remained resilient” in the three months to June 30, he added.
Mr Lui also noted: “We managed to drive every segment of the business particularly the premium mass.”
The chairman stated that Galaxy Entertainment’s balance sheet “remains healthy and liquid, with cash and liquid investments of HKD30.7 billion as of 30 June 2025 with minimal debt”.
Rolling chip volume group wide rose 20.7 percent year-on-year, to nearly HKD102.14 billion. Mass table drop went up 5.4 percent, to almost HKD67.27 billion. Volume of electronic gaming business jumped 30.8 percent, to HKD54.17 billion.
The group’s satellite casino business, City Clubs, contributed HKD3 million of adjusted EBITDA for the first half, versus HKD9 million a year earlier.
Mr Lui noted that Galaxy Entertainment had announced that the Waldo Casino would cease operation by the end of this year “due to commercial considerations”.
He stated company employees “working at the Waldo Casino will be reallocated” to the group’s other properties and casinos.
He added: “Related departments will discuss the best options with the team members and provide them with a series of vocational training programmes to assist them in adapting to their new working environment.
“GEG would like to thank the Macau residents, patrons and the community for their support to the Waldo Casino over the years.”
New Capella hotel, concerts and Phase 4
In terms of the core business,Mr Lui said that a hotel recently added to Galaxy Macau – the all-suite Capella at Galaxy Macau had “offered exclusive previews in May to our most distinguished VIPs, offering stays by invitation only”.
He added: “We expect its full opening in the coming months.” Recent checks by GGRAsia indicated the hotel’s booking engine was accepting public bookings from late September.
Investment analysts have noted that a gaming area is housed within the tower where Capella at Galaxy Macau is located.
Mr Lui further noted in his comments on first-half performance for his firm, referring latterly to its 16,000-seat capacity concert and show venue at Galaxy Macau: “We continue to leverage the competitive edge of our MICE [meetings, incentives, conferences and exhibitions] facilities and Galaxy Arena.”
He added: “Over the past two years it was proven that entertainment shows and events played a key role in driving new and repeat customers to Macau.
“During the first half of 2025, we have held a total of approximately 190 entertainment, sports and MICE events, and experienced a 65 percent year-on-year increase in the foot traffic at Galaxy Macau.
Mr Lui mentioned in terms of events, its hosting in June of “K-pop group BIGBANG’s G-Dragon and the acclaimed Hong Kong singer Jacky Cheung’s concerts,” had “all experienced overwhelming customer demand,” including a “record high” of 123,000 visits to Galaxy Macau in a single day.
He also referred to events outside the reporting period, including this month’s series of concerts by Hong Kong singer Eason Chan, which were also mentioned in a recent note by Citigroup as in likelood helping Galaxy Entertainment’s observed casino business during the bank’s monthly survey of gambling activity in the city.
Regarding Phase 4 of Galaxy Macau, Mr Lui said work was “progressing well”.
He added the superstructure and the external facade had been completed and the group was progressing toward fitting out the building.
He added: “We have entered into a new contract for the internal fitting out works of the approximately 600,000 square-metre [nearly 6.46 million sq. feet] Phase 4 development.”
That included “multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theatre, extensive food and beverage, retail, non-gaming amenities, landscaping, a water resort deck and a casino.”
The target date for completion of Phase 4 is 2027, said the chairman.
(Updated 1.40pm, Aug 12)
