Macau gaming operator Galaxy Entertainment Group (GEG) ‘played lucky’ in the fourth quarter of 2025, boosting its adjusted EBITDA by approximately HK$731 million ($93.45 million) to HK$4.29 billion ($549.22 million), up 32.7 percent yearly.
In results released on Thursday, GEG noted that its total gross gaming revenue during the quarter reached HK$13.95 billion ($1.78 billion), a yearly increase of 27 percent, with mass making up the majority.
Mass GGR in 4Q25 totaled HK$10.01 billion ($1.28 billion), up 15% year-on-year. Mass table drop saw a 9.37 percent uptick to HK$35.28 billion ($4.51 billion) but a slight slowdown from the previous quarter. The win rate, however, increased to 28.4 percent in the quarter, up from 27 percent in 4Q24.
Looking to rolling chip, volume increased to nearly HK$60.49 billion ($7.73 billion) in the quarter, up by 16.75 percent yearly. Impressively, the win rate rose from 3 percent in 4Q24 to 5.1 percent in 4Q25, boosting win to HK$3.11 billion ($397.07 million)– up 102 percent yearly.
Electronic gaming volume also rose during the quarter, reaching HK$29.22 billion ($3.73 billion), up by 6.4 percent yearly, with a win rate flat year-on-year at 2.8 percent. Total EGM win was HK$830 million ($106.11 million), up by 6.41 percent yearly.
Galaxy Macau shines
Galaxy Macau continued to lead the charge for GEG, with 4Q25 revenue hitting HK$11.77 billion ($1.5 billion), a yearly rise of 29 percent. Adjusted EBITDA rose by 41 percent yearly to HK$4.02 billion ($513.94 million), supported by a HK$729 million ($93.2 million) luck boost.
Net gaming revenues hit HK$10.2 billion ($1.3 billion), up by 33 percent yearly, led by mass, which contributed HK$8.73 billion ($1.11 billion) in GGR, a yearly increase of 17 percent.
Mass table drop was HK$27.98 billion ($3.58 billion), up by nearly 10 percent yearly, with a win rate rising from 29.3 percent in 4Q24 to 31.2 percent in 4Q25.
Rolling chip volume increased significantly year-on-year to HK$60.11 billion ($7.68 billion), despite being down quarterly, with a win rate rising from 3 percent in 4Q24 to 5.1 percent in 4Q25 and VIP GGR rising to HK$3.09 billion ($395.55 million) – up by 103.3 percent yearly.
Total GGR win was HK$12.5 billion ($1.56 billion), a 30.2 percent yearly rise.
The group notes that it continues to ramp up its Galaxy International Convention Center and Galaxy Arena and is making ‘ongoing progressive enhancements’ to its resorts […] including adding new F&B, lifestyle and retails offerings at Galaxy Macau’.
StarWorld
The group’s peninsula property StarWorld saw a 1 percent drop in net revenue in the quarter, to HK$1.27 billion ($163 million), with adjusted EBITDA falling by 2 percent to HK$356 million ($45.51 million).
Net gaming revenue increased slightly year-on-year to HK$1.15 billion ($148 million), with total GGR win at HK$1.43 billion ($183.46 million) – up by 1.86 percent yearly.
EGM win contributed more to the property’s GGR than VIP play, at HK$151 million ($19.3 million) versus HK$15 million ($1.92 million), respectively. Both segments saw drops year-on-year, with VIP GGR also down significantly by 37.5 percent quarterly.
Mass revenue totaled HK$1.27 billion ($162.24 million), up by 4 percent compared to 4Q24, with table drop hitting HK$7.27 billion ($929.56 million), a yearly increase of 9.83 percent. The win rate fell, however, to 17.5 percent from 18.4 percent in the same quarter of 2024.
StarWorld is currently undergoing a ‘comprehensive renovation and upgrade […] to ensure it remains competitive and appealing to guests’.
The group notes that the renovation of gaming floors on level 1 and 3 has been completed, while the current renovation of hotel rooms and suites is expected to be ‘fully completed by the first quarter of 2027’.
Chairman’s statements
Speaking of the results, Galaxy’s Chairman Francis Lui noted that “we continued to drive growth across every segment of the business, with a particular focus in the premium mass and the super-premium mass segment.”
The executive furthered that “Our balance sheet remains healthy and liquid, with cash and liquid investments of HK$36.3 billion ($4.64 billion). This solid financial foundation, together with healthy cash flow from operations enables us to return capital to shareholders, fund our development pipeline, pursue international expansion opportunities and ensure that we have a strong balance sheet in the event of unforeseeable circumstances such as economic shocks”.
