Galaxy Entertainment Group reported higher revenue and profit for both the fourth quarter and full year of 2025, as Macau’s gaming market continued to recover and visitor arrivals reached record levels.
For the year ended 31 December 2025, the group posted net revenue of HK$49.2 billion ($6.40 billion), up 13% from 2024, and adjusted EBITDA of HK$14.5 billion ($1.89 billion), a 19% increase year on year. Net profit attributable to shareholders rose 22% to HK$10.7 billion ($1.39 billion).
The company said it benefited from favorable gaming luck during the year, which increased adjusted EBITDA by approximately HK$1.48 billion ($192 million). Normalized adjusted EBITDA was HK$13.0 billion ($1.69 billion), up 5% from a year earlier.
In the fourth quarter, net revenue rose 22% year on year to HK$13.8 billion ($1.79 billion), while adjusted EBITDA climbed 33% to HK$4.3 billion ($559 million). Fourth-quarter EBITDA was HK$3.6 billion ($468 million), up 9% from the same period in 2024.
Macau’s positive market performance provided support. According to official data cited by the company, Macau’s gross gaming revenue for 2025 reached HK$240.2 billion ($31.23 billion), up 9% year on year and equivalent to 85% of 2019 levels.
Visitor arrivals to Macau totaled 40.1 million in 2025, up 15% year on year and above the 2019 level of 39.4 million. Mainland China accounted for 29.0 million visitors, an 18% increase. More than 2.1 million travelers used the “one trip per week” measure, and approximately 0.8 million traveled under the “multiple-entry” measure.
International visitors increased 14% to 2.8 million, with arrivals from the Republic of Korea, Japan, and Thailand rising 11%, 26%, and 38% respectively. The group’s total GGR for 2025 was HK$49.1 billion ($6.38 billion), up 19% year on year.
Mass GGR rose 10% to HK$36.5 billion ($4.75 billion), while VIP GGR surged 79% to HK$9.5 billion ($1.24 billion). Electronic GGR increased 14% to HK$3.1 billion ($403 million).
Galaxy Macau remained the main earnings driver, contributing 85% of group-wide net revenue. For the full year, Galaxy Macau recorded net revenue of HK$41.0 billion ($5.33 billion), up 19% year on year, and adjusted EBITDA of HK$13.4 billion ($1.74 billion), up 24%. Hotel occupancy across its nine hotels reached 99% in the fourth quarter and 98% for the year.
StarWorld Macau reported softer results, with full-year net revenue of HK$5.0 billion ($650 million), down 7% year on year, and adjusted EBITDA of HK$1.4 billion ($182 million), down 13%. Fourth-quarter adjusted EBITDA was HK$356 million ($46 million), down 2% year on year.
Broadway Macau recorded full-year adjusted EBITDA of HK$11 million ($1.43 million), down 54% year on year, while City Clubs posted a full-year adjusted EBITDA loss of HK$7 million ($910,000).
The company paid two dividends totaling HK$1.20 ($0.16) per share during 2025 and said the board recommended a final dividend of HK$0.80 ($0.10) per share payable in June 2026.
During the year, Waldo Casino ceased operations on 31 October 2025. The company said employees were retained in their positions or offered opportunities to explore alternative career paths within the group.
Chairman Francis Lui
Chairman Francis Lui said Macau continued its recovery in 2025 and pointed to policy measures that expanded travel flexibility for mainland visitors. He noted that Capella at Galaxy Macau soft-launched in May 2025 and officially opened on 10 February 2026, strengthening the group’s position in the super-premium mass segment.
“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,” Lui said.
The company is focused on progressing Cotai Phase 4, which emphasizes non-gaming facilities including entertainment and family-oriented offerings alongside a casino component, while continuing to expand international marketing efforts.
Original article: https://www.yogonet.com/international/news/2026/02/26/117795-galaxy-reports-higher-2025-profit-as-macau-visitation-and-gaming-revenue-rise
