Core Viewpoint - Galaxy Entertainment Group reported a 14% year-on-year increase in net revenue to HKD 12.2 billion for the third quarter of 2025, with adjusted EBITDA rising 14% to HKD 3.3 billion, despite challenges from seasonal factors and a typhoon impacting operations [2][11][14]. Financial Performance - The group achieved a net revenue of HKD 12.2 billion for Q3 2025, up 14% year-on-year and 1% quarter-on-quarter [11][14]. - Adjusted EBITDA for Q3 2025 was HKD 3.3 billion, reflecting a 14% increase year-on-year but a 6% decrease quarter-on-quarter [11][14]. - The adjusted EBITDA normalized after accounting for high net win rates was HKD 3.3 billion, up 7% year-on-year and 5% quarter-on-quarter [11][14]. Operational Highlights - The group maintained a strong balance sheet with cash and liquid investments totaling HKD 36.8 billion, resulting in a net amount of HKD 34.8 billion after deducting liabilities [3][22]. - The average hotel occupancy rate for nine hotels in Q3 2025 was 98% [24]. - The group hosted approximately 260 entertainment, sports, arts, and cultural events in the first nine months of 2025, contributing to a 41% year-on-year increase in visitor traffic to "Galaxy Macau" [3][12]. Strategic Developments - The group is advancing the fourth phase of its renovation project, which includes high-end hotel brands, a theater with approximately 5,000 seats, and various non-gaming facilities, aiming for completion by 2027 [6][35]. - A strategic partnership with UFC has been established to bring UFC events to Galaxy Arena, alongside a three-year collaboration with Tencent Music for diverse music events [4][41]. Market Overview - Macau's total gaming revenue for Q3 2025 was HKD 60.7 billion, a 13% year-on-year increase, with visitor arrivals reaching 10.5 million, up 14% year-on-year [12][19]. - The group continues to focus on diversifying its non-gaming business through major entertainment events, supporting Macau's goal of becoming a "City of Entertainment" [3][41].

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 12.2 billion for Q3 2025, representing a year-on-year increase of 14% and a quarter-on-quarter increase of 1% [1] Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - Adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% increase year-on-year but an 8% decrease quarter-on-quarter [1] - Adjusted EBITDA for the StarWorld Hotel was HKD 369 million, down 7% year-on-year but up 22% quarter-on-quarter [1] - Adjusted EBITDA for "Broadway Macau™" was HKD 1 million, compared to HKD 11 million in Q3 2024 and HKD 4 million in Q2 2025 [1] - Over the past twelve months, the group's adjusted EBITDA totaled HKD 13.4 billion, reflecting a 14% year-on-year increase and a 3% quarter-on-quarter increase [1] Gaming Operations - In Q3 2025, the gaming business experienced a higher net win rate, contributing an additional HKD 14 million to adjusted EBITDA [1] - After normalizing the net win rate, the adjusted EBITDA was HKD 3.3 billion, which is a 7% increase year-on-year and a 5% increase quarter-on-quarter [1]

Core Viewpoint - Galaxy Entertainment Group reported a net revenue of HKD 12.2 billion for Q3 2025, representing a 14% year-on-year increase and a 1% quarter-on-quarter increase [1] Financial Performance - Adjusted EBITDA for the group was HKD 3.3 billion, up 14% year-on-year but down 6% quarter-on-quarter [1] - Adjusted EBITDA for "Galaxy Macau™" reached HKD 3.1 billion, marking a 20% year-on-year increase and an 8% quarter-on-quarter decrease [1] - Adjusted EBITDA for the Galaxy StarWorld Hotel was HKD 369 million, down 7% year-on-year but up 22% quarter-on-quarter [1] - Adjusted EBITDA for "Broadway Macau™" was HKD 1 million, compared to HKD 11 million in Q3 2024 and HKD 4 million in Q2 2025 [1] - Over the past twelve months, the group's adjusted EBITDA totaled HKD 13.4 billion, reflecting a 14% year-on-year increase and a 3% quarter-on-quarter increase [1] Gaming Operations - In Q3 2025, the gaming business's net win rate was higher than normal, contributing an additional HKD 14 million to adjusted EBITDA [1] - After normalizing the net win rate, adjusted EBITDA was HKD 3.3 billion, which is a 7% year-on-year increase and a 5% quarter-on-quarter increase [1]

Financial Performance - GEG's Q1 Net Revenue reached $11.2 billion, a 6% increase year-on-year but a 1% decrease quarter-on-quarter[3] - Adjusted EBITDA for Q1 was $3.3 billion, up 16% year-on-year and 2% quarter-on-quarter[3] - Galaxy Macau's Q1 Net Revenue was $9.1 billion, up 10% year-on-year, while Adjusted EBITDA was $3.0 billion, up 15% year-on-year[16] - StarWorld Macau's Q1 Net Revenue was $1.2 billion, down 9% year-on-year, and Adjusted EBITDA was $350 million, down 20% year-on-year[19] Balance Sheet and Dividends - The Group's cash and liquid investments increased to $33.0 billion, with a net position of $29.0 billion after deducting debt of $4.0 billion[6] - A final dividend of $0.50 per share was recommended, payable in June 2025[6] Operational Highlights - Galaxy Macau experienced a 64% year-on-year increase in foot traffic, attributed to diverse non-gaming amenities and entertainment offerings[7] - Hotel occupancy for Q1 across Galaxy Macau's seven hotels was 99%[16] - Hotel occupancy for Q1 at StarWorld Macau was 100%[19] Development and Expansion - Capella at Galaxy Macau soft launched in early May, adding a new ultra-luxury hotel brand to GEG's portfolio[11, 59] - Construction of Phase 4 is progressing, focusing on non-gaming amenities, entertainment, and family facilities, with completion scheduled for 2027[11, 65]

Core Viewpoint - Galaxy Entertainment Group reported a solid performance for Q1 2025, driven by diverse entertainment offerings and property enhancements, despite geopolitical instability and economic slowdown [2][3][37]. Financial Performance - For Q1 2025, the group recorded a net revenue of HKD 11.2 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1% [15][19]. - Adjusted EBITDA for the same period was HKD 3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [11][15]. - The overall gaming revenue in Macau for Q1 2025 was HKD 56 billion, slightly up year-on-year and quarter-on-quarter, recovering to 76% of 2019 levels [2][14]. Business Segments - The group's flagship property, "Galaxy Macau™," contributed significantly with a net revenue of HKD 9.1 billion, a 10% increase year-on-year [21][23]. - The adjusted EBITDA for "Galaxy Macau™" was HKD 3 billion, reflecting a 15% year-on-year increase [21][23]. - The non-gaming segment continues to play a crucial role, with various entertainment events attracting visitors, leading to a 64% year-on-year increase in visitor numbers to "Galaxy Macau™" [4][38]. Development and Expansion - The new luxury hotel, Galaxy Hotel Capella, commenced trial operations in May 2025, expected to enhance the group's market share and luxury offerings [7][39]. - Ongoing construction of the fourth phase of development focuses on non-gaming facilities, including entertainment and family-friendly amenities, set to be completed by 2027 [33][39]. - The group is exploring overseas opportunities, including potential developments in Thailand [39][40]. Market Overview - Visitor numbers to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, with mainland Chinese visitors growing by 15% [14][37]. - The Macau government continues to promote economic diversification and support non-gaming investments, aligning with the group's strategy [3][37].