Galaxy Entertainment Q4 EBITDA Jumps 33%

Galaxy Entertainment Group closed 2025 with robust fourth-quarter performance, reporting adjusted EBITDA of HK$4.29bn (US$549.22m), up 32.7% year-on-year. The figure included an estimated HK$731m (US$93.45m) uplift attributed to favourable gaming luck during the period.

Total gross gaming revenue (GGR) for Q4 reached HK$13.95bn (US$1.78bn), representing a 27% annual increase, largely driven by mass-market play. Mass GGR rose 15% to HK$10.01bn (US$1.28bn), while mass table drop climbed 9.37% to HK$35.28bn (US$4.51bn). The segment benefited from an improved win rate of 28.4%, compared to 27% in the prior-year quarter.

VIP activity also strengthened. Rolling chip volume increased 16.75% year-on-year to HK$60.49bn (US$7.73bn). The win rate in the segment improved to 5.1% from 3% a year earlier, resulting in rolling chip win of HK$3.11bn (US$397.07m), more than doubling year-on-year.

Electronic gaming machines recorded steady gains, with volume rising 6.4% to HK$29.22bn (US$3.73bn). The win rate remained at 2.8%, while total EGM win grew 6.41% to HK$830m (US$106.11m).

Galaxy Macau Performance

Galaxy Macau remained the group’s primary earnings contributor. The property generated Q4 revenue of HK$11.77bn (US$1.5bn), up 29% year-on-year. Adjusted EBITDA increased 41% to HK$4.02bn (US$513.94m), supported by an estimated HK$729m benefit from luck.

Net gaming revenue at Galaxy Macau reached HK$10.2bn (US$1.3bn), marking a 33% annual rise. Mass GGR totalled HK$8.73bn (US$1.11bn), up 17%, with table drop increasing nearly 10% to HK$27.98bn (US$3.58bn). The mass win rate improved to 31.2%, compared with 29.3% in Q4 2024.

VIP rolling chip volume stood at HK$60.11bn (US$7.68bn), with a 5.1% win rate driving VIP GGR to HK$3.09bn (US$395.55m), a 103.3% year-on-year increase. Overall GGR win at the property reached HK$12.5bn (US$1.56bn), up 30.2%.

The group also continued development of the Galaxy International Convention Center and Galaxy Arena, alongside expanding retail, dining and lifestyle offerings at the resort.

StarWorld Results

StarWorld posted more moderate results amid ongoing renovation activity. Q4 net revenue declined 1% year-on-year to HK$1.27bn (US$163m), while adjusted EBITDA fell 2% to HK$356m (US$45.51m). Net gaming revenue edged up slightly to HK$1.15bn (US$148m) and GGR win increased 1.86% to HK$1.43bn (US$183.46m).

EGM win at StarWorld reached HK$151m (US$19.3m), exceeding VIP GGR of HK$15m (US$1.92m), though both segments declined compared to the previous year. VIP revenue also dropped 37.5% quarter-on-quarter. Mass revenue rose 4% to HK$1.27bn (US$162.24m), supported by a 9.83% increase in table drop to HK$7.27bn (US$929.56m), while the mass win rate softened to 17.5% from 18.4% a year earlier.