Financial Performance - The Group reported Q2 2025 Adjusted EBITDA of $3.6 billion, representing a 12% increase year-on-year and an 8% increase quarter-on-quarter [1][3][28] - For the first half of 2025, the Group's Net Revenue was $23.2 billion, up 8% year-on-year, and Adjusted EBITDA was $6.9 billion, up 14% year-on-year [3][21] - The Group's balance sheet remains strong with cash and liquid investments of $30.7 billion as of June 30, 2025, and minimal debt [4][36] Market Overview - Macau's Gross Gaming Revenue (GGR) grew 8% year-on-year and 6% quarter-on-quarter in Q2 2025, reaching $59.3 billion [2][19] - Visitor arrivals to Macau increased by 15% year-on-year in the first half of 2025, totaling 19.2 million [20][63] Business Segments - Galaxy Macau™ was the primary driver of the Group's earnings, with Net Revenue of $19.1 billion in 1H 2025, up 13% year-on-year [37] - StarWorld Macau's Adjusted EBITDA decreased by 21% year-on-year to $653 million in 1H 2025, attributed to bad luck in gaming operations [41][42] - Broadway Macau™ reported a Net Revenue of $97 million for 1H 2025, down 3% year-on-year [45] Development and Future Outlook - The Group is progressing with the construction of Phase 4, which includes multiple high-end hotel brands and is targeted for completion in 2027 [12][53] - The Capella at Galaxy Macau has received positive feedback during its exclusive previews and is expected to attract ultra-high value customers [11][60] - The Group remains optimistic about mega events tourism in the second half of the year, with several high-profile entertainment events planned [6][59] Awards and Recognition - Galaxy Macau™ won the 'Integrated Resort of the Year' and the Group was recognized as 'Casino Operator of the Year' at the Global Gaming Awards Asia-Pacific 2025 [10][54] - Four restaurants within the Group earned five MICHELIN stars in the MICHELIN Guide Hong Kong Macau 2025 [10]

Core Insights - Galaxy Entertainment Group (GEG) reported solid financial results for Q1 2025, with adjusted EBITDA of HK$3.3 billion, up 16% year-on-year and 2% quarter-on-quarter [3][21][22] - The company continues to enhance its offerings, particularly in the premium mass segment, through property improvements and diverse entertainment options [2][7] - GEG's balance sheet remains strong, with cash and liquid investments totaling HK$33.0 billion and a net position of HK$29.0 billion after debt [6][28] Financial Performance - Q1 2025 net revenue was HK$11.2 billion, reflecting a 6% increase year-on-year but a 1% decrease quarter-on-quarter [3][21] - The latest twelve months adjusted EBITDA reached HK$12.6 billion, up 16% year-on-year and 4% quarter-on-quarter [16][21] - Galaxy Macau™ was the primary driver of earnings, with net revenue of HK$9.1 billion, up 10% year-on-year [29] Market Overview - The overall Macau market showed resilience, with Q1 2025 gross gaming revenue (GGR) of HK$56.0 billion, up 1% year-on-year and 0.4% quarter-on-quarter, recovering to 76% of 2019 levels [4][19] - Visitor arrivals to Macau reached 9.9 million in Q1 2025, an 11% increase year-on-year, recovering to 95% of 2019 levels [20][46] Development and Expansion - The ultra-luxury Capella at Galaxy Macau soft launched in May 2025, expected to enhance GEG's market position [12][51] - Ongoing construction of Phase 4 focuses on non-gaming facilities, including entertainment and family amenities, scheduled for completion in 2027 [41][52] - GEG is exploring international development opportunities, including in Thailand, while continuing to support Macau's vision as a World Centre of Tourism and Leisure [53][54] Awards and Recognition - GEG's Galaxy Macau™ received accolades, including being named the Best Integrated Resort in the Asia Pacific region for the second time [11][57] - Four of GEG's restaurants earned five Michelin stars in the 2025 Michelin Guide Hong Kong Macau [11][42]