Core Viewpoint - The company reported Q3 2025 operating performance with revenue of HKD 12.2 billion, a year-on-year increase of 14% [1] - Adjusted EBITDA reached HKD 3.3 billion, also up 14% year-on-year [1] - The company hosted approximately 260 entertainment, sports, arts, and cultural events in the first three quarters, with plans for significant performances and sports projects in Q4 2025 [1][3] Financial Performance - Q3 2025 revenue was HKD 12.2 billion, a 14% increase year-on-year [1] - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, reflecting a 14% year-on-year growth [1] - The overall net gaming revenue for Q3 2025 was HKD 9.707 billion, recovering to 91.6% of the 2019 level, with a quarter-on-quarter increase of 4.9 percentage points [2] Business Recovery - The company's mass gaming segment showed a recovery rate of 129.3%, with an 8.0 percentage point increase quarter-on-quarter [2] - The mass gaming revenue for Galaxy Macau in Q3 2025 recovered to 108.3% of the 2019 level, with a quarter-on-quarter increase of 3.4% [2] - The company continues to enhance its non-gaming offerings, supporting Macau's goal of becoming a "City of Entertainment" [2][3] Investment and Future Outlook - The company maintains a strong balance sheet with total cash and liquid investments of HKD 36.8 billion and net cash of HKD 34.8 billion [3] - Significant investments in technology have been made, including electronic gaming tables and data analytics capabilities [3] - Upcoming luxury projects, including the Galaxy Macau's ultra-luxury offerings, are expected to attract customers and enhance revenue streams [3]