Galaxy Entertainment Group (GEG) posted strong second-quarter results for 2025, driven by the early performance of the new Capella at Galaxy Macau and a surge in entertainment traffic.
Net revenue hit $12.0 billion, up 10% from a year earlier and 8% from Q1. Adjusted EBITDA reached $3.6 billion, rising 12% year-on-year and 8% sequentially. For the first half of 2025, revenue totaled $23.2 billion, while adjusted EBITDA rose 14% to $6.9 billion.
Capella’s Early Lift to VIP Play and Tourism
Chairman Francis Lui noted that Macau’s gross gaming revenue for Q2 reached $59.3 billion, up 8% year-on-year, despite a slower global economy, tariff concerns, and stronger competition in the region. The premium mass market remained a central growth driver.
The ultra-luxury Capella at Galaxy Macau, which began exclusive previews for high-end guests in May, played a key role during the Golden Week holiday. June concerts by K-pop star G-Dragon and Hong Kong legend Jacky Cheung set a single-day visitor record of over 123,000 people.
Across the first half of the year, GEG hosted about 190 events—ranging from entertainment to MICE—boosting property foot traffic by 65% compared to 2024. Citigroup analysts estimate Capella’s debut pushed VIP volumes up by 25–30% from April, lifting May’s gaming revenue forecast to MOP21.25 billion ($2.64 billion).
With 95 suites, private infinity pool penthouses, and a design by Moinard Bétaille, Capella has been promoted as a benchmark in handcrafted luxury. Full opening is set for later this year, aligning with a tourism surge that saw Macau welcome 850,000 visitors during Labor Day Golden Week—up 40.7% from last year.
Property Performance and Expansion Plans
Hotel occupancy across GEG’s nine properties averaged 98% in Q2. The rollout of smart tables is now complete, with the company using new data capabilities to enhance guest experiences.
In June, GEG confirmed that Waldo Casino will close by year-end for commercial reasons, with staff redeployed to other venues and offered vocational training.
Construction on Galaxy Macau Phase 4 has advanced to internal fitting. The 600,000-square-meter project will bring new luxury hotel brands, a 5,000-seat theater, extensive dining and retail, non-gaming attractions, landscaped areas, a water resort deck, and a casino. Completion is slated for 2027.
The group is also exploring opportunities in the Greater Bay Area and select overseas markets, including Thailand.
Awards, Outlook, and Financial Position
In 2025, Galaxy Macau earned “Integrated Resort of the Year” and GEG was named “Casino Operator of the Year” for the second year running at the Global Gaming Awards Asia-Pacific. Four restaurants secured five Michelin stars, and the resort retained its status with Forbes Travel Guide as having the most Five-Star hotels under one roof worldwide for the third year in a row.
While Macau’s government trimmed its 2025 gross gaming revenue forecast from MOP240 billion to MOP228 billion, GEG remains upbeat on the city’s future.
As of June 30, the company held $30.7 billion in cash and liquid investments with minimal debt, supporting development plans, global expansion, and shareholder returns. An interim dividend of $0.70 per share will be paid in October 2025.