Galaxy Entertainment's Q1 revenue rises on recovering gaming market

Macau casino operator Galaxy Entertainment (0027) reported a 6 percent year-on-year rise in first-quarter net revenue on Thursday, as the city’s gaming market recovered to 76 percent of pre-pandemic 2019 levels.

The net revenue was HK$11.2 billion in the first three months of 2025, up 6 percent from a year earlier but down 1 percent from the previous quarter, while adjusted earnings before interest, taxes, depreciation and amortization rose 16 percent year-on-year to HK$3.3 billion.

Total gross gaming revenue grew 14 percent year-on-year to HK$10.9 billion in March quarter, though it slipped 1 percent compared to the previous quarter.

Despite geo-political turbulence and continued economic slowdown, overall Macau market was still resilient, said chairman Francis Lui Yiu-tung in an exchange filing.

The city's gaming revenue climbed to HK$56.0 billion during the same period, up 1 percent on-year and 0.4 percent quarter-on-quarter, reaching 76 percent of pre-pandemic levels, according to the Gaming Inspection and Coordination Bureau.

“While the slowing global economy and the potential impact of recently announced tariffs present short-term challenges, we remain confident in the longer-term outlook for Macau,” Lui said.

STAFF REPORTER