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Galaxy Entertainment Group (GEG) reported steady growth in the third quarter, with net revenues increasing by 11% year-on-year to HK$10.7 billion ($1.38 billion), although they experienced a slight 2% dip compared to the previous quarter. Despite the quarterly decrease, GEG’s performance reflects a solid standing in the Macau gaming market. Adjusted EBITDA for the quarter rose by 6% year-on-year, reaching HK$2.9 billion ($373 million). However, quarter-on-quarter earnings dropped 7% due to “unlucky” outcomes. GEG’s chairman, Lui Che Woo, commented that the company’s financial position remains strong, with liquidity that supports both international expansion and local development. GEG continues its extensive Phase 4 development at Galaxy Macau, a project covering 600,000 square meters and estimated at HK$43 billion. The project includes new luxury hotels, a 4,000-seat theater, a water resort deck, and an additional casino. One of the main attractions, the Capella hotel, is set to open in 2025. Lui noted that Macau’s Golden Week holiday saw high visitor numbers, which could signal strong Q4 performance. During the seven-day holiday, Macau welcomed 993,117 visitors, almost reaching pre-pandemic levels with daily average arrivals close to 102% of those figures. Hotel occupancy rates were also high, with Galaxy Macau hotels at 98% and a citywide average of 95%. According to Macao News, Galaxy Macau brought in HK$8.4 billion in revenue, while StarWorld Macau and Broadway Macau contributed HK$1.3 billion and HK$62 million, respectively. Occupancy at Galaxy Macau’s seven hotels averaged 98% from July to September, outperforming the overall city rate. macaTo support its international tourism goals, GEG recently opened an overseas business office in Bangkok, adding to its presence in Tokyo and Seoul. The company’s expansion efforts reflect a strategy to attract a broader audience as Macau grows as a global gaming hub.

Galaxy

Galaxy Entertainment Group Sees Growth with Strong Q3 Results and Expansion Plans

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