Core Viewpoint - Galaxy Entertainment reported strong financial results for 3Q25, with net revenue and adjusted EBITDA both increasing by 14% year-over-year, aligning with expectations. The company maintains a positive outlook with a target price of HK$50, indicating a 30% upside potential, and continues to hold a Buy rating [1][5]. Financial Performance - The company's rolling chip volume increased by 46% year-over-year, mass gaming revenue rose by 13% year-over-year, and slot revenue grew by 14% year-over-year. Total gross gaming revenue, mass market revenue, slot machine revenue, and VIP rolling chip volume have recovered to 90%, 138%, 125%, and 41% of 3Q19 levels, respectively. EBITDA has recovered to 81% of the 2019 level [2]. New Developments - The majority of Capella at Galaxy Macau and Horizon Plus have opened, with all facilities expected to be fully operational by early next year. The upgrade program for StarWorld is anticipated to be completed by 2026, while the construction of Galaxy Macau Phase 4 is expected to finish in 2027, featuring several high-end hotel brands, a theater with approximately 5,000 seats, green gardens, a water resort deck, and a casino [3]. Non-Gaming Initiatives - In the first nine months of 2025, the company hosted around 260 entertainment, sports, arts and culture, and MICE events, leading to a 41% year-over-year increase in foot traffic at Galaxy Macau. Additionally, the company has established a four-year strategic partnership with the Ultimate Fighting Championship, renewed a three-year strategic partnership with Tencent Music, and renewed a three-year cooperation agreement with Damai Entertainment under Alibaba Group and Macau Pass for event ticketing [4].