GALAXY ENT (00027) released its first quarter financial results. Net income was 11.2 billion Hong Kong dollars, up 6% year-on-year.

GALAXY ENT (00027) announced that in the first quarter of 2025, the Group's net income was HK$11.2 billion, up 6% year-on-year but down 1% quarter-on-quarter. The Group's adjusted EBITDA was HK$3.3 billion, up 16% year-on-year and 2% quarter-on-quarter. Over the past 12 months, the adjusted EBITDA was HK$12.6 billion, up 16% year-on-year and 4% quarter-on-quarter. In the first quarter of 2025, the net win rate of the gaming business was high, leading to an increase in adjusted EBITDA of approximately HK$330 million. After normalizing the net win rate, the adjusted EBITDA was HK$3 billion, up 7% year-on-year but down 9% quarter-on-quarter. In the first quarter of 2025, the Group's total gaming revenue was HK$10.9 billion, up 14% year-on-year but down 1% quarter-on-quarter. Mid-casino gaming revenue was HK$8.2 billion, up 6% year-on-year but down 5% quarter-on-quarter. VIP gaming revenue was HK$2 billion, up 52% year-on-year and 29% quarter-on-quarter. Slot machine gaming revenue was HK$729 million, up 22% year-on-year but down 7% quarter-on-quarter. "Galaxy Macau" was the Group's largest source of revenue and profit contribution. In the first quarter of 2025, "Galaxy Macau" net income was HK$9.1 billion, up 10% year-on-year but flat quarter-on-quarter. The adjusted EBITDA was HK$3 billion, up 15% year-on-year and 6% quarter-on-quarter. In the first quarter of 2025, the net income of the Macau Star Hotel was HK$1.2 billion, down 9% year-on-year and 4% quarter-on-quarter. The adjusted EBITDA was HK$350 million, down 20% year-on-year and 4% quarter-on-quarter. "Broadway Macau" is a resort city suitable for all ages, with street entertainment and food, supported by local small and medium-sized enterprises in Macau. In the first quarter of 2025, "Broadway Macau" net income was HK$46 million, flat year-on-year but down 21% quarter-on-quarter. The adjusted EBITDA was HK$2 million, compared to HK$4 million in the first quarter of 2024 and -HK$1 million in the fourth quarter of 2024. In the first quarter of 2025, City Entertainment Club's net income was HK$42 million, down 28% year-on-year but up 17% quarter-on-quarter. The adjusted EBITDA was HK$1 million, compared to HK$4 million in the first quarter of 2024 and -HK$1 million in the fourth quarter of 2024.