Galaxy Entertainment Group saw healthy increases in its financial results for the third quarter, despite being affected by Typhoon Ragasa which resulted in a 33 hour closure of all Macau casinos.
According to results published on Thursday, the operator saw net revenue increase by approximately 14 percent yearly and 1 percent quarterly, to HK$12.16 billion ($1.56 billion).
This was strongly boosted by a gross gaming revenue (GGR) increase of 21 percent yearly and 2 percent sequentially, reaching HK$12.2 billion ($1.57 billion).
Mass GGR continued to be the strongest contributor, totaling HK$9.5 billion ($1.22 billion) – a yearly increase of 13 percent and a quarterly rise of 7 percent.
VIP GGR saw an impressive jump, up by 86 percent yearly, but down 15 percent sequentially, topping out at HK$2 billion ($257.24 million). Meanwhile electronic GGR rose 11 percent yearly, while dropping 6 percent from 2Q25, to HK$738 million ($94.92 million).
The results contributed to an adjusted EBITDA increase to HK$3.3 billion ($424.44 million), a 14 percent yearly rise, but a 6 percent sequential fall.
Cotai driving growth
Galaxy Macau contributed some HK$10.09 billion ($1.3 billion) in net revenue for the operator, up by 20 percent yearly and 1 percent sequentially.
Of this, some HK$8.54 billion ($1.09 billion) was contributed from gaming, a 23.27 percent yearly rise but a slight drop from the HK$8.56 billion ($1.1 billion) registered in 2Q25.
The rolling chip volume rose both yearly and sequentially in 3Q25, hitting HK$64.03 billion ($8.24 billion) – a 49.3 percent yearly rise and a 16.72 percent rise from the previous quarter.
Mass table drop saw a slight rise from 2Q25, up by almost 2 percent sequentially but rising by 13.6 percent yearly.
Looking to the group’s peninsula property StarWorld, net gaming revenues were up slightly from 2Q25 but down on a yearly basis, totaling HK$1.14 billion ($146.6 million).
Total net revenue from StarWorld amounted to HK$1.26 billion ($162.06 million), a 5.5 percent yearly fall but a 7.85 percent quarterly increase.
The electronic gaming volume at StarWorld was its main highlight, totaling HK$9.63 billion ($1.24 billion) – a 13.2 percent yearly rise and a 3.8 percent sequential increase. This was boosted by the completion of its upgrade to Level 3, with StarWorld now hosting ‘one of the largest scale LTG terminals in Macau’ as part of its bid ‘to transition StarWorld from a VIP-centric property to a more competitive mass market property’. This is aimed for completion within this year.
The group saw a relatively small contribution from its Broadway Macau property – with net revenue of HK$62 million ($7.97 million) – flat year-on-year but rising by 22 percent from 2Q25. Adjusted EBITDA from the property took a tumble, however, to just HK$1 million ($128,620), from HK$11 million ($1.41 million) in 3Q24 and HK$4 million ($514, 470) in 2Q25.
This was also the last full quarter of contributions from the group’s satellite casino operation at Waldo Casino – which ceased operating on October 31st.
Typhoon effect
GEG Chairman Francis Lui made particular note of the government-mandated closure of casinos during Typhoon Ragasa, noting not only the immediate impact but also the knock-on effect on visitation.
In a statement, the executive noted that “33 hours may not seem an extended period of time, however potential visitors canceled 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”.
Focus on entertainment
The group’s Chairman also highlighted how focused the group has been on entertainment, hosting approximately 260 “entertainment, sports, arts and culture, and MICE events, which contributed to a 41 percent year-on-year increase in the foot traffic at Galaxy Macau and contributed significantly to our business”.
Aside from the current support of the National Games, via the Table Tennis Competition at Galaxy Area, Lui highlighted its four-year strategic partnership with the Ultimate Fighting. Championship (UFC), to bring UFC Fight Nights to Galaxy Arena. He also mentioned the renewal of the three-year strategic partnership with Tencent Music’s TMElive “to co-host multifaceted popular music events”.
The executive noted that “we remain optimistic about mega events tourism in the future”.
The next chapter for Cotai
The group continues the ramp-up of its ultra-luxury Capella and Horizon Plus, noting that ‘both facilities have been extremely well received by our gets and have set a new level of luxury opulence and service levels in Macau’. It highlights that ‘currently the vast majority of both facilities are opened,’ but did indicate that ‘we are still fitting out some additional enhancement facilities including a signature restaurant’, anticipating that ‘the facilities will be fully opened by early next year’.
Meanwhile, Phase 4 construction ‘is progressing well’, with a targeting completion in 2027. The expansion will include a 5,000-seat theater, F&B, retail, non-gaming, a water resort deck and a casino.
Further abroad, the group notes that its Thailand aspirations may be permanently on hold noting ‘during Q3 there was a change of government within Thailand, and it appears that the new government’s immediate priorities lie elsewhere’.
Looking ahead
‘The post-Golden Week gaming momentum has continued and we anticipate a solid Q4,’ the group indicates in the filing.
‘We remain positive for the outlook of Macau despite the competition and remain confident in the medium to longer term prospect for Macau’.
This is boosted by marketing efforts in offices in Tokyo, Seoul and Bangkok, alongside a recently opened office in Singapore.
