Key Moments:
- Galaxy Entertainment Group reported HK$12.2bn (US$1.57bn) in gross gaming revenue for Q3 2025, up 21% year-on-year.
- Mass market revenue increased 13% annually and 7% since Q2, while VIP revenue jumped 86% year-on-year.
- Galaxy Macau led the group’s earnings, posting a 20% increase in net revenue to HK$10.09bn (US$1.3bn).
Quarterly Financial Performance Overview
Galaxy Entertainment Group (GEG) continued its positive momentum during Q3 2025, navigating the temporary shutdown caused by Typhoon Ragasa. The company recorded gross gaming revenue (GGR) of HK$12.2bn (US$1.57bn), which marked a 21% rise compared to the same period last year and 2% growth from the previous quarter. Net revenue for the quarter reached HK$12.16bn (US$1.56bn), reflecting a 14% year-on-year increase driven by elevated mass gaming demand.
Segment Analysis: Mass Market, VIP, and Electronic Gaming
GEG’s performance benefitted from strong results in the mass and VIP segments, which helped counterbalance the impact of Typhoon Ragasa. The mass gaming sector emerged as the primary contributor, with revenue reaching HK$9.5bn (US$1.22bn) – an increase of 13% year-on-year and 7% from Q2. The VIP division generated HK$2bn (US$257m), surging 86% versus last year before declining 15% compared to the previous quarter due to post-typhoon slowdowns. Electronic gaming delivered revenue of HK$738m (US$94.9m), advancing 11% annually but decreasing 6% quarter-on-quarter. Overall, adjusted EBITDA saw a 14% increase year-on-year, amounting to HK$3.3bn (US$424m).
| Segment | Q3 2025 Revenue (HK$) | Q3 2025 Revenue (US$) | Year-on-Year Change | Quarter-on-Quarter Change |
|---|---|---|---|---|
| Gross Gaming | 12.2bn | 1.57bn | +21% | +2% |
| Net Revenue | 12.16bn | 1.56bn | +14% | |
| Mass Gaming | 9.5bn | 1.22bn | +13% | +7% |
| VIP Gaming | 2bn | 257m | +86% | -15% |
| Electronic Gaming | 738m | 94.9m | +11% | -6% |
| Adjusted EBITDA | 3.3bn | 424m | +14% |
Galaxy Macau’s Impact on Group Results
Galaxy Macau continued to be the central engine for group performance, reporting net revenue of HK$10.09bn (US$1.3bn) – a 20% year-on-year improvement. Gaming revenue accounted for HK$8.54bn (US$1.09bn) of this figure, rising 23% annually. The property also saw rolling chip volume climb to HK$64.03bn (US$8.24bn), up nearly 50% from last year, while mass table drop advanced 13.6%.
Chairman Francis Lui commented on the period’s challenges and overall resilience: “Our operations were briefly disrupted by Typhoon Ragasa’s 33-hour closure, but the business recovered quickly once normal activity resumed,” he said.
StarWorld and Broadway Macau Performance
StarWorld and Broadway Macau illustrated steady progress. At StarWorld, net revenue reached HK$1.26bn (US$162m), reflecting a modest decline year-on-year but improving 8% quarter-on-quarter, driven by higher electronic gaming volumes after a recent upgrade.
Broadway Macau posted net revenue of HK$62m (US$8m), maintaining levels seen last year and representing a 22% gain compared to Q2. However, adjusted EBITDA at this property decreased to HK$1m (US$129k) due to higher operating expenses and the effects of the storm.
Strategic Focus and Future Perspective
GEG remains committed to enhancing its operations and properties as Macau’s recovery continues. The company’s diverse property collection has shown resilience amid stabilizing visitor numbers and the renewal of travel flows from the mainland. Management maintains focus on fostering growth in the mass market segment alongside a recovery in VIP play, while prioritizing prudent financial management under uncertain conditions.
As the region transitions into its next phase of growth, the market awaits clarity on whether Galaxy can continue its positive trajectory into 2026.
- Author
Daniel Williams
