2025 proved to be a challenging year for the Group, presenting both opportunities and threats to the Group’s businesses. We firmly believe that with every risk comes a potential opportunity, especially for those who are well-prepared. By proactively adapting to dynamic market conditions, the Group is well-positioned to capitalise on emerging opportunities and enhance its resilience in navigating uncertainties through innovative products and technology. Despite the uncertainties impacting the macro economy, such as global market fluctuations, geographical complexities, and trade tensions marked by reciprocal tariffs, supportive factors, including a series of major events and prestigious conferences hosted throughout the year, favourable travel initiatives to Macau, and improved regional connectivity, solidified Macau’s status as a premium global tourist destination. These elements contributed to a commendable increase in tourist arrivals and total gross gaming revenue in Macau in 2025.
According to the Macau government, total visitation reached 40.1 million in 2025, representing a 14.7% increase when compared with that in 2024. Macau’s total GGR rose to MOP247.4 billion in 2025, representing a 9.1% increase when compared with that in 2024. The mass market segment continued to show steady growth, remaining the major contributor and accounting for 72.5% of the total GGR. Among the various gaming options within the realm of the games of fortune in Macau, electronic gaming machines, including ETG machines, slot machines and LMG machines, exhibited robust growth and played a significant role in contributing to the overall gaming revenue. Notably, the LMG systems in Macau continued to gain traction, with GGR growing by 15.8% in 2025 when compared with that of 2024, contributing 2.0% of Macau’s total GGR, up from 1.9% in 2024, and outpacing Macau’s overall GGR growth. With rising operating costs and increasing emphasis on efficiency by casino operators in Macau, along with growing overseas demand, the Group remains optimistic about the future prospects of our LMG systems.
As a pioneering global supplier of LMG systems and machines, the Group utilises state-of-the-art technology that positions it as leader in the gaming industry, allowing it to capitalise on both new and replacement demand for LMG systems and machines in Macau. This advanced technology enables the Group to effectively explore overseas markets. Additionally, the growing recognition and demand from casino operators worldwide for our ETG machines and slot machines serve as a strong endorsement of the Group’s innovation and technological capabilities. In terms of international expansion, the Group is establishing a foothold in rapidly growing countries such as the Philippines, Vietnam, Cambodia, Sri Lanka and Malaysia. The opening of our new office and showroom in Manila, the Philippines, in 2025 not only enhances our local presence, but also underscores our commitment to providing tailored sales and technical support in the region. Furthermore, the official launch of our new production line in Macau in April 2025, the only facility in the city dedicated to manufacturing gaming equipment, has bolstered our sales and technical support capabilities in the region by ensuring fast delivery and exceptional quality control for our electronic gaming machines, effectively meeting the rising demand in both Macau and international markets.
On 9 June 2025, the Group was advised by SJM Resorts that the service agreement for the Group’s provision of casino management services at Casino Kam Pek Paradise in Macau would not be renewed or extended upon its expiration on 31 December 2025. Consequently, the Group ceased to provide these services to Casino Kam Pek Paradise on 2 December 2025, coinciding with the closure of Casino Kam Pek Paradise on the same date. While this cessation had a negative impact on the Group, our esteemed reputation, coupled with our extensive experience and expertise in casino management we have built over the years, enabled us to adapt swiftly. Since then, the Group has successfully partnered with another Macau gaming concessionaire to offer professional advisory and other services at a casino in Macau operated by the concessionaire, with effect from 2 December 2025. The positive feedback we have received since the launch of this new service has further solidified the Group’s reputation and demonstrated our capability to deliver exceptional tailor-made services to casino operators.
Looking forward, the Group is committed to creating value for our customers through innovation, market expansion, and operational efficiency. We aim to introduce exciting new services and gaming products for both existing and new customers. In the face of an uncertain global environment, we will pursue a prudent approach to expansion, focusing on enhancing stakeholder value. With our strong emphasis on innovation, a robust supply chain, advanced technology, and a dedicated workforce, the Group is well-prepared to seize emerging opportunities in both established and new markets, ensuring sustainable growth and long-term partnerships.
In addition to the payment of the interim dividend of HK7.5 cents per Share for the six months ended 30 June 2025, the Board has resolved to propose the payment of a final dividend of HK2.5 cents per Share for the year ended 31 December 2025, subject to the Shareholders’ approval at the 2026 AGM. Recommendation of the proposed final dividend demonstrates our continued confidence in the longer-term business outlook of the Group and is also in the interests of the Company and the Shareholders as a whole.
Lastly, I would like to take this opportunity to thank our Shareholders, customers and business partners for their invaluable support, as well as all staff members for their commitment and hard work over the past years.