Macau casino operator Galaxy Entertainment Group Ltd reported third-quarter adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just above HKD3.34 billion (US$429.7 million).
The result was up 13.6 percent from a year earlier, showed unaudited performance highlights filed with the Hong Kong Stock Exchange on Thursday.
Net revenue in the three months to September 30 rose 14.0 percent year-on-year, to HKD12.16 billion.
The group’s third-quarter gross gaming revenue (GGR) was HKD12.24 billion, up 20.6 percent from a year earlier.
Mass-market GGR in the reporting period stood at HKD9.46 billion, up 12.8 percent year-on-year; VIP revenue was HKD2.04 billion, 85.8-percent higher than in the prior-year period; and GGR from the electronic gaming segment was HKD738 million, a 10.8-percent year-on-year increase.
The group’s flagship property, Galaxy Macau (pictured), produced net revenue of HKD10.09 billion in the three months to September 30, up 20.1 percent from a year ago.
The property recorded adjusted EBITDA of nearly HKD3.07 billion, up 20.0 percent from the prior-year quarter, and an adjusted EBITDA margin of 30 percent, flat from a year earlier.
As of September 30, Galaxy Entertainment had cash and liquid investments of HKD36.8 billion, and a net cash position of HKD34.8 billion, with debt at HKD2.0 billion.
The group paid an interim dividend of HKD0.70 per share on October 31, which had been announced with its half-year results.
Francis Lui Yiu Tung, chairman of Galaxy Entertainment, said in prepared remarks that two separate events impacted the group’s GGR and adjusted EBITDA performance in the July to September period.
“The first event involves seasonality, where September is typically a slower month as many visitors defer their planned trips to October to coincide with the Golden Week holidays,” stated the chairman.
The second event, he said, was Super Typhoon Ragasa. In late September, the city’s casinos had to suspend temporarily their operations for 33 hours, due to the passage of Super Typhoon Ragasa.
“Thirty-three hours may not seem an extended period of time, however potential visitors cancelled their visits in advance over concerns of the potential impact of Typhoon Ragasa and after the typhoon it takes a few days before people commence to plan their next trip,” stated Mr Lui.
The executive highlighted that for the first nine months of 2025, Galaxy Entertainment “held approximately 260 entertainment, sports, arts and culture, and MICE [meetings, incentives, conferences and exhibitions] events”.
Those events “contributed to a 41 percent year-on-year increase in the foot traffic at Galaxy Macau and contributed significantly to our business,” noted Mr Lui.
Outside of the reporting period, Waldo Casino, which used to be a satellite operation under the licence of Galaxy Entertainment, ended its gaming business on October 31. The gaming venue was located inside the Waldo Hotel, near to the Outer Harbour on Macau peninsula.
In Wednesday’s announcement, Galaxy Entertainment said it continues to “progress with the fitting out” of Phase 4 of Galaxy Macau, scheduled to be completed in 2027. It will include “multiple high-end hotel brands,” as well as a casino, a 5000-seat theatre, retail and a water resort deck.
In the filing, Galaxy Entertainment noted that while the company had “been actively exploring opportunities” to develop a casino resort in Thailand, “there was a change in government” in that country during the reporting period.
“It appears that the new government’s immediate priorities lie elsewhere. We will continue to monitor the situation,” said the casino firm.
Earlier this month, Thailand’s prime minister Anutin Charnvirakul reaffirmed his anti-gambling stance, telling China’s President Xi Jinping that the Thai government would not pursue casinos as an economic driver.
