International Game Technology (IGT), a global leader delivering entertaining and responsible gaming experiences, has announced that IGT PlaySports is growing its sports betting presence in Nevada via a three-property, sports betting technology and services agreement with GN NV Holdings, owner and operator of the Golden Nugget Casinos.
IGT PlaySports will power retail and mobile sports betting at Golden Nugget Casino Lake Tahoe first, followed by Golden Nugget Casino Las Vegas, and Golden Nugget Casino Laughlin.
Golden Nugget Casino Lake Tahoe was the first of the three casinos to convert to an IGT PlaySports-powered sportsbook after launching its retail sportsbooks in January 2025. Golden Nugget Casino Laughlin and Golden Nugget Casino Las Vegas are expected to launch their new sports betting programs later this year, first with retail betting and then with a mobile betting option.
“Golden Nugget Casinos in Nevada are thrilled to partner with IGT PlaySports to elevate our retail and mobile sports betting experience statewide,” said Gerry Del Prete, Chief Operating Officer-Gaming of Fertitta Entertainment. “Nevada sports bettors are savvy and experienced players. As we reintroduce Golden Nugget’s betting program, our priority is to deliver a seamless and enhanced experience with user-friendly technology that offers outstanding features, including advanced betting options and real-time updates to keep players engaged.”
“Given the scale and maturity of Nevada’s sports betting market, adding three Golden Nugget Casinos to IGT PlaySports’ customer roster is an achievement that speaks to the quality of our technology and team,” said Joe Bertolone, IGT SVP Sports Betting. “We look forward to helping Golden Nugget Casinos elevate their sports betting program, execute their vision and engage sports fans in Nevada with localized offers, a diverse betting menu and superior technology.”
In addition to deploying the award-winning IGT PlaySports platform, the three Golden Nugget Casinos will offer IGT PlaySports’ QuickBet self-service betting kiosks and leverage the expertise of the Company’s Trading Advisory Services team.
Macau operators and executives are trying to figure out the exact impact that the White House’s designation of the SAR as a “foreign adversary” could have on their operations, finances and movement of capital. A top political scientist lays out the immediate potential problems the Macau operators could be facing, whether they are US-backed or not.
In 2024, 1xBet achieved significant breakthroughs and successes, solidifying its position in the iGaming industry. The brand secured major partnership deals, received prestigious awards, and showcased its innovations at the world’s leading forums.
Embattled Australian gaming operator The Star Entertainment Group has announced a trading halt, over speculation that the company might no longer be financially viable.
According to a Friday update, The Star is ‘continuing to explore possible liquidity solutions’ and ‘anticipates that it will receive one or more liquidity proposals during the course of today‘.
The group is also expected to publish its financial results for the second half of 2024 today but will only do so if it has received said liquidity proposals and, once determined by directors, whether those prove ‘whether the company can continue’.
If the half-year report is not lodged today, the company’s shares will be suspended from trading starting March 3rd.
The group reiterates that ‘there remains material uncertainty as to the Group’s ability to continue as a going concern’.
On Thursday, the Australian Financial Review reported that The Star was having difficulties in signing off on accounts, due to its weak cash balance and failed attempts at securing financial lifelines. This comes despite multiple offers, including from the group’s main Hong Kong-listed partners in its Queen’s Wharf Brisbane project.
The group is also facing lawsuits by the country’s financial watchdog ASIC – directed at 11 of the company’s former directors and executives. These are based around allegations of leadership failure relating to money laundering and criminal associations for the 2017-2019 period.
Genting Malaysia Berhad has reported a net loss of some RM485.6 million in 4Q24, a strong reversal from its RM217.6 million ($49 million) in profit for 4Q23, largely associated with costs linked to its bid for a gaming license in New York.
According to financials published on Thursday, the group also published a drop in adjusted EBITDA of 17 percent yearly, to RM621.5 million ($140.14 million), bullied by a revenue drop of 7.8 percent, to RM2.68 billion ($604.3 million).
In Malaysia, the group’s leisure and hospitality operations declined by just 1 percent yearly, to RM1.17 billion ($263.8 million), while adjusted EBITDA was down 7 percent, to RM490.4 million ($110.57 million). The group attributes this to ‘higher operating expenses during the period’.
Looking to the UK and Egypt operations, there was a 4 percent increase in revenue, to RM446.4 million ($100.6 million), ‘primarily driven by higher volume of business across the Group’s estate’. This comes despite currency fluctuations. Adjusted EBITDA was down for the segment, dropping by 39 percent, to RM55.2 million ($12.45 million), on higher operating costs and payroll expenses.
In the US and the Bahamas, Resorts World New York City saw revenue fall by 1 percent, to RM461.7 million ($104.1 million), also attributed to currency fluctuation. Adjusted EBITDA for the segment fell by 42 percent, to RM75.9 million ($17.11 million), on higher operating costs and payroll.
FY24
Overall the group finished the year on a high note, with total revenue up by 7 percent, to nearly RM10.7 billion ($2.41 billion), pushing a similar 1 percent increase in adjusted EBITDA to RM2.92 billion ($658.4 million).
The group notes that its Malaysia operations saw a 6 percent growth in revenue for leisure and hospitality, reaching RM6.28 billion ($1.42 billion), with adjusted EBITDA up by 1 percent, to RM2.1 billion ($473.5 million). The group notes that the improvements were ‘mainly attributable to the higher volume of business registered at Resorts World Genting’, despite higher operating expenses.
In the UK and Egypt, there was a 14 percent increase in revenue, to RM1.89 billion ($426.16 million), based on higher business volume, with a 2 percent increase in adjusted EBITDA, to RM297.9 million ($67.2 million).
Looking to the US and the Bahamas, there was a 6 percent yearly increase in revenue for leisure and hospitality, to RM1.98 billion ($446.45 million), mostly due to contributions from Resorts World New York City. Adjusted EBITDA fell by 4 percent, however, to RM530.2 million ($119.55 million).
Future outlook
Looking ahead, the group notes that it will hone its efforts on ‘refining marketing strategies to increase visitation’ at Resorts World Genting, while managing costs. The group highlights that its ongoing investments in infrastructure and attractions at Genting Highlands – including ecotourism experiences set to launch this year, will ‘further elevate the Group’s offerings’. The group is also planning a campaign of events and activities to celebrate the Genting Group’s 60th anniversary.
In the UK, the focus is on ‘identifying new growth opportunities to expand its market share’, mitigated by lowering costs and improving performance.
In the US, the group is aiming for one of the three new commercial casino licenses in New York, while expanding its current footprint via RWNYC and its Empire property.
Looking to the Bahamas, the aim is to focus on cruise operators, to drive more customers to its property: Resorts World Bimini.
The United States has officially classified Macau and Hong Kong as “foreign adversaries,” placing them alongside nations such as Russia, North Korea, Cuba, and Venezuela.
This designation, made under the section 4 “America First Investment Policy” signed by former President Donald Trump on February 21st, marks a significant shift in US foreign relations.
The policy underscores the link between economic security and national security, signaling that the US government could impose restrictions on capital investment in these newly designated adversary regions.
Macau has attracted several major American operators, including Las Vegas Sands, Wynn Resorts, and MGM Resorts International. These companies have played a key role in transforming the once traditional Oriental casino town into the world’s largest gaming market.
The influx of foreign investment began after China ended its 40-year gaming monopoly in 2001, with sector liberalization starting in 2002. Despite ongoing Sino-US tensions, these American operators continue to thrive in Macau, which remains heavily reliant on their tax contributions.
As for Hong Kong, also classified as a “foreign adversary,” it remains a key financial center where many of these gaming operators are listed on the Hong Kong Stock Exchange.
Short-term and long-term effects on Macau’s investment climate
In an interview with AGB, Sonny Lo, a commentator and political scientist, noted that the “America First Investment Policy focuses 90 percent on Chinese investment within the US.” However, he pointed out that the memorandum only briefly addresses investment in “foreign adversaries,” and many of the details have yet to be realized through law or administrative measures.
Sonny Lo, political scientist
Lo suggests that, in the short term, the policy will not lead to drastic changes in Macau’s investment climate. However, he sees “a lot of uncertainty” in the long run, as the concrete policies of the US government remain unclear. He emphasized that while the memorandum has been signed, it is still a policy outline that requires implementation through actual law or administrative action.
Lo also notes that changes may occur in US policy, but countermeasures could be implemented by China, potentially impacting Macau. In this context, Lo predicts that “China will likely wait to see how the US moves before deciding how to respond.”
Although Trump’s new policy primarily focuses on restricting Chinese capital investment in high-tech and military-related industries in the US, it also limits American capital from investing in similar industries in China or its affiliates. This has little direct connection to Macau’s industries. However, Lo outlined several potential impacts on Macau that may emerge in the wake of the policy:
Tighter Reporting Requirements: Under Trump’s leadership, the US may introduce stricter reporting requirements for American investments in “foreign adversary” countries and regions, including Macau.
More Rigorous Auditing: The US could increase the scrutiny and auditing of these investments, potentially affecting both the financial and operational aspects of the companies involved.
Tax Implications: Increased auditing could lead to higher taxes for businesses operating in adversary countries, adding financial pressure on American companies.
Fund Flow Restrictions: After collecting profits from investments in these regions, the US could impose additional restrictions on the flow of funds, making it more challenging for companies to repatriate capital.
Although it is still early to foresee the possible consequences, it is worth noting that many top casino executives in Macau, including those with US parent companies, hold political roles in the Chinese People’s Political Consultative Conference (CPPCC), adding an additional layer of complexity to the situation. This could potentially increase scrutiny of their operations, partnerships, and personal activities.
Since the news broke last week, however, there has yet to be a comprehensive analysis of the risks these connections pose to businesses operating in Macau.
Robert Goldstein, Chairman & CEO of Las Vegas Sands
Robert Glen Goldstein, Chairman and CEO of Las Vegas Sands, met with Wang Shouwen, Vice Minister of Commerce, in January this year to discuss expanding investments in China. However, it remains uncertain whether the latest developments regarding US policy will affect Sands China’s future investment decisions.
Additionally, Miriam Adelson, widow of the late Sheldon Adelson and a significant donor to pro-Trump super PACs, remains a close ally of Donald Trump. Her political contributions highlight the intersection of US politics and Macau’s gaming sector, given her affiliation with Las Vegas Sands. She donated $95 million to her pro-Trump PAC, Preserve America, positioning herself as one of the largest donors in the current election cycle.
Macau gaming operator Melco Resorts has announced that City of Dreams‘ ‘House of Dancing Water‘ show will officially return in May with a spectacular revamp, set to enchant audiences and elevate aquatic entertainment to unprecedented heights.
Where Water Dances, Legends Come Alive; is the central premise that sets the enchanting stage for a new ‘House of Dancing Water’, the once-in-a-lifetime aquatic show featuring excellent aerial acrobats, a captivatingly dramatic story and cutting-edge technology within the awe-inspiring theater.
Tickets will officially go on sale from March 10th, 2025, onwards.
Chairman and CEO of Melco Resorts & Entertainment, Mr. Lawrence Ho and Mr. Giuliano Peparini, Artistic Director, Peparini Studios attended the official House of Dancing Water Press Conference at Morpheus, designed by Zaha Hadid.
The reimagined ‘House of Dancing Water’ is recreated and directed by Mr. Giuliano Peparini, Artistic Director, Peparini Studios, and produced by Our Legacy Creations. Under Giuliano’s artistic direction, ‘House of Dancing Water’ will retain its brilliant essence while being reimagined with a narrative form that aligns with contemporary artistic contexts.
With rich scene content and cutting-edge stage effects, the spectacle will deliver greater visual impact and immersion, providing audiences with an extraordinary experience. To expound the story beyond traditional audience-performer relationships, cast will engage in deep interaction with the audiences from within the seating area before the show begins, creating a personalized, beguiling pre-show experience.
Audiences will be thrilled by a seamless blend of acrobatics, dynamic dance choreography, and daring water stunts by a team of near to 300 talented cast, crew and behind-the-scenes heroes from more than 30 countries, all in a theater designed to proffer a performance unlike anything else on this mortal earth!
Under the witness of Mr. Patrick Ho, Head of Department, Department for Promoting Cultural and Creative Industries of the Cultural Affairs Bureau of Macao S.A.R.; Ms. Jennifer SiTou, Head of Tourism Product and Events Department, Macao Government Tourism Office of Macao S.A.R.; along with Mr. Xu Dong Jie, Deputy Director of the Department of Publicity and Culture of the Liaison Office of the Central People’s Government in Macao S.A.R., Mr. Lawrence Ho announced ‘House of Dancing Water’ will make a triumphant return in May, 2025.
The guests of honor joined together for an immersive activation in celebrating the great success for the upcoming Premiere. ‘House of Dancing Water’ cast joined as they donned costumes to present a spectacular parade specially curated by Mr. Giuliano Peparini, setting the stage for the saga to unfold in May. Media attendees were then invited for a behind-the-scenes journey at the theater for an exclusive sneak peek, entering the luminous lure and graceful charm of the inner world of the ‘House of Dancing Water’ production.
Chairman and CEO of Melco Resorts and Entertainment, Mr. Lawrence Ho, said, “As one of the world’s leading integrated resort operators, Melco has always committed to offering unparalleled cultural and tourism experiences to our guests. This dedication is brought to life at our flagship integrated resort, City of Dreams Macau, through the distinctive landmark entertainment projects that contribute to the development of new and high-quality tourism in Macau.”
“Today marks an exciting moment as the highly anticipated ‘House of Dancing Water’ is set to return to Melco’s flagship resort, City of Dreams, this May. We are proud to offer visitors to Macau a unique and extraordinary entertainment experience. The world-class production has further strengthened City of Dreams’ portfolio as well as set a new standard of excellence and innovation in leisure and entertainment.”
“House of Dancing Water also realizes our strong vision of creating a brand-new definition of integrated resorts. We firmly believe that the incomparable experience offered by House of Dancing Water will shape Macau into a live performance destination, attracting tourists from around the world and supporting the government’s initiative to sustain Macau’s positioning as the ‘World Centre of Tourism and Leisure.”
‘House of Dancing Water’ is the brainchild of Mr. Lawrence Ho, Chairman and CEO of Melco Resorts and Entertainment. This world-class aquatic show is an over 2 billion RMB production and has presented nearly 4,000 shows since its debut in September 2010, attracting countless number of audiences from around the world and receiving rave reviews.
The pioneering theatrical innovation delivers stunning visual effects, with the epic retelling revolves around a romantic storyline, evoking deep emotions and resonating with audiences no matter their age or background, contributing to a breathtaking aquatic show that leaves jaws on the floor but hearts illuminated with vibrant charm of artistry.
The 270-degree theater-in-the-round host venue offers a crucible of cutting-edge stage technology, advanced water systems, hydraulic elevators, and precision lighting and lasers, along with sophisticated projection technology to ensure an all-around unparalleled visual experience, ‘House of Dancing Water’ breaks and redefines the limits of ‘show’ and recreates an immersive aquatic extravaganza full of infinite possibilities.
The return of ‘House of Dancing Water’ will further enhance the existing artistic landscape of City of Dreams, promoting the development and prosperity of the arts and culture in Macau S.A.R. The reimagined ‘House of Dancing Water’ is set to unveil its Premiere in May, inviting audiences from around the world to witness this once-in-a-lifetime aquatic show at City of Dreams Macau.
Recognized as a top employer in the Greater Bay Area, MGM is thrilled to have secured 32 distinguished HR awards in 2024, bringing its international and regional accolades to over 230.
Driven by its talent-driven culture, MGM has established a comprehensive, high-quality, and forward-thinking HR service framework that supports the holistic development of its team members, and makes great moments for its employees.
The Company also makes its training resources available to the community, fostering a pipeline of high-caliber talent for Macau and enriching the city’s offerings as a world center of tourism and leisure.
Kenneth Feng, President and Executive Director of MGM China Holdings Limited
Kenneth Feng, President and Executive Director of MGM China Holdings Limited, said: “The awards we received last year are a testament to MGM’s excellence in human resource management. We firmly believe that the growth of our company is inextricably linked to the personal development of our employees — talent is the driving force for sustainable business success. Looking to the future, MGM will continue cultivating a workplace that is inclusive, healthy, safe, and dynamic. Through comprehensive employee engagement initiatives and talent development programs, we aim to strengthen our team members’ sense of belonging and fulfillment, and empower them to find their stage to shine as they grow together with the company.”
Prioritizing Employee Well-being with Outstanding HR Initiatives
MGM is continuously enhancing its HR policies, optimizing its employee health and wellness programs, and fostering a strong corporate culture. Initiatives such as the “Get Moving! Power Up Your Wellness” employee health promotion series, “MGM Go Green Summer”, and “Communicating Beyond Words” roadshow have been widely recognized by various sectors of society.
This commitment to workplace excellence has earned MGM multiple prestigious accolades. At the Employee Experience Awards 2024, MGM stood out among over 50 international enterprises, securing the prestigious “Grand Winner” title once again, along with six gold and four silver awards. The Company also became the first integrated resort hotel in Macau to receive “5-Star Best Employer” from HRD Asia.
MGM’s achievements in employer branding continued to gain recognition. MGM was named “Best Employer in Asia 2024” by HR Asia, making it the only integrated resort hotel in Hong Kong and Macau to receive this honor. At the Human Capital Forum 2024, MGM was the only company in Macau to receive two awards, namely the “Best Employers” and “Best Practice of Human Resource Management” awards.
Driving DiversifiedTalent Development
MGM provides its team members with extensive learning resources, supporting their upward and linear career mobility. The training programs cover a wide range of areas, including professional skills enhancement, career development, leadership management, and more. In 2024, MGM delivered over 1.34 million hours of training, with each employee receiving an average of 91 hours, far exceeding the industry norm.
Beyond internal talent development, MGM proactively extends its training resources to the community and provides learning opportunities for the public. In partnership with the Macao Government Tourism Office (MGTO), MGM launched the “Macao Welcomes You” Training Programs for International Guests and the “Together We Deliver Exceptional Hospitality as Tourism Ambassadors” Training Series.
These programs not only engaged MGM team members but also invited all sectors of society, including university students, to participate. MGM also co-organized the “New Greater Bay Area Youth Exchange Program” with the Education and Youth Development Bureau of the Macao SAR Government, the Livelihood Affairs Bureau of the Guangdong-Macau In-Depth Cooperation Zone in Hengqin, and the Macau Youth Development Service Centre. The program offered more than 130 youths from Macau the opportunity to visit the Cooperation Zone and learn first-hand about its latest developments.
Gaming operator Melco Resorts & Entertainment announced that its operating revenue for 4Q24 reached $1.19 billion, marking a 9 percent increase from the $1.09 billion reported in the same period in 2023.
This growth was primarily driven by improved performance across all gaming and non-gaming operations.
In 4Q24, the company reported operating income of $97 million, compared to an operating loss of $94.4 million in the same quarter of 2023. According to its unaudited financial results, Melco generated adjusted property EBITDA of $295.4 million, down slightly from $303.4 million in the fourth quarter of 2023.
The net loss attributable to Melco Resorts & Entertainment for 4Q24 was $20.3 million, significantly reduced from the $205.9 million net loss in 4Q23. The net loss attributable to non-controlling interests was $19.6 million in the fourth quarter of 2024, compared to $20.8 million in 4Q23, mainly related to the operations of Studio City and City of Dreams Mediterranean.
For FY24, the company reported total operating revenues of $4.64 billion, up from $3.78 billion in 2023. This increase was largely due to the continued recovery in inbound tourism to Macau and the ramp-up of operations following the opening of Studio City Phase 2 and City of Dreams Mediterranean in mid-2023. Operating income for 2024 was $484.6 million, compared to $65 million in 2023.
City of Dreams Macau
For 4Q24, City of Dreams Macau reported total operating revenues of $591.1 million, up from $559.8 million in 4Q23.
Adjusted EBITDA was $140.1 million, down from $166.2 million in the same period last year. The decline was mainly due to higher operating costs, primarily from increased staffing to enhance service quality.
Studio City‘s total operating revenues rose to $342 million in 4Q24 from $302.5 million in 4Q23. Adjusted EBITDA increased to $81.2 million from $77.3 million in the same period last year, driven by stronger performance in the mass market segment.
Studio City has refocused on the premium mass and mass segments, transferring VIP rolling chip operations to City of Dreams in late October 2024. As a result, rolling chip volume declined to $165 million in 4Q24 from $566.0 million in 4Q23.
The rolling chip win rate improved to 3.48 percent in 4Q24 from 1.86 percent in 4Q23, with the expected range at 2.85 percent- 3.15 percent.
Potential strategic alternatives for Manila property
Melco said on Thursday, prior to its financial results, that it is evaluating potential strategic alternatives regarding its involvement in the operations of the City of Dreams Manila casino resort.
According to the financial results, in 4Q24, total operating revenues at City of Dreams Manila reached $133.8 million, up from $120.5 million in the same period in 2023.
Adjusted EBITDA for the quarter also grew to $56.8 million, compared to $48.8 million in the fourth quarter of 2023. The yearly increase in adjusted EBITDA was primarily driven by improved performance in the rolling chip and mass market table games segments.
City of Dreams Mediterranean
The Company operates three satellite casinos in Cyprus in conjunction with City of Dreams Mediterranean.
For 4Q24, total operating revenues at City of Dreams Mediterranean and Other reached $59.2 million, up from $47.3 million in 4Q23. Adjusted EBITDA for City of Dreams Mediterranean and Other also increased to $11.8 million in the fourth quarter of 2024, compared to $4.7 million in the same period in 2023. The yearly growth in adjusted EBITDA was primarily driven by the continued ramp-up of operations following the opening of City of Dreams Mediterranean in mid-2023. This expansion led to improved performance in the mass market segment and non-gaming operations.
Year of transition in Macau
Lawrence Ho, CEO, Melco Resorts
Lawrence Ho, Chairman and Chief Executive Officer commented: “2024 was a year of transition for us in Macau. We invested in our business to enhance the customer experience and build a stronger foundation for growth. The contributions from these initiatives are now evident, with market share in the fourth quarter of 2024 growing month-to-month and property visitation exceeding pre-pandemic levels. We are committed to continuing to deliver on our strategic objectives and expect to continue to unveil new and exciting projects to support the ongoing growth in Macau.
“City of Dreams Manila had a strong quarter, with a sequential increase in property EBITDA as well as market share. City of Dreams Mediterranean and our satellite casinos in Cyprus exhibited solid results despite the challenges posed by regional conflicts. Lastly, the development of the casino at City of Dreams Sri Lanka is progressing well, and we expect to commence casino operations in the third quarter of 2025.”
Macau’s Secretary for Security, Wong Sio Chak, affirmed at a press conference on Thursday that the illicit money exchange has recorded a significant downward trend after the criminalization of the activity and several combat operations both within and outside Macau.
Wong Sio Chak
According to data from the Secretary for Security, after the criminalization of money exchangers in Macau at the end of October 2024, the police cracked 99 related cases and arrested 141 individuals in 2024. Among these, 89 cases were filed under the charge of “illegal currency exchange for gambling purposes.”
Local media reported that the Macau police force is relieved to see a decrease in the number of money exchangers intercepted in 2024, with a total of 3,185 individuals intercepted throughout the year. The number of interceptions decreased quarter by quarter. Crimes arising from illegal currency exchanges were still predominantly fraud-related, totaling 658 cases. The number of cases decreased from 159 in the first quarter to 131 in the fourth quarter, indicating a significant downward trend in both the number of money exchangers and associated fraud crimes, starting from the second half of 2024. This trend is attributed to the joint efforts of Macau and mainland police.
The Macau police force stated that with the increase in tourists and the recovery of the gambling industry, illegal currency exchange groups have become more active. In recent years, there has been a noticeable trend toward organized and professional operations.
Last year, the police further strengthened cooperation with mainland authorities, dismantling several illegal currency exchange crime syndicates and eradicating the underlying black and gray industries, thereby curbing the development of related crimes at their source. Additionally, the enactment of the “Law on Combating Illegal Gambling Crimes” has further reduced the operational space for illegal money exchange activities.
Gaming-related crime up in 2024
Macau’s security authorities recorded a total of 1,456 gambling-related cases in 2024, marking an increase of 349 cases compared to 2023—a rise of approximately 31.5 percent. However, the figure was 701 cases lower than in 2019, reflecting a decline of about 32.5 percent.
Among the various gambling-related crimes, fraud cases remained the most common, with 333 reported incidents accounting for roughly 22.9 percent of the total. This represents an increase of 76 cases compared to the 257 cases recorded in the previous year but a decrease of 123 cases compared to the 456 cases in 2019.
Usury (loan sharking) cases ranked second, totaling 252 incidents and making up approximately 17.3 percent of the total. This was a significant increase of 113 cases compared to the 119 cases in the previous year but a notable decrease of 350 cases compared to 2019.
Additionally, there were 202 cases of unlawful appropriation, accounting for about 13.9 percent of the total, while theft cases numbered 149, representing roughly 10.2 percent.
Galaxy Entertainment Group (GEG) has announced a 15 percent year-on-year increase in its 2024 fourth-quarter adjusted EBITDA, while highlighting the deployment of smart tables and large-scale entertainment events as expected profit drivers in 2025.
The company reported a group adjusted EBITDA of HK$3.2 billion ($411.6 million) for 4Q24, reflecting a 15 percent increase year-on-year and a 10 percent quarterly rise. For the entire fiscal year, GEG achieved an adjusted EBITDA of HK$12.2 billion ($1.55 billion), marking a 22 percent increase from 2023.
Francis Liu, Chairman of Galaxy Entertainment Group
Francis Lui, Chairman of GEG, emphasized in the group’s report that the premium mass segment remains the primary profit driver for GEG amid a competitive landscape, citing also the need for non-gaming attractions.
“We continue to progress with the fitting out of Capella at Galaxy Macau and the construction of Phase 4, which has a strong focus on non-gaming, primarily targeting entertainment and family facilities, and also includes gaming,” Lui added.
The GEG Chairman also highlighted the deployment of smart tables across all of GEG’s casinos in 2024, a technology the group expects will “enhance the overall operating efficiency and customer management.”
In 4Q24, GEG’s net revenue reached HK$11.3 billion ($1.44 billion), up 9 percent year-on-year and 6 percent sequentially. Annual net revenue totaled HK$43.4 billion ($5.56 billion), also up 22 percent compared to the previous year. Notably, Net Profit Attributable to Shareholders (NPAS) for FY2024 rose to HK$8.8 billion ($1.12 billion), representing a 28 percent year-on-year increase.
Galaxy Macau leads the pack
In the fourth quarter of 2024, Galaxy Macau made a significant contribution to GEG’s performance, generating net revenue of HK$9.1 billion ($1.16 billion), which represents a 12 percent increase compared to the same period last year. Adjusted EBITDA for Galaxy Macau reached HK$2.8 billion ($358.6 million), reflecting an 11 percent rise year-on-year.
StarWorld Macau also performed well, reporting a net revenue of HK$1.3 billion ($166.7 million) for 4Q24, a 3 percent increase year-on-year. Its adjusted EBITDA stood at HK$363 million ($46.5 million), also up 3 percent compared to the previous year.
Broadway Macau achieved a turnaround in its financials, posting an adjusted EBITDA of HK$1 million ($127,000) in 4Q24, compared to a loss of HK$2 million ($257.268) during the same quarter in 2023.
Despite facing challenges in the gaming environment that reduced 4Q24 adjusted EBITDA by approximately HK$35 million ($4.5 million), the normalized adjusted EBITDA was HK$3.3 billion ($421.4 million), a 12 percent increase year-on-year.
Phase 4 completion still set for 2027
Looking ahead, GEG is targeting the opening of Capella at Galaxy Macau in mid-2025. This new 17-storey property will feature approximately 100 ultra-luxury sky villas and suites, each equipped with unique amenities, including balconies with transparent infinity-edge pools and hidden winter gardens. Capella aims to elevate the luxury experience in Macau.
Capella at Galaxy Macau
The company is also ramping up developments at the Galaxy International Convention Center (GICC), Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. Efforts are firmly focused on the development of Phase 4, which will introduce multiple high-end hotel brands new to Macau.
This phase will include a theater with up to 5,000 seats, extensive dining and retail options, and various non-gaming amenities, all spread across approximately 600,000 square meters. It is scheduled for completion in 2027.
GEG remains committed to enhancing its resorts with new and innovative food and beverage offerings and retail options. At StarWorld Macau, major upgrades are underway, including improvements to the main gaming floor and lobby experience, as well as the completion of Level 3 upgrades, which now hosts one of the largest Live Table Games terminals in Macau.
The company – which holds Galaxy Arena, the largest indoor arena in Macau with 16,000 seating capacity – plans to continue to host numerous high-profile events in 2025, including performances by renowned artists and major sporting events, which are expected to draw significant visitor traffic.
World-renowned US rock band Green Day launched Asian Tour at Galaxy Arena in February 2025
Lui noted that GEG is “well positioned to continue to capitalize on this trend of increased entertainment in Macau” with major events driving a “significant increase in visitors to our resorts resulting in increased gaming activity, retail sales, food and beverage revenue and hotel demand”.
