One Macau casino resort operator with a large shopping mall in Cotai, saw growth in fourth-quarter 2025 net revenues from retailing. Another operator with Cotai malls registered gains in fourth-quarter and full-year net revenue. That is according to the respective financial results of Galaxy Entertainment Group Ltd and Sands China Ltd.
The other four Macau casino operators do not report mall performance as a distinct item in their financial results.
The improvement for Galaxy Entertainment and Sands China coincided with economic data from the Macau government that indicated an uptick in shop sales citywide at the end of last year. But at Sands China, the high-end Shoppes at Four Seasons saw full-year 2025 tenant sales per square foot (0.30 metre) fall by nearly 19 percent year-on-year, though the pace of decline narrowed from 2024.
At Galaxy Macau – Galaxy Entertainment’s flagship casino resort complex in Cotai – mall net revenue was HKD360 million (US$46 million) in the three months to December 31, up 5.9 percent sequentially, and also up 3.4 percent from a year ago.
The result took Galaxy Macau’s full-year 2025 net revenue from its mall – branded Galaxy Promenade – to just above HKD1.36 billion. That was down 2.1 percent year-on-year, but a slower pace of decline than 2024, when Galaxy Macau’s mall net revenue declined by 10.8 percent year-on-year, being HKD1.39 billion.
Sands China’s Cotai malls are at: The Venetian Macao (pictured); The Londoner Macao; the combined The Plaza Macao and Four Seasons Macao; and The Parisian Macao.
Their aggregate fourth-quarter net revenue was US$141 million, up 8.5 percent sequentially and up 3.7 percent from a year earlier, according to a GGRAsia review of the data.
Full-year 2025 net revenue from those Sands China malls was US$520 million, up 5.7 percent year-on-year. In 2024, those Cotai malls recorded US$492 million in net revenue, down nearly 4 percent on 2023.
Sands China’s Macau-wide 2025 mall net revenue was US$521 million, a US$28-million improvement from 2024, “primarily driven by an increase of US$20 million in overage rent”, as well as “US$4 million in base rent and US$4 million in revenues related to management fee and levies revenue”. That is according to the firm’s 2025 preliminary results filed last month.
Sands China’s “tenant sales per square foot” in Cotai – the sum of reported comparable sales for the trailing 12 months, divided by the comparable square footage for the same period – all improved in 2025 relative to 2024.
Out of those Cotai malls, the Shoppes at Venetian and the Shoppes at Londoner saw year-on-year gains in their tenant sales per square foot in 2025, at US$1,894 and US$1,589, respectively.
The 2025 tenant sales per square foot at Shoppes at Four Seasons – an upmarket shopping centre – declined 18.7 percent year-on-year to US$4,375. In 2024, such sales went down 29.2 percent year-on-year to US$5,379.
Macro outlook
Galaxy Macau’s mall has seen at least 17 retail brands start operations there in 2025. They include jewellers, luxury clothing and leather goods sellers, and sportswear retailers, according to GGRAsia’s observation of Galaxy Entertainment’s promotional materials, and recent site checks.
Some of the newcomers – including Brunello Cucinelli, Miu Miu, and Tod’s – are in a section of the Galaxy Macau mall populated by Italian luxury brands (pictured above).
Sands China’s Shoppes at Venetian, Shoppes at Four Seasons, and Shoppes at Londoner have seen either the relaunch of luxury-brand outlets or fresh brands arriving during 2025. Shoppes at Venetian and Shoppes at Londoner have seen year-on-year improvement in their respective tenant-occupancy rate, according to Sands China’s 2025 results filing.
Reportable retail sales showed some improvement citywide at the end of 2025, indicate data from Macau’s Statistics and Census Service.
Macau reportable retail-sales value was MOP19.21 billion (US$2.4 billion) in the three months to December 31, up 4.2 percent year-on-year. Citywide retail-sales value returned to year-on-year growth from the third quarter of 2025, ending a decline trend across previous six consecutive quarters.
Macau’s full-year 2025 retail-sales value was MOP69.58 billion, down 3.2 percent year-on-year, led by contractions in sales values generated from “leather goods” and “department stores”, the statistics service data indicate.
Nonetheless, it was a narrowing from 2024’s decline, when the city’s retail-sales value contracted by nearly 15 percent year-on-year, to MOP71.99 billion.
