Galaxy Entertainment Posts HKD5.24 Billion First-Half Profit and Confirms Phase 4 Progress

Galaxy Entertainment Group has delivered another strong performance in 2025, reporting a first-half profit of HKD5.24 billion (US$667.6 million), up 19.4% from the same period last year. The company also declared an interim dividend of HKD0.70 per share, to be paid on October 31.

Good to Know

• First-half net gaming revenue rose 10.7% to HKD18.58 billion.
• Rolling chip volume climbed 20.7% to HKD102.14 billion.
• Foot traffic at Galaxy Macau jumped 65% year-on-year in H1 2025.

In a Hong Kong Stock Exchange filing, the group reported net revenue of HKD23.25 billion for the six months to June 30, an 8.3% year-on-year increase. Adjusted EBITDA reached HKD6.87 billion, up 14.2%.

For the second quarter alone, net revenue was HKD12.0 billion—10% higher than a year ago—while adjusted EBITDA climbed 12% to HKD3.6 billion. Chairman Francis Lui Yiu Tung described the results as “solid performance” despite global tariff disruptions, economic slowdown, and heightened regional competition.

Gaming and Non-Gaming Growth

Galaxy’s gaming operations, centered on Galaxy Macau in Cotai and StarWorld Hotel on the Macau peninsula, saw rolling chip volume surge more than 20%, mass table drop rise 5.4% to HKD67.27 billion, and electronic gaming turnover jump nearly 31% to HKD54.17 billion. Non-gaming revenue edged up 2.5% to HKD3.17 billion.

The group’s City Clubs satellite casino business generated HKD3 million in adjusted EBITDA for the first half, down from HKD9 million a year earlier. The company also confirmed that Waldo Casino will close by year-end for commercial reasons, with employees redeployed to other Galaxy properties and offered training to adapt to new roles.

Capella at Galaxy Macau and Entertainment Strategy

One of Galaxy’s newest additions, the all-suite Capella at Galaxy Macau, began exclusive previews for VIP guests in May and is expected to open fully in the coming months. Booking is already available from late September. Analysts note the tower includes a gaming area.

Entertainment and events continue to be a major traffic driver. In the first half of the year, Galaxy hosted around 190 events—including concerts by BIGBANG’s G-Dragon and Hong Kong singer Jacky Cheung—leading to record-breaking attendance, with one day in June attracting 123,000 visitors. Footfall at Galaxy Macau was up 65% year-on-year.

The 16,000-seat Galaxy Arena and other MICE facilities remain central to the strategy. Recent concerts by Eason Chan, held after the reporting period, were highlighted by Citigroup as likely supporting casino business in its monthly Macau gaming survey.

Phase 4 Development on Track

Lui confirmed that Phase 4 of Galaxy Macau is “progressing well,” with the superstructure and exterior facade completed and internal fit-out now under way. The 600,000-square-metre expansion will feature multiple high-end hotel brands new to Macau, a 5,000-seat theatre, retail and dining outlets, non-gaming attractions, a water resort deck, landscaped areas, and a casino. Completion is targeted for 2027.

As of June 30, Galaxy’s balance sheet remained strong, with HKD30.7 billion in cash and liquid investments and minimal debt. Lui credited the company’s ability to “drive every segment of the business, particularly the premium mass,” for its sustained growth in a competitive market.

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