Galaxy Entertainment Group (GEG) said it is “well-positioned for future growth” after Q1 group net revenue rose six per cent year-on-year to HK$11.2bn (£1.08bn).
Adjusted EBITDA for the Macau casino operator rose 16 per cent to $3.3bn (£319.3m).
While revenue fell quarter-on-quarter by one per cent from $11.29bn (£1.09bn), adjusted EBITDA was up two per cent from Q4 2024’s $3.2bn (£313.6m).
What’s more, Galaxy’s last 12 months of EBITDA amounted to $12.6bn (£1.2bn).
“During the quarter we continued to drive every segment of the business, in particular the premium mass through our unparalleled products and service, ongoing property enhancements, diverse entertainment shows and events, as well as the full implementation of smart tables, among others,” said Francis Lui Yiu Tung, chairman of GEG.
Tung said Galaxy was “satisfied” with its Chinese New Year performance in Macau, which “which experienced a longer tail than previously.”
The addition of new electronic games on Galaxy Macau’s main gaming floor was “partially disruptive” in March, but the company described the property as its “primary driver” of group earnings in Q1.
Galaxy Macau net revenue rose 10 per cent year-on-year to $9.1bn (£881.5m) but was flat quarter-on-quarter.
Adjusted EBITDA of $3bn (£292.1m) was up 15 per cent year-on-year and up six per cent from Q4 2024.
Tung acknowledged Macau chief executive Sam Hou Fai’s warning last month that China’s trade war with the US, paired with wider economic challenges, would make it difficult for Macau to reach its 2025 gross gaming revenue target.
But he said that despite “shorter term challenges,” Galaxy remains “confident” in the longer-term outlook for Macau.
Galaxy said construction of Phase 4 of Capella at Galaxy Macau, which had a soft opening in May, is “well under way.”
Phase 4, set to complete in 2027, will include a casino alongside multiple hotel brands new to Macau, a 5,000-seat theatre, F&B, retail and other non-gaming amenities such as a water resort deck.
