Galaxy Entertainment Group Reports Strong Financial Growth in 2024
Galaxy Entertainment Group (GEG) has reported significant financial growth for both the fourth quarter and full year of 2024. The company’s earnings were driven by a focus on the premium mass market and continued investment in Macau’s tourism sector.
Rising Adjusted EBITDA and Net Profit
In Q4 2024, GEG’s Group Adjusted EBITDA rose 15% year-on-year and 10% quarter-on-quarter, reaching HKD 3.2 billion ($412 million).
For the full year, EBITDA increased by 22% to HKD 12.2 billion. At the same time, Net Profit Attributable to Shareholders (NPAS) climbed 28% to HKD 8.8 billion.
Chairman Francis Lui credited this success to the company’s focus on service quality over price competition.
According to him, GEG remains committed to resource allocation and sustainable growth.
Financial Stability and Dividend Growth
GEG maintains a strong financial position, holding HKD 31.3 billion in cash and liquid investments. With minimal debt of HKD 4.2 billion, its net cash position stands at HKD 27.1 billion.
In 2024, GEG increased dividend payments. The company distributed HKD 0.50 per share in October, up from HKD 0.30 per share in April.
Boosting Macau’s Tourism Industry
GEG played a key role in attracting visitors to Macau, supporting a 66% rise in international arrivals. In total, 2.4 million international tourists visited in 2024.
To enhance its appeal, GEG hosted around 460 events at the Galaxy International Convention Center (GICC) and Galaxy Arena.
These included global music performances and sporting competitions such as the Ultimate Fighting Championship (UFC) and the International Table Tennis Federation (ITTF) World Cup.
Major Events Planned for 2025
GEG plans to maintain momentum with a strong event lineup in 2025. Notable performances include Andrea Bocelli’s concert in March, the ITTF World Cup in April, and Jacky Cheung’s tour in June.
These events will likely boost visitor numbers, gaming activity, and hotel demand.
Macau’s Individual Visit Scheme Expands
Macau’s tourism policies evolved to increase visitor flow. In May 2024, the Central Government expanded the Individual Visit Scheme (IVS) to 59 cities.
As a result, travel access now covers a population of 500 million people.
Ongoing Expansion Projects
GEG’s development projects remain on track. The Capella at Galaxy Macau is nearing completion and will open in mid-2025.
Meanwhile, the company continues to enhance operations at GICC, Galaxy Arena, Raffles at Galaxy Macau, and Andaz Macau. Additionally, work progresses on Phase 4 of its expansion plans.