Content Writer: Janice Chew • Thursday, 25/11/2025 - 18:59:33 - PM
Galaxy Entertainment Group (GEG) delivered a strong third quarter in 2025, with group net revenue rising approximately 14 % year-on-year to around US $12.2 billion. In tandem, adjusted EBITDA also increased by about 14 % year-on-year to roughly US $3.3 billion.
The company’s flagship resort, Galaxy Macau, continued to drive results: its net revenue rose by roughly 20 % YoY, and its adjusted EBITDA similarly by about 20 % YoY. GEG cited two noteworthy headwinds during the quarter: the seasonal lull in September (when many visitors postpone trips until Golden Week) and the disruption caused by Typhoon Ragasa, during which all casinos in Macau were mandated to close for 33 hours.
The company also emphasised a healthy balance sheet, with cash and liquid investments of approximately US $36.8 billion and net debt of around US $2.0 billion, leaving a net cash position of roughly US $34.8 billion. The strong liquidity underpins GEG’s dividend policy (including an interim dividend of US $0.70 per share announced for October 2025) and its ongoing investment pipeline in Macau, including the upcoming Phase 4 integrated resort with high-end hotel brands, a 5,000-seat theatre, retail and non-gaming amenities targeted for completion in 2027.
Overall, the Q3 results illustrate GEG’s ability to grow revenue and earnings despite operational disruptions and a competitive Macau environment. The key questions ahead will revolve around sustaining growth, further non-gaming diversification, and execution of the developmental roadmap.