Daily Asia Gaming eBrief: Galaxy 4Q25 EBITDA hits $550M on premium focus

News

AGBrief Editorial

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February 27, 2026

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Daily Asia Gaming eBrief: Galaxy 4Q25 EBITDA hits $550M on premium focus

Good Morning. Super premium. Ultra luxury. They’re more than just catchwords, they’re demands. And Galaxy Entertainment Group is giving high-rolling customers exactly what they want, as evidenced by 4Q25 EBITDA of nearly $550 million. The group plans to double down on the high-spending market with its recent and planned offerings to beat out competition, confident in its cash-rich position to expand beyond Macau if the right opportunity arises. Also in results, a downturn in Malaysia gaming failed to burst Genting Malaysia’s bubble, with the group still seeing threefold EBITDA growth in 4Q25, boosted by results outside of Asia.

What you need to know

Galaxy Entertainment Group ‘played lucky’ in the fourth quarter, with adjusted EBITDA up nearly 38 percent to almost $550 million.
Ultra-luxury and super premium the focus of Galaxy going forward, with customers becoming more demanding for high-end experiences.
Lower gaming results at Resorts World Genting weigh on Genting Malaysia, despite threefold overall EBITDA growth.

On the radar

Shareholders greenlight DigiPlus deal in $205M IEC subscription.
Galaxy confident for strong 1Q26, despite slow start to CNY.
Cambodia PM: gov’t unaware of Chen Zhi’s scam links before arrest.
Jailed former Thai PM Thaksin eligible for parole May 10th.
Malaysia advances esports oversight with regulator backing.

AGB Intelligence

MACAU

Galaxy ‘played lucky’ in 4Q25, boosting EBITA to $550M

The Macau market was particularly profitable for Galaxy Entertainment Group in 4Q25, with the group posting a 38 percent EBITDA increase to nearly $550 million as it ‘played lucky’. The group’s focus on premium mass and its target on ‘super premium’ appear to be paying off, as savvy customers increasingly dema n d ultra-luxury at the gaming table and beyond. The CNY period also proved highly profitable, despite a slow start, with strong expectations for 1Q26 results.

Industry Updates

Melco recognized in the S&P Global Sustainability Yearbook 2026.
Sands China boosts employee benefits, extending maternity leave to 90 days.
BetConstruct brings AI‑driven innovation to Brazil at SBC Summit Rio 2026.

INTELLIGENCE | ASEAN | CAREERS | EVENTS

UK and Egypt L&H revenue was up 17 percent yearly to RM523 million ($134.64 million), helping a 99 percent yearly increase in adjusted EBITDA to RM110.1 million ($28.34 million). This was ‘primarily due to the contribution from the newly acquired Stratford casino and higher business volume’, offset by a strengthening of the Malaysian ringgit against the British pound.

The group’s US and Bahamas L&H operations saw a 55 percent increase in revenue to RM252.7 million ($65.05 million), ‘primarily due to the consolidation of GERL Group, contributing revenue of RM279.3 million ($71.9 million)’, which was offset by a strengthening of the ringgit against the USD. US & Bahamas adjusted EBITDA totaled RM83.8 million ($21.57 million), up by 10 percent yearly.

Overall, the group saw adjusted EBITDA soar to RM692.7 million ($178.32 million), up from RM180.6 million ($46.5 million) in 4Q24, despite revenue rising by just 10 percent to RM3.01 billion ($775.4 million).

During the quarter, the group reversed a RM368.2 million ($94.8 million) loss in 4Q24 to a RM40.9 million ($10.53 million) gain before tax in 4Q25.

Prospects

Looking ahead, the group notes that its Malaysian and other operation face an uncertain outlook, given ‘global developments’, despite expectations for cross-border tourism to remain positive amongst ‘improving consumer demand, enhanced air connectivity and growing outbound travel from emerging markets, particularly within Asia’.

The group highlights that ‘the regional gaming market is expected to remain stable, supported by tourism-related demand’.

In Malaysia, the group is ‘advancing several initiatives to drive visitation growth at Resorts World Genting’, including a new nature-themed attraction dubbed ‘Eufloria’ and the launch of a revamped 18-hole golf course at Resorts World Awana at Genting Highlands. It also continues ‘selective refurbishment and upgrading works across its facilities’ and is focused on ‘operational discipline and yield optimization to support continued growth’.

In the UK, the group has rolled out additional gaming machines across its properties amongst legislative reforms. It is also commencing the redevelopment of the London Trocadero at Piccadilly Circus into a three-story casino and entertainment venue.

Resorts World New York City wins casino license, Genting Malaysia

Looking to the US, Resorts World New York City (RWNCY) was awarded a full commercial casino license by the New York State Gaming Commission, ‘marking a key milestone in the Group’s expansion in the US’. The group highlights that this ‘enables RWNYC to transition from a racino into a fully integrated commercial casino’.

‘The initial phase of the development envisages an expanded gaming floor alongside enhanced entertainment, hospitality, and supporting amenities’.

In the Bahamas, the group is aiming to strengthen relations with international cruise operators to increase port calls at Resorts World Bimini. A new international commercial flight route has also recently commenced operations ‘and is expected to enhance connectivity to the island’.

Rich’s pursuit leads him into a sunken temple where Gold Staters illuminate forgotten chambers and power the Book, triggering the ancient mechanism beneath him. Tomb Scatters guide his path as the altar opens, while Book of Dead GO Collect preserves the series’ signature inner‑sanctum aesthetic—golden columns, glowing glyphs, and Rich framed against shifting stonework—for a focused, character‑driven chapter in his saga.

Key gameplay moments revolve around how collected Staters and the Book interact with the temple: coins gathered in the base game track Rich’s progress toward the Treasure Vault, where a chamber of labelled Staters culminates in a final high‑stakes choice. Rather than overwhelming players with complexity, the game uses its features to reinforce narrative beats—from the classic Expanding Symbol to the tense coin comparisons of the Treasure Gamble, presented as the temple’s last puzzle.

As a new entry in Play’n GO’s Egypt portfolio, Book of Dead GO Collect connects directly to Rich Wilde and the Book of Dead, while echoing the darker mystique of Legacy of Dead, Secret of Dead and Pilgrim of Dead. Fans of those titles will recognise familiar faces – Rich, pharaohs, jackal guardians and sacred birds – now joined by gleaming Staters that visually link to the GO Collect system and the Treasure Vault’s coin chamber.

Commenting on the launch, Magnus Wallentin, Games Ambassador at Play’n GO, said: “Book of Dead GO Collect lets us return to Rich Wilde’s roots while adding a fresh layer of tension around the Treasure Vault. It feels like the Book is testing players as much as the temple ever did.”

Book of Dead GO Collect offers a focused, story-rich take on ancient Egypt, ideal for anyone who enjoys character-driven slots and the evolving mythology of the Dead series.

BetConstruct brings AI‑driven innovation to Brazil at SBC Summit Rio 2026

Elsewhere

AGBrief Editorial

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February 27, 2026

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BetConstruct brings AI‑driven innovation to Brazil at SBC Summit Rio 2026

BetConstruct AI has confirmed its participation in SBC Summit Rio 2026, entering Brazil’s second year of full regulation with a strong focus on technological empowerment and operator autonomy.

At Stand A230, visitors will encounter a comprehensive suite of AI-driven solutions designed to meet the high standards of the Brazilian audience. The showcase features the industry-leading Sportsbook and Casino Platforms, engineered to scale rapidly while maintaining the highest levels of performance.

Beyond the core platforms, BetConstruct AI provides the essential architecture for a dominant online brand. This includes CMS Pro, a specialized content management solution that empowers operators to manage their entire business from one centralized hub, and SpringBuilder X, our mobile-first, SEO-driven drag-and-drop website builder that eliminates the need for technical skills.

Taking customization a step further, BetChain AI offers a revolutionary way to build and shape iGaming websites faster and smarter, giving partners full creative control. These foundational tools are designed to work in perfect harmony with our deeper intelligence layer, creating a seamless bridge between a stunning user interface and sophisticated back-end automation.

The core of the exhibition is the BetConstruct AI Suite, a sophisticated collection of tools built to automate and optimize the operator’s journey.

CRM AI: Delivering deep behavioral insights to enhance player retention.
Umbrella AI: Providing real-time risk management and automated player protection.
AI Game Recommendation System: Ensuring personalized content delivery to maximize engagement.
Betting Mate: An intuitive AI companion that elevates the player experience with real-time stats and insights.

Reflecting its commitment to the Brazilian market’s long-term success, BetConstruct AI will highlight its exclusive “The Choice to Grow” program. This performance-based initiative rewards partners who achieve a 16.67% increase in GGR each quarter. By meeting these targets across a diverse product range – including Sportsbook, Virtual Sports, and partner brands like PopOK Gaming and CreedRoomz– operators can unlock a 51% invoice discount every third month, alongside exclusive service benefits and tournament access.

BetConstruct AI invites all industry stakeholders, operators, and media representatives to visit Stand A230 at Riocentro. The team will be available throughout the summit to demonstrate how a connected, AI-driven environment allows partners to choose the path of innovation, efficiency, and market leadership in the Brazilian Market.

The Ontario launch is the first step in a partnership that will see Caesars bring Aviatrix to its online casino players in other North American markets. The launch also marks a major milestone for Aviatrix, which has rapidly scaled into regulated markets worldwide over the past few years, particularly in Europe and Latin America.

Anastasia Rimskaya, Chief Account Officer at Aviatrix, said: “This is yet another landmark moment for Aviatrix. Over the last two years, we have focused on bringing the game to regulated markets around the world, and to add our first in North America is something we’re really proud of. Partnering with a global leader like Caesars Entertainment is a clear statement of intent, and we are excited to work together as we expand across the region.”

Ricardo Cornejo Rivas, Vice President of Online Gaming at Caesars Digital, added: “We’re delighted to be the first operator to bring Aviatrix to North America. This title has been very popular among players worldwide, and we’re confident it will resonate with our Ontario audience. This launch marks the official beginning of our partnership, and one we look forward to building on.”

Aviatrix is licensed or certified in more than a dozen regulated markets, including Brazil, Colombia, Estonia, Georgia, Greece, Italy, the Netherlands, Ontario, Peru, Romania, South Africa and Sweden.

Shareholders of International Entertainment Corporation (IEC) have approved the issuance of HK$1.6 billion ($204.6 million) in convertible notes to Philippine gaming technology firm DigiPlus, along with a Whitewash Waiver that will allow DigiPlus to avoid making a mandatory general offer upon conversion.

According to a filing by the company, the resolutions were passed at an Extraordinary General Meeting held on February 26th, 2026, with 100 percent of the votes cast in favor of the relevant ordinary and special resolutions.

The approvals clear a key hurdle for DigiPlus to potentially become the controlling shareholder of the Hong Kong-listed casino operator.

Under the Subscription Agreement, DigiPlus will subscribe to HK$1.6 billion ($204.6 million) in convertible notes. Upon full conversion at the initial conversion price, DigiPlus would hold approximately 53.89 percent of IEC’s enlarged issued share capital, effectively giving it control of the company.

Because such a stake would normally trigger a mandatory takeover offer under Hong Kong’s Takeovers Code, IEC sought and obtained a Whitewash Waiver from the Securities and Futures Commission’s Executive, subject to independent shareholder approval. The waiver was approved by more than 75 percent of votes cast by independent shareholders, as required.

The Executive also granted consent for a Special Deal involving the early repayment of promissory notes using part of the proceeds from the convertible notes issuance.

IEC previously stated that the proceeds from the subscription would help fund the transformation of New Coast Hotel Manila into a fully integrated resort under a provisional license granted by PAGCOR in 2023. The company has pledged to invest between $1 billion and $1.2 billion in the redevelopment and, in 2024, assumed full operational control of the casino from the regulator.

As of the announcement date, key conditions precedent for the first completion of the subscription had been fulfilled, including shareholder approvals and the granting of the Whitewash Waiver.

IEC announced its financial results on Wednesday, stating that it expects to hold a grand reopening of the renovated New Coast Hotel Manila in July this year, following the completion of renovation works on the casino’s ground floor in January.

Melco recognized in the S&P Global Sustainability Yearbook 2026

Macau

AGBrief Editorial

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February 27, 2026

0

Melco recognized in the S&P Global Sustainability Yearbook 2026

Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026 after ranking in the 96th percentile of its industry in the 2025 S&P Global Corporate Sustainability Assessment, up from the 92nd percentile the year before.

Melco’s dedication to sustainability is highlighted by its growing recognition within the industry. The Company has consistently achieved a B score for CDP Climate 2025, and improved its CDP Water score from B to A-. Additionally, it holds an A rating from MSCI.

Lawrence Ho Melco Resorts — _{Lawrence Ho}

Commenting on the recognition, Mr. Lawrence Ho, Chairman & CEO of Melco, said, “We are motivated by our longstanding commitment to achieve a better, sustainable future for all. We strive to enhance our performance annually and acknowledge that the rigorous CSA assessment serves as a crucial benchmark for evaluating the impact we are creating in our key focus areas. We are honored to be recognized by leading global ESG raters for our steadfast efforts towards driving real change across our business through our ‘RISE’ sustainability strategy.”

To be listed in the Yearbook, companies must score within the top 15% of their industry and must achieve a CSA Score within 30% of their industry’s top-performing company. This year, over 9,200 companies assessed in the 2025 CSA were considered for the 2026 Sustainability Yearbook. Only some 800 companies, across 59 industries, were among the top-performing companies selected for Yearbook inclusion.

“Going forward […] the super premium mass market is the focus of our competition […] because people coming to Macau do not just want to gamble. We need to provide good F&B, good concerts to attend, retail, etc,” noted GEG Chairman Francis Lui at a media briefing for its annual results on Thursday.

Galaxy Press Con, Francis Lui, Tom Arasi, Kevin Kelley

“Entertainment attracts high-end customers […] and we have everything to satisfy them,” noted the Chairman, furthering that “I think we’ve been able to outperform our competitors”.

Chief Operating Officer Kevin Kelley noted that for the premium mass business “most of it is all relationship-driven through our own sales team”, without premium direct or VIP referral business. And premium mass is taking up between “35 and 50 percent of the overall revenue” in the “total mass pie”.

Chief Financial Officer Tom Arasi noted that “all of the feedback leads us to conclude that customers want premium products; larger, more spacious and luxurious rooms, including premium amenities and services”. This has led to an increase in the size of hotel rooms in Phase 4 (which will total 1,350)– set to open in 2027, as well as an increase in non-gaming amenities.

“When you look at the customers,” furthered Kevin Kelley, “they’re becoming more and more demanding, evolved, and discriminating in terms of the types of products and services that they need and want to fulfill their overall gaming entertainment experience. We’ve been working very hard to complete the full scope of all of these – when you look at Raffles, at Capella and Horizon Plus”.

Horizon Plus is the premium gaming area located within Capella which features an open gaming area with 16 baccarat tables, dining and six private salons with multiple baccarat tables in each room.

“I think that when you look at the success of those two offerings that we put in our Phase 3, and how that informs us for Phase 4, naturally we think that as long as you build it, and you service it, and you execute it well, then the market is going to continue to grow in this segment,” highlighted Kelley.

While Kelley noted that the historical tendency is for a fall-off after the CNY period and “obviously we’re going to be a little bit softer, but it’s all relative. We’ll probably run in the low 90s (occupancy) instead of the high 90s, but I think as we look into March, we have a pretty good robust calendar of things for our customers – reasons to come back.”

The group’s COO noted that over CNY, aside from gaming and hotel occupancy, “our food and beverage has achieved record results in terms of covers and revenue. We’re seeing some good robust lift in our luxury retail shopping”.

The CMCF described the move as a timely step to support the continued growth of the country’s rapidly expanding esports sector while ensuring stronger safeguards for young players and promoting healthier digital experiences. The forum said the guidelines would help align industry development with responsible content standards as gaming and esports become more mainstream.

Mediha Mahmood, Chief Executive Officer of the CMCF, said recent stakeholder engagements organized by the Content Forum brought together gaming platforms, developers, player communities and child safety experts to discuss emerging challenges.

“Our discussions highlighted that user protection, community behavior and healthy digital experiences are deeply interconnected. These issues cannot be addressed in silos, particularly as gaming and esports become increasingly mainstream,” she said.

In parallel with the ministry’s policy development, the CMCF is drafting a Gaming Sub-Code under the Malaysian Communications and Multimedia Content Code. The proposed Sub-Code is intended to provide practical, risk-based guidance covering child protection, responsible game design, community conduct and clearer content standards across digital gaming and related esports activities.

The CMCF said it views the ministry’s regulatory efforts and the strengthening of industry-led content standards through the Gaming Sub-Code as complementary measures. Together, they are expected to contribute to a safer, more sustainable and more inclusive gaming ecosystem in Malaysia.

Daily Asia Gaming eBrief: Galaxy 4Q25 EBITDA hits $550M on premium focus

What you need to know

On the radar

AGB Intelligence

MACAU

Galaxy ‘played lucky’ in 4Q25, boosting EBITA to $550M

Industry Updates

Table of Contents

Lower gaming results in Malaysia contrast Genting Malaysia’ threefold EBITDA gain in 4Q25

Genting Malaysia saw a 21 percent drop in adjusted EBITDA for its leisure and hospitality (L&H) operations in Malaysia in 4Q25, ‘mainly due to lower overall business volumes in the gaming segment at Resorts World Genting’.

Prospects

Table of Contents

Play’n GO takes the Dead Series further with Book of Dead GO Collect

Play’n GO expands its iconic Dead series with Book of Dead GO Collect, a 5×3 Egyptian slot that follows Rich Wilde on a quest for a hidden Treasure Vault and the Book’s newest mystery.

BetConstruct brings AI‑driven innovation to Brazil at SBC Summit Rio 2026

BetConstruct AI has confirmed its participation in SBC Summit Rio 2026, entering Brazil’s second year of full regulation with a strong focus on technological empowerment and operator autonomy.

The core of the exhibition is the BetConstruct AI Suite, a sophisticated collection of tools built to automate and optimize the operator’s journey.

Table of Contents

Aviatrix launches in North America via Caesars’ Online Casinos

Aviatrix has revealed that its award‑winning crash game is now live in North America for the first time, launching in Ontario across Caesars Entertainment’s online casino platforms such as Caesars Palace Online Casino, Caesars Sportsbook & Casino, and Horseshoe Online Casino.

Table of Contents

Shareholders greenlight DigiPlus deal in $205M IEC subscription

Melco recognized in the S&P Global Sustainability Yearbook 2026

Melco Resorts & Entertainment has been included in the S&P Sustainability Yearbook 2026 after ranking in the 96th percentile of its industry in the 2025 S&P Global Corporate Sustainability Assessment, up from the 92nd percentile the year before.

Table of Contents

Ultra-luxury and super premium the focus of Galaxy going forward: management

Galaxy Entertainment Group is doubling down on entertainment and ultra-luxury is its cornerstone going forward, with recent openings of premium-focused hotels and offerings catering to more demanding customers.

Table of Contents

Galaxy confident for a strong 1Q26, despite slow warm-up to CNY: management

Galaxy Entertainment Group management said that the Chinese New Year period was slow to warm up, but that it’s seen “good growth across every segment of the business” during the period and feels “pretty good for the full quarter”.

Table of Contents

Malaysia advances esports oversight with regulator backing

The Communications and Multimedia Content Forum of Malaysia (CMCF) has expressed support for the Ministry of Youth and Sports’ initiative to develop dedicated guidelines to regulate esports, according to a report by local media outlet Business Today.

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