Galaxy Entertainment Group Reports Q4 & Annual 2025 Results

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.”

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:

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.

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.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. In 2025, Net Revenue was $41.0 billion, up 19% year-on-year. Adjusted EBITDA was $13.4 billion, up 24% year-on-year. Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $1.5 billion. Normalized 2025 Adjusted EBITDA was $11.9 billion, up 8% year-on-year.

In Q4 2025, Galaxy Macau™’s Net Revenue 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™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $729 million. Normalized Q4 2025 Adjusted EBITDA was $3.3 billion, up 15% year-on-year and up 8% quarter-on-quarter.

The combined nine hotels occupancy for Q4 2025 and full year were 99% and 98% respectively.

Galaxy Macau™ Key Financial Data

StarWorld Macau

In 2025, StarWorld Macau’s Net Revenue was $5.0 billion, down 7% year-on-year. Adjusted EBITDA was $1.4 billion, down 13% year-on-year. StarWorld Macau played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $20 million. Normalized 2025 Adjusted EBITDA was $1.4 billion, down 9% year-on-year.

In Q4 2025, StarWorld Macau’s Net Revenue 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 played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $2 million in Q4 2025. Normalized Adjusted EBITDA was $354 million, down 5% year-on-year and down 5% quarter-on-quarter.

Hotel occupancy was 100% for Q4 and full year 2025.

StarWorld Macau Key Financial Data

Broadway Macau™

Broadway Macau™ is a unique family friendly, theatre, street entertainment and food resort strongly collaborating with Macau SMEs. In 2025, Net Revenue for Broadway Macau™ was $205 million, down 7% year-on-year. Adjusted EBITDA was $11 million, down 54% year-on-year. In Q4 2025, Net Revenue 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.

City Clubs

In 2025, City Clubs’ Net Revenue was $109 million, down 48% year-on-year. Adjusted EBITDA was $(7) million, versus $14 million in 2024. In Q4 2025, City Clubs’ Net Revenue 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 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.

Construction Materials Division (“CMD”)

CMD contributed Adjusted EBITDA of $877 million for full year 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.

Development Update

Galaxy Macau™ and StarWorld Macau

We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests including adding new F&B, lifestyle and retail offerings at Galaxy Macau™.

Capella at Galaxy Macau soft launched in May 2025 and officially opened on 10 February 2026. Capella offers 95 ultra-luxury signature suites and Penthouses, which set a new level of luxury, opulence and service levels in Macau and have been extremely well received by our guests since opening, allowing us to capture the super-premium mass segment more effectively at scale.

We also continue to ramp up GICC and Galaxy Arena by bringing a range of mega shows, concerts and events to Galaxy Macau™. 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. In 2026 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.

At StarWorld Macau we are undertaking a comprehensive renovation and upgrade of the resort to ensure it remains competitive and appealing to guests. We have completed the renovation of the gaming floors on level one and three, along with a refit of the food and beverage areas which includes new food and beverage offerings. Recently we commenced the renovation of the hotel rooms and suites. We anticipate to have all hotel rooms fully completed by the first quarter of 2027.

Cotai – The Next Chapter

We are progressing well with the fitting out of the approximately 600,000 sqm Phase 4 development. We continued to research the market and received customer feedback. All the feedback leads us to conclude that customers want premium products – larger, more spacious and luxurious rooms including premium amenities and services. Therefore we have increased the room size of our Phase 4 and the total hotel rooms and suites will be approximately 1,350, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. We remain highly confident about the future of Macau where Phases 3 & 4 will support Macau’s vision of becoming a World Centre of Tourism and Leisure.

Selected Major Awards for 2025 

Outlook

Over the nine-day Chinese New Year holiday from 15 to 23 February, Macau welcomed 1.55 million visitors, with an average of approximately 172,000 per day, setting a new record for single-day visitation. Macau’s major resort hotels were fully occupied during the period, underscoring strong demand from Mainland visitors, driven by enhanced tourist attractions and mega entertainment and sporting events.

Macau is poised for another dynamic year of entertainment and leisure growth. GEG’s sustained partnerships with leading global entertainment companies will deliver premier concerts that strengthen our international profile. At the same time, our expanded collaboration with UFC will introduce thrilling UFC Fight Nights, and we will host more international sporting tournaments, further strengthening Macau’s reputation as the ‘City of Sports’. We have also renewed a three-year cooperation agreement with Damai Entertainment, a member of Alibaba Group, and Macau Pass to reinforce our events ticketing services. Collectively, these strategic initiatives will enhance customer engagement, broaden audience reach, and solidify Macau’s position as the World Centre of Tourism and Leisure.

Looking ahead, we recognize the Macau gaming market will remain highly competitive, especially in the premium mass segment. Our strategy is clear: differentiate through quality products and services, operational excellence, customer engagement, and technological innovation. We will also continue to leverage our marketing offices in Tokyo, Seoul, Bangkok, and Singapore to expand our regional customer base.

On the development front, we remain focused on enhancing competitiveness through resort upgrades and the development of Phase 4. Phase 4 will introduce multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Completion is targeted for 2027.

We continue to actively pursue international development opportunities, evaluating each on a case-by-case basis. They need to strategically align with GEG’s overall master plan and vision, while also being scalable enough to make a meaning contribution to our EBITDA.

While we remain confident in the medium to longer term prospects of both Macau and GEG, we will continue to closely monitor the global economic environment and geopolitical developments. This vigilance will allow us to adapt quickly to changing conditions, ensure our resilience and drive long-term value creation.

About Galaxy Entertainment Group (HKEx stock code: 27)

Galaxy Entertainment Group Limited (“GEG” or the “Company”) and its subsidiaries (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. The Group primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. GEG is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.

GEG through its subsidiary, Galaxy Casino S.A., is one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming concession valid from January 1, 2023, to December 31, 2032. GEG has a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.

The Group operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award-winning premium property.

The Group has the largest development pipeline of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will be more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG also considers opportunities in the Greater Bay Area and internationally. These projects will help GEG develop and support Macau in its vision of becoming a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM.

GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.

For more information about the Group, please visit www.galaxyentertainment.com

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¹ Reflects luck adjustments associated with our rolling chip program.
² Gaming statistics are presented before deducting commission and incentives.
³ Reflects sum of promoter and inhouse premium direct.
⁴ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
⁵ Total GGR win includes gaming win from City Clubs. Waldo Casino ceased operations on 31 October 2025.
⁶ Gaming statistics are presented before deducting commission and incentives.
⁷ Reflects sum of promoter and inhouse premium direct.
⁸ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
⁹ Total GGR win includes gaming win from City Clubs. Waldo Casino ceased operations on 31 October 2025.
¹⁰ Gaming statistics are presented before deducting commission and incentives.
¹¹ Reflects sum of promoter and inhouse premium direct.
¹² Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
¹³ Gaming statistics are presented before deducting commission and incentives.
¹⁴ Reflects sum of promoter and inhouse premium direct.
¹⁵ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/4cc04ee9-655d-49e1-b0d9-c8d4f70b69a7

https://www.globenewswire.com/NewsRoom/AttachmentNg/c037770f-a066-4502-a9f4-77a354e43d60

CONTACT: For Media Enquiries: Galaxy Entertainment Group – Investor Relations Mr. Peter Caveny / Ms. Yoko Ku / Ms. Crystal Chan Tel: +852 3150 1111 Email: [email protected]