<div id="readability-page-1"><div><p>Galaxy Entertainment Group (GEG) is experiencing a resurgence in tourism as Macau's skyline emerges from the shadows of the pandemic. With Asian travelers rekindling their interest in luxury gaming and themed resorts, GEG's integrated complexes have become bustling hubs where hospitality intersects with entertainment.</p><p> Analysts highlight increased air traffic between key markets, cautious inflation control, and a stable yuan as factors maintaining the region's competitiveness, while investors remain vigilant of Beijing’s regulatory adjustments.</p><p> GEG's portfolio extends beyond casinos, encompassing mass-market tables, premium mass rooms, VIP suites, luxury hotels, retail galleries, and entertainment venues, anchored by Galaxy Macau, Broadway, and StarWorld. This orchestration of integrated resorts, malls, and convention halls provides GEG with a unique scale and resilience within Macau's compact industry.</p><p> The company's unparalleled scale is evident in its flagship destinations in Macau, particularly on Cotai. Galaxy Macau™, one of the world's largest integrated destination resorts, boasts over 4,700 premium rooms, four headline resorts, and an expanding retail and culinary universe that attracts both families and high rollers.</p><h2> Revenue surge</h2><p> GEG's reported a robust performance in Q3 25, with net revenue surging to HKD 12.2bn. This growth reflects the resurgence in Macau's demand, which has finally aligned with the expanded capacity at Galaxy Macau, Broadway, and StarWorld. The premium-mass gaming floors were bustling with regional tourists, while mass-market tables and hotel rooms saw high occupancy rates, bolstered by charter flights that maintained weekend occupancy at an impressive 99%.</p><p> Non-gaming revenue, encompassing retail, dining, spa services, and conventions, reached a record HKD 1.7bn, up 3.6% y/y. This increase was driven by enhanced airlift into Macau, attracting shoppers and corporate groups who might have otherwise traveled to different destinations. Gaming revenue also saw a significant rise, climbing to HKD 9.7bn, up 18.4% y/y.</p><p> EBITDA grew by 13.6% y/y to HKD 3.3bn, supported by strategic dealer staffing shifts, energy-efficiency initiatives, and renegotiated supply contracts that reduced the cost per visitor. These measures alleviated some of the pressure on Macau’s 30-plus casinos compared to the previous two years.</p><p> Galaxy Macau™ continues to be the cornerstone of GEG's earnings. In Q3 25, net revenue for Galaxy Macau™ increased to HKD 10.1bn, up 20% y/y and 1% ahead of Q2 25. Adjusted EBITDA for the resort reached HKD 3.1bn, a 20% y/y rise, despite an 8% sequential dip as the resort fine-tunes its capacity.</p><h2> Stock rally</h2><p> GEG's stock has seen its stock soar alongside its revenue surge, climbing 28.4% over the past year and boosting its market capitalization to an impressive HKD 183.7bn. At 15.9x projected 2026 earnings, the P/E ratio remains below the three-year average of 20.4x, highlighting the inherent value in the company's rebound.</p><p> Moreover, analysts maintain a positive outlook: the consensus target of HKD 49.4 suggests approximately 17.3% upside from current levels, while the most optimistic projections see potential reaching HKD 59.2, representing a 41.0% increase. All 21 analysts covering the stock rate it as a 'Buy,' reflecting strong confidence in Macau's recovery and GEG's dominant market position.</p><p> In addition, shareholders have benefited from consistent dividends, with FY 2024's final payout of HKD 0.8 per share yielding 2.4%, significantly above the decade average of 1.3%. Looking ahead, forecasts indicate dividends could exceed 3.7% annually over the next three years.</p><h2> Navigating challenges</h2><p> In Macau’s glittering resort landscape, GEG stands as a trusted architect, shaping premium integrated resorts, weaving omnichannel hospitality, anchoring sustainability through green financing, leveraging loyalty-driven guest experiences, and capturing demand from the Greater Bay Area with steady profitability momentum.</p><p>Nevertheless, GEG must navigate the cyclical nature of Macau’s tourism industry, rising labor costs across its resorts, and the persistent threat of regulatory changes from Beijing that could impact junket access or concession terms. The group also faces pressure from increasing competition in Cotai, where new integrated resorts are vying for the same premium mass and non-gaming expenditure. In addition, GEG's premium floors must adapt to evolving guest preferences for wellness, personalized services, and experiential retail to maintain their competitive edge.</p></div></div>

銀河娛樂(ADR)

銀河娛樂

<p>銀河娛樂 (ADR)（GEG）正經歷旅遊業的復甦，隨着澳門從疫情中恢復，2025 年第三季度淨收入達到 122 億港元，得益於需求增加和高入住率。過去一年，GEG 的股票上漲了 28.4%，分析師們對其前景持樂觀態度，覆蓋該股票的 21 位分析師均給予 “買入” 評級。儘管面臨勞動力成本上升和監管變化等挑戰，GEG 的綜合度假村依然蓬勃發展，得益於強勁的非博彩收入以及對可持續性和客户體驗的關注</p>

銀河娛樂在澳門市場復甦的背景下蓬勃發展