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Last Defense Academy makes confusion part of the fun

Last Defense Academy makes confusion part of the fun

The Verge24-05-2025
The Hundred Line: Last Defense Academy starts off by asking a simple question: what happens when you pluck a handful of colorful teenagers from their homes, plop them in a state-of-the-art school filled with every convenience, then force them to fight for their lives? Your guide as you navigate this question is an unsettling and creepy-cute mascot that knows more than it's let on, and there's an overarching mystery to the world that you can't quite put your finger on.
If you, like I, answered ' Danganronpa!' — as this premise sounds very much like the plot of the quirky and irreverent murder-mystery series from Spike Chunsoft — then congratulations! We're both totally wrong! And after 45 in-game days with LDA, I still have no idea what's going on, and I love it.
I'm going to be gentle with myself and you for thinking LDA is another entry in the genre of high school-themed killing games. After all, it was developed by Kazutaka Kodaka, creator and writer of the Danganronpa franchise, in collaboration with Kotaro Uchikoshi, known for his work on the adventure-puzzle game series Zero Escape. And though LDA oozes with the DNA from both series, it stands so completely apart mechanically and narratively that while I can get a grasp on the former, I'm lost with the latter.
The premise is simple enough. You play as Takumi Sumino, who gets whisked away to the Last Defense Academy, where he and a group of others use their newly awakened powers to defend the school from monster attacks for 100 days. Should they fail, the invaders will destroy the school and thereby… because of plot… all of humanity. Usually past a certain point, I can figure out a game's core gameplay loop and rough narrative thrust. When the first body dropped in Danganronpa, I immediately understood that I'd be spending the rest of the game solving my classmates' murders. But I haven't been able to figure out LDA.
I understand the gameplay loop easily enough: it's a tactical RPG with visual novel-like relationship-building elements. Combat takes place on a gridded battlefield with each combatant able to attack in a different configuration, similar to chess. One of Takumi's abilities attacks enemies in a straight line. My ally, Gaku, attacks in a rectangular pattern. Each of my allies' attacks contributes to a voltage meter that allows us to use our special abilities when full. And if one of my allies should fall, they'll be revived before the next wave of enemies.
I like how the tactical combat isn't like Fire Emblem or Triangle Strategy. LDA is unique, as you're not trying to manage the complex rock-paper-scissors formula of what weapons are strong or weak against each other. Instead, life is the engine that drives combat. Actions you take are determined by how many action points, or AP, you have, and killing certain enemies grants you more AP. On the flip side, allies who are near death can unleash big special attacks that can clear entire battlefields at the cost of losing them for the rest of the wave.
Combat then becomes a function of playing with life totals — my enemies and mine. I'll arrange my attacks in such a way that every time I act, I kill an enemy and gain more AP so I can just keep going, denying my enemies the chance to fight back. Then, when I'm out of AP, I can unleash a killing blow that ends the round. My allies get revived the next round, and I can start the process all over again. I've been left so unsatisfied by the crop of tactical RPGs lately, and LDA fills the gaping hole Fire Emblem Engage created and the Advance Wars remakes could not fix.
But while I've got a handle on the combat, I still haven't the faintest clue of the story it's trying to tell. My confusion is so thorough that as I go through each new day, my experiences start sounding like wartime letters from the front lines.
It's day 33. Our self-proclaimed leader, Hiruko, is still missing. We're starting to suspect she'll never return. Meanwhile, the enemy keeps hurling themselves at our defenses. So far, we've been able to hold them off. Gaku recently developed his power, revealing himself to be a peerless ranged fighter. But our forces are nowhere near full strength, since Ima, Kako, and Shouma refuse to fight. And alas! Our foodstores have burnt up and I fear we'll starve soon. War is grim, but I fight knowing the closer I get to the 100th day is a day I am closer to returning home… or so I hope.
LDA 's narrative is so unlike anything I've ever experienced that not knowing what's happening next is part of the fun. I like getting dragged along for the ride, discovering new developments alongside the characters, who are themselves a delight. As other outlets have pointed out, Darumi Amemiya is the physical manifestation of the irony-poisoned and terminally online dirtbag edgel(ady), and I adore her even if her characterization gets uncomfortably familiar sometimes.
I also really enjoy how the characters are over-the-top caricatures themselves — Darumi's the creepy murder-obsessed emo girl, Takemaru's the typical fighting-obsessed delinquent — but make decisions like normal people. I often struggle to get into 'transported to another world' stories because none of the decisions made in them have ever made sense to me, a woman who can't turn off her overly logical and reason-obsessed brain in order to just go with the flow. So it's incredibly refreshing to see these characters push back on the circumstances they've been dropped in.
Instead of just accepting that they've been taken from everything they've ever known and forced to fight and die (even if that death is temporary), some of my allies maintain a healthy level of skepticism, question everything, and refuse to fight. I know I would! And even better, other characters in the game understand and acknowledge that as a reasonable position. There's no rah-rah speech of 'You must fight!' that convinces them to take up arms. The reluctant characters are given the space to come around on their own time and for their own reasons.
That may sound boring. After all, in an isekai-like narrative, the characters are usually forced to get on board quickly otherwise there wouldn't be a plot. So seeing a game take its time with the reluctant characters, letting them work through their hangups in a natural and unforced way, was pleasing to my brain.
In the almost 50 days I've spent with LDA, I do have some working theories as to where the overall story will go. How it gets there, though, I have no clue, but I'm excited to see what twists the game will take along the way.
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Galaxy Entertainment Group Q2 & Interim Results 2025
Galaxy Entertainment Group Q2 & Interim Results 2025

Associated Press

time2 hours ago

  • Associated Press

Galaxy Entertainment Group Q2 & Interim Results 2025

Leading Macau's Non-Gaming Diversification Through MICE, Entertainment And Sporting Events Q2 2025 Group Adjusted EBITDA of $3.6 Billion, Up 12% Year-on-Year & Up 8% Quarter-on-Quarter Announced Interim Dividend of $0.70 Per Share Capella at Galaxy Macau Exclusive Private Preview Well Received by Its High Value Customers HONG KONG, Aug. 12, 2025 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group ('GEG', 'Company' or the 'Group') (HKEx stock code: 27) today reported results for the three-month and six-month periods ended 30 June 2025. (All amounts are expressed in Hong Kong dollars unless otherwise stated) Mr. Francis Lui, Chairman of GEG said: 'Today I am pleased to report solid performance for the Macau market and GEG in Q2 and the first half of 2025. Despite global tariff disruptions, continued economic slowdown and regional competition, Macau remained resilient in Q2 2025 with Gross Gaming Revenue ('GGR') growing 8% year-on-year and 6% quarter-on-quarter to $59.3 billion. GEG delivered solid results and growth in market share under competitive market conditions. We managed to drive every segment of the business, particularly the premium mass. For the first half of 2025, the Group reported Net Revenue of $23.2 billion, up 8% year-on-year. Adjusted EBITDA was $6.9 billion, up 14% year-on-year. For Q2, the Group's Net Revenue was $12.0 billion, up 10% year-on-year and up 8% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 12% year-on-year and up 8% quarter-on-quarter. The ultra-luxury Capella at Galaxy Macau, our latest addition to GEG's hotel portfolio, offered exclusive previews in May and contributed to our strong performance over the Golden June we hosted K-pop star G-Dragon and Hong Kong acclaimed singerJacky Cheung at our Galaxy Arena, which led to a record high number of a single-day visitation of over 123,000 to Galaxy Macau™. The Group's balance sheet remains healthy and liquid, with cash and liquid investments of $30.7 billion as of 30 June 2025 with minimal debt. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders via dividends. The previously announced final dividend of $0.50 per share was paid in June and today the Board announced an interim dividend of $0.70 per share, payable in October 2025. This again demonstrates our confidence in the medium to longer term outlook for Macau in general and GEG specifically. We continue to compete through our exceptional products and service and ongoing property enhancements, including our retail, food & beverage, multiple hotels and the Grand Resort Deck. More importantly, we continue to leverage the competitive edge of our MICE facilities and Galaxy Arena. Over the past two years it was proven that entertainment shows and events played a key role in driving new and repeat customers to Macau. During the first half of 2025, we have held a total of approximately 190 entertainment, sports and MICE events, and experienced a 65% year-on-year increase in the foot traffic at Galaxy Macau™. In Q2, we hosted multiple mega entertainment events such as in April the ITTFWorld Cup Macao 2025,one of the world's most prestigious table tennis May we hosted the Wakin Chau World Tour and K-pop star BTS's j-hope. In June we had K-pop group BIGBANG's G-Dragon and the acclaimed Hong Kong singerJacky Cheung's concerts,all experienced overwhelming customer demand. Post Q2 in July we hosted one of America's hottest comedy stars Jimmy O. Yang's first live performance in Macau, and in August we hosted 'King of Asian Pop' Eason Chan's Concert. These entertainment events contributed significantly to our business. In November we will support the National Games and host its Table Tennis Competition in Galaxy Arena. We remain optimistic about mega events tourism in the second half of the year. We previously advised that we had completed the full rollout of smart tables. We are now commencing to experience the benefits of this technology and are leveraging the knowledge gained from the data to provide a better customer experience. In June, GEG announced that the Waldo Casino will cease operation by the end of this year due to commercial considerations. GEG's employees working at the Waldo Casino will be reallocated to its other properties and casinos. Related departments will discuss the best options with the team members and provide them with a series of vocational training programs to assist them in adapting to their new working would like to thank the Macau residents, patrons and the community for their support to the Waldo Casino over the years. GEG recently won two prestigious awards at the Global Gaming Awards Asia-Pacific 2025, including the 'Integrated Resort of the Year' for Galaxy Macau™ and the 'Casino Operator of the Year' for the Group for the second consecutive year. Additionally, in The MICHELIN Guide Hong Kong Macau 2025 List, four of our restaurants collectively earned five MICHELIN stars. In the Forbes Travel Guide 2025 List, Galaxy Macau™ proved its unrivalled position as an integrated resort with the most Five-Star hotels under one roof of any luxury resort company worldwide for the third consecutive year. These recognitions from the international community are testaments to GEG's outstanding achievements in promoting the sustainable development of integrated tourism, leisure and the gaming industry. Recently the all-suite Capella at Galaxy Macau offered exclusive previews in May to our most distinguished VIPs, offering stays by invitation only and we expect its full opening in the coming months. The exclusive preview of Capella at Galaxy Macau has been well received by the market and has been helping us to attract ultra-high value customers. On the development front we are progressing well with the construction of Phase 4. Construction of the Super Structure and the external facade has been completed and we are progressing to the next stage of development which is fitting out the building. We have entered into a new contract for the internal fitting out works of the approximately 600,000 sqm Phase 4 development which includes multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. We also continue to evaluate development opportunities in the Greater Bay Area and overseas markets on a case-by-case basis, including Thailand. After examining the economic situation and the actual operations of the gaming industry, the Macau Government announced in June that it has lowered its GGR estimate for 2025 from MOP240 billion to MOP228 billion. We acknowledge that there are shorter term challenges including the slowing global economy and potential tariffs impact, however we remain confident in the medium to longer term outlook for Macau. As always, GEG remains fully committed to making a positive contribution to the Macau's leisure and tourism industry. Finally, I would like to thank all our team members who deliver 'World Class, Asian Heart' service each and every day and contribute to the success of the Group.' Macau Market Overview Based on DICJ reporting, Macau's GGR for the first half of 2025 was up 4% year-on-year to $115.3 billion. Q2 2025 GGR was up 8% year-on-year and up 6% quarter-on-quarter to $59.3 billion, representing 83% of 2019 level. In the first half of 2025, visitor arrivals to Macau were 19.2 million, up 15% year-on-year, of which overnight visitors and same-day visitors grew by 3% and 26% year-on-year respectively. Mainland visitor arrivals were 13.8 million, up 19% year-on-year. Among the Mainland visitors, 867,492 travelled under the 'one trip per week measure', 241,257 under the 'multiple-entry measure' and 72,149 under the 'tourist group multi-entry measure'. Visitors from the nine Pearl River Delta cities in the Greater Bay Area rose by 26% year-on-year to 7 million, driven by an upsurge of 57% in the number of visitors from Zhuhai. International visitors totaled 1.3 million, up 15% year-on-year. GEG has continued to work with Macao Government Tourism Office ('MGTO') to actively promote Macau as a tourism destination. We have marketing offices in Tokyo, Seoul and Bangkok. Group Financial Results 1H 2025 In 1H 2025, Group Net Revenue was $23.2 billion, up 8% year-on-year. Adjusted EBITDA was $6.9 billion, up 14% year-on-year. NPAS was $5.2 billion, up 19% year-on-year. Galaxy Macau™'s Adjusted EBITDA was $6.3 billion, up 18% year-on-year. StarWorld Macau's Adjusted EBITDA was $653 million, down 21% year-on-year. Broadway Macau™'s Adjusted EBITDA was $6 million, versus $12 million in 1H 2024. In 1H 2025, GEG experienced good luck in its gaming operation, which increased its Adjusted EBITDA by approximately $737 million. Normalized 1H 2025 Adjusted EBITDA was $6.1 billion, up 3% year-on-year. The Group's total GGR in 1H 2025 was $22.9 billion, up 15% year-on-year. Mass GGR was $17.0 billion, up 6% year-on-year. VIP GGR was $4.4 billion, up 63% year-on-year. Electronic GGR was $1.5 billion, up 20% year-on-year. In Q2 2025, Group Net Revenue was $12.0 billion, up 10% year-on-year and up 8% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 12% year-on-year and up 8% quarter-on-quarter. Galaxy Macau™'s Adjusted EBITDA was $3.3 billion, up 20% year-on-year and up 10% quarter-on-quarter. StarWorld Macau's Adjusted EBITDA was $303 million, down 22% year-on-year and down 13% quarter-on-quarter. Broadway Macau™'s Adjusted EBITDA was $4 million, versus $8 million in Q2 2024 and $2 million in Q1 2025. Latest twelve months Group Adjusted EBITDA was $13.0 billion, up 13% year-on-year and up 3% quarter-on-quarter. In Q2 2025, GEG experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $407 million. Normalized Q2 2025 Adjusted EBITDA was $3.2 billion, down 1% year-on-year and up 7% quarter-on-quarter. Summary Table of GEG Q2 & 1H 2025 Adjusted EBITDA and Adjustments: The Group's total GGR in Q2 2025 was $12.0 billion, up 16% year-on-year and up 10% quarter-on-quarter. Mass GGR was $8.8 billion, up 6% year-on-year and up 7% quarter-on-quarter. VIP GGR was $2.4 billion, up 73% year-on-year and up 22% quarter-on-quarter. Electronic GGR was $785 million, up 19% year-on-year and up 8% quarter-on-quarter. The Group's balance sheet remains healthy and liquid. As of 30 June 2025, cash and liquid investments were $30.7 billion and the net position was $30.3 billion after debt of $0.4 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline. The Group paid the previously announced final dividend of $0.50 per share in June 2025. Subsequently the GEG Board announced an interim dividend of $0.70 per share to be paid on or about 31 October 2025. Galaxy Macau™ Galaxy Macau™ is the primary contributor to the Group's revenue and earnings. Net Revenue in 1H 2025 was $19.1 billion, up 13% year-on-year. Adjusted EBITDA was $6.3 billion, up 18% year-on-year. In 1H 2025, Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $755 million. Normalized 1H 2025 Adjusted EBITDA was $5.6 billion, up 3% year-on-year. In Q2 2025, Galaxy Macau™'s Adjusted EBITDA was $3.3 billion, up 20% year-on-year and up 10% quarter-on-quarter. In Q2 2025, Galaxy Macau™ experienced good luck in its gaming operations which increased its Adjusted EBITDA by approximately $410 million. Normalized Q2 2025 Adjusted EBITDA was $2.9 billion, up 3% year-on-year and up 9% quarter-on-quarter. The combined nine hotels occupancy was 98% for 1H and Q2 2025. StarWorld Macau StarWorld Macau's Net Revenue was $2.4 billion in 1H 2025, down 10% year-on-year. Adjusted EBITDA was $653 million, down 21% year-on-year. In 1H 2025, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $18 million. Normalized 1H 2025 Adjusted EBITDA was $671 million, down 14% year-on-year. In Q2 2025, StarWorld Macau's Adjusted EBITDA was $303 million, down 22% year-on-year and down 13% quarter-on-quarter. In Q2 2025, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $3 million. Normalized Q2 2025 Adjusted EBITDA was $306 million, down 14% year-on-year and down 16% quarter-on-quarter. Hotel occupancy was 100% for 1H 2025 and Q2 2025. Broadway Macau™ Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. Broadway Macau™'s Net Revenue was $97 million for 1H 2025, down 3% year-on-year. Adjusted EBITDA was $6 million for 1H 2025 versus $12 million in 1H 2024. In Q2 2025, Broadway Macau™'s Adjusted EBITDA was $4 million, versus $8 million in Q2 2024 and $2 million in Q1 2025. City Clubs City Clubs contributed $3 million of Adjusted EBITDA to the Group's earnings for 1H 2025, versus $9 million in 1H 2024. Q2 2025 Adjusted EBITDA was $2 million, versus $5 million in Q2 2024 and $1 million in Q1 2025. GEG announced that the Waldo Casino will cease operation by the end of this year due to commercial considerations. GEG's employees working at the Waldo Casino will be reallocated to its other properties and casinos. Related departments will discuss the best options with the team members and provide them with a series of vocational training programs to assist them in adapting to their new working environment. GEG would like to thank the Macau residents, patrons and the community for their support to the Waldo Casino over the years. As always, GEG remains fully committed to making a positive contribution to the Macau's leisure and tourism industry. Construction Materials Division ('CMD') CMD continued to deliver solid results and contributed Adjusted EBITDA of $423 million in 1H 2025, up 16% year-on-year. In Q2 2025, CMD's Adjusted EBITDA was $238 million, down 7% year-on-year and up 29% quarter-on-quarter. Development Update Galaxy Macau™ and StarWorld Macau We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests including adding new F&B and retail offerings at Galaxy Macau™. We are also ramping up GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau. At StarWorld Macau we have commenced implementing a range of major upgrades, that includes the main gaming floor, the lobby arrival experience and increasing the F&B options. We have completed the upgrade of Level 3 and StarWorld Macau now hosts one of the largest scale LTG terminals in Macau. Cotai – The Next Chapter Capella at Galaxy Macau is the 10th hotel brand in GEG's portfolio. We offered exclusive previews commencing in May 2025 and we anticipate to have the property fully opened to the public in the coming months. Capella at Galaxy Macau is an all-suite gilded residence, located within Asia's most luxurious and award-winning resort. Showcasing new standards of bespoke, accentuated luxury, Capella at Galaxy Macau sets the scene for the most discerning of guests to forge authentic connections with Macau – Asia's entertainment hub with a rich history of culture, UNESCO-world heritage gastronomy and a gateway to the vibrant Greater Bay Area. This 17-storey property offers 95 ultra-luxury signature suites and Capella Penthouses. Each of the Capella Penthouses includes a light-filled balcony with a private infinity-edge pool, outdoor lounge and sunroom, entertainment lounge and hidden Winter Garden, among a series of unique features. Capella at Galaxy Macau is the ultimate expression of elegance, bespoke luxury and refined hospitality. It promises to bring a new level of elegance and ultra-luxury to Macau. On the development front we are progressing well with the construction of Phase 4. Construction of the Super Structure and the external facade has been completed and we are progressing to the next stage of development which is fitting out the building. We have entered into a new contract for the internal fitting out works of the approximately 600,000 sqm Phase 4 development which includes multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. We remain highly confident about the future of Macau where Phases 3 & 4 will support Macau's vision of becoming a World Centre of Tourism and Leisure. Selected Major Awards in 1H 2025 Outlook Looking forward we continue to remain laser focused on our customer service standards. Our target is to ensure that each customer interaction is memorable and exceptional. We continue to progressively upgrade our resort facilities to ensure that they remain world-class amenities and highly competitive. We continue to yield all our existing assets including hotels, food and beverage, retail, resort and cinema facilities. Costs are being carefully managed to deliver operating leverage as we continue to grow the top line. We previously advised that we had completed the full rollout of smart tables. We are now commencing to experience the benefits of this technology and are leveraging the knowledge gained from the data to provide a better customer experience. Large scale entertainment is providing a significant boost to foot traffic across our resorts. Mega entertainment events have resulted in a substantial increase in gaming, retail, food and beverage and hotel revenues. We are working hard to continue to build the Galaxy Arena brand as a world-class entertainment arena and to attract even more large scale mega entertainment events into the future. In November we will support the National Games and host its Table Tennis Competition in Galaxy Arena. We remain optimistic about mega events tourism in the second half of the year. The recent exclusive preview of Capella at Galaxy Macau has been exceptionally well received by its high value customers, and we will progressively open all the remaining facilities over the coming months. On the development front we are progressing well with the construction of Phase 4. Construction of the Super Structure and the external facade has been completed and we are progressing to the next stage of development which is fitting out the building. We have entered into a new contract for the internal fitting out works of the approximately 600,000 sqm Phase 4 development which includes multiple high-end hotel brands that are new to Macau, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. Originally Thailand's Parliament was scheduled to debate the Entertainment Complex Bill on 9 July 2025. However, the Parliament decided to withdraw the Bill from discussion. We await further updates on the potential progress of the Entertainment Complex Bill. We believe that an integrated resort in Bangkok would be highly accretive to our resort portfolio. We continue to remain very interested in Thailand. The state of the world economy and ongoing discussions on tariffs, whilst gaining significant media coverage has to date not impacted gaming revenue as much as some analysts had previously predicted. Macau still rates in the top three destinations of choice by Chinese travelers. International customer development continues to be a priority and we are leveraging our marketing offices in Tokyo, Seoul and Bangkok. In the first half of 2025 international visitor arrivals to Macau grew 15% year-on-year to 1.3 million. We remain confident in the outlook for Macau. The reasons for this confidence include the ongoing improvement in transportation infrastructure making it easier to travel to and from Macau, as well as within Macau. That includes the recent extension of Macau LRT's new line connecting the Hengqin Port and the commencement of Macau International Airport expansion and reclamation project, among others. The opening of the fourth Macau-Taipa bridge in late-2024 further improved travel within Macau. We remain confident in the medium to longer term outlook for Macau. In the interim we will continue to leverage our resorts assets and staff to grow the business, and to support Macau's development into the World Centre of tourism and leisure. About Galaxy Entertainment Group (HKEx stock code: 27) Galaxy Entertainment Group Limited ('GEG' or the 'Company') and its subsidiaries ('GEG' or the 'Group') is one of the world's leading resorts, hospitality and gaming companies. The Group primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. GEG is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index. GEG through its subsidiary, Galaxy Casino S.A., is one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming concession valid from January 1, 2023, to December 31, 2032. GEG has a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a 'World Class, Asian Heart' service philosophy, that has enabled it to consistently outperform the market in Macau. The Group operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world's largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award-winning premium property. The Group has the largest development pipeline of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG's resorts footprint on Cotai will be more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG also considers opportunities in the Greater Bay Area and internationally. These projects will help GEG develop and support Macau in its vision of becoming a World Centre of Tourism and Leisure. In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco ('Monte-Carlo SBM'), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM. GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates. For more information about the Group, please visit ____________________________________ 1 Gaming statistics are presented before deducting commission and incentives. 2 Reflects sum of promoter and inhouse premium direct. 3 Mass table drop includes the amount of table drop plus cash chips purchased at the cage. 4 Total GGR win includes gaming win from City Clubs. 5 Reflects luck adjustments associated with our rolling chip program. 6 Gaming statistics are presented before deducting commission and incentives. 7 Reflects sum of promoter and inhouse premium direct. 8 Mass table drop includes the amount of table drop plus cash chips purchased at the cage. 9 Total GGR win includes gaming win from City Clubs. 10 Gaming statistics are presented before deducting commission and incentives. 11 Reflects sum of promoter and inhouse premium direct. 12 Mass table drop includes the amount of table drop plus cash chips purchased at the cage. 13 Gaming statistics are presented before deducting commission and incentives. 14 Reflects sum of promoter and inhouse premium direct. 15 Mass table drop includes the amount of table drop plus cash chips purchased at the cage. Photos accompanying this announcement are available at For Media Enquiries: Galaxy Entertainment Group - Investor Relations Mr. Peter J. Caveny / Ms. Yoko Ku / Ms. Crystal Chan Tel: +852 3150 1111 Email: [email protected]

Tencent Music Entertainment Group Announces Second Quarter 2025 Unaudited Financial Results
Tencent Music Entertainment Group Announces Second Quarter 2025 Unaudited Financial Results

Yahoo

time2 hours ago

  • Yahoo

Tencent Music Entertainment Group Announces Second Quarter 2025 Unaudited Financial Results

SHENZHEN, China, Aug. 12, 2025 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2025. Second Quarter 2025 Financial Highlights Total revenues were RMB8.44 billion (US$1.18 billion), representing a 17.9% year-over-year increase, primarily due to strong year-over-year growth in revenues from online music services, and partially offset by a decline in revenues from social entertainment services and others. Revenues from online music services were RMB6.85 billion (US$957 million), representing 26.4% year-over-year growth. Revenues from music subscriptions were RMB4.38 billion (US$611 million), representing 17.1% year-over-year growth. Monthly ARPPU grew to RMB11.7 from RMB10.7 in the same period of 2024. Net profit attributable to equity holders of the Company was RMB2.41 billion (US$336 million), representing 43.2% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB2.57 billion (US$359 million), representing 37.4% year-over-year growth. Diluted earnings per ADS was RMB1.55 (US$0.22), up from RMB1.07 in the same period of 2024. Non-IFRS diluted earnings per ADS was RMB1.66 (US$0.23), up from RMB1.19 in the same period of 2024. Total cash, cash equivalents, term deposits and short-term investments as of June 30, 2025 were RMB34.92 billion (US$4.87 billion). Mr. Cussion Pang, Executive Chairman of TME, commented, "We delivered high-quality growth in the second quarter, achieving solid year-over-year increases in both revenue and profitability. While our music subscription business remained a core growth driver, our expanding suite of music-related services—including advertising, concerts, and artist merchandise—showed impressive momentum. As we continue to scale our platform, we are focused on building a vibrant, one-stop music service destination that empowers content creators and reshapes connections with music lovers in meaningful ways." Mr. Ross Liang, CEO of TME, continued, "Our focus on product innovation to deliver immersive user experiences has driven solid growth in our online music business. This is reflected in the continued expansion of both our subscriber base and ARPPU, along with deeper user engagement. We are especially pleased to see our SVIP subscribers recently surpass 15 million, a new milestone reflecting the deep trust and loyalty of our users. We see great potential in the music entertainment space and remain committed to investing in new initiatives that create lasting value and impact to music creators and consumers." Second Quarter 2025 Operational Highlights Key Operating Metrics2Q25 2Q24 YoY % MAUs – online music (million) 553 571 (3.2 %) Paying users – online music (million) 124.4 117.0 6.3 % Monthly ARPPU – online music (RMB) 11.7 10.7 9.3 % Building a richer content ecosystem to support long-term growth. Expanded partnerships with record labels and artists, home and abroad. 1) Strengthened our K-pop offerings by establishing cooperation with The Black Label and H MUSIC for the first time. 2) Extended collaboration with renowned Chinese artist Wang Feng, featuring both classic music repertoire and latest releases. Innovative approaches to content co-production boosted our content appeal and promoted cultural exchange. 1) Partnered with SM Entertainment, NCT CHENLE's Chinese EP *Lucid* showcases cross-border collaborative efforts in content creation. Our omni-channel approach to promote the EP through a series of online and offline campaigns broadened our user reach and strengthened user engagement. 2) The theme song that we produced for popular movie THE LYCHEE ROAD, performed by Chen Chusheng, received widespread acclaim from both viewers and critics. 3) Formed a strategic partnership with Zhejiang Satellite TV to not only secure the music rights for popular variety shows, such as The Treasured Voice and Shining Summer, but also collaborate on content creation, artist promotion, and more. TME's enhanced brand and platform value, together with tailored approaches to support artists home and abroad, has gained increasing recognition. Achieved resounding success in staging large-scale concerts for renowned artists. 1) Hosted our first international grand concert tour for leading Korean artist G-DRAGON in Macau, where over 36,000 fans immersed in a captivating atmosphere, with on-site official merchandise rapidly selling out. Following a strong kickoff, the tour has been scheduled to expand into other regions this year. 2) Successfully organized a series of stadium concerts for Fiona Sit, TIA RAY and rapper GAI[2], and growing their audience base in China. Our ability to curate live music concerts of all sizes has made us a partner of choice for staging emerging artists. In the first half of 2025, we facilitated over 300 offline performance opportunities for nearly 100 artists and groups from Tencent Musician Platform, featuring our proprietary IPs CITY LIVE and BUFF LIVE with great success. Our cross-platform promotions propelled several works to trending hits, including Xiang Sisi's Why Not Wait for the Wind, which amassed over 20 million streams and topped multiple music charts. Partnered with DearU to launch bubble on QQ Music, an interactive community that allows users to engage directly with hundreds of K-pop artists from labels, such as SM, JYP, and CUBE. We intend to also invite some popular Chinese artists to the community to foster deeper, more personal connections. Concerted and innovative efforts to enhance product appeal successfully led to improved user engagement, increased SVIP adoption, and new monetization opportunities. Premium sound quality remains the most popular SVIP membership benefit. In the second quarter, Kugou Music pioneered VIPER HiFi sound quality and One-Click Audio Enhancement 2.0, delivering tailored music experiences for diverse use cases. We also upgraded voice extraction features with the industry's first AI Chorus function, redefining the live concert sing-along experience for users. On conversion, artist-centric privileges have become increasingly effective at boosting SVIP adoptions, including 1) digital albums, with standout releases like Hold Me Close by A-Lin and JJ Lin and Pleasure by Jolin Cai; 2) priority access to concert tickets, such as in-demand events by G-DRAGON and BLACKPINK; and 3) star card series in collaboration with artists such as JC-T, Silence Wang and aespa. To enrich the ways that our members enjoy music, we have worked closely with leading car manufacturers and a wide range of models to deliver a premium in-car music experience. Highlights included a comprehensive partnership with Geely and integration with Xiaomi's first SUV, YU7. Newly launched ad-based membership, together with optimized advertising formats and incentives, boosted user engagement and advertising effectiveness, which in turn led to strong year-over-year advertising revenue growth. Second Quarter 2025 Financial Review Total revenues increased by RMB1.28 billion, or 17.9%, to RMB8.44 billion (US$1.18 billion) from RMB7.16 billion in the same period of 2024. Revenues from online music services increased by 26.4% to RMB6.85 billion (US$957 million), compared with RMB5.42 billion in the same period of 2024. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services, artist-related merchandise and offline performances. Revenues from music subscriptions were RMB4.38 billion (US$611 million), representing 17.1% year-over-year growth, compared with RMB3.74 billion in the same period of 2024. The rapid growth was mainly driven by the improved monthly ARPPU, which increased to RMB11.7 in the second quarter of 2025 from RMB10.7 in the same period of 2024. This growth of monthly ARPPU was primarily due to expansion of the SVIP membership program, as we continue to enrich SVIP membership privileges for our users. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, such as ad-supported mode. Additionally, revenues from artist-related merchandise and offline performances achieved robust growth. Revenues from social entertainment services and others decreased by 8.5% to RMB1.59 billion (US$222 million) from RMB1.74 billion in the same period of 2024. Cost of revenues increased by 13.1% year-over-year to RMB4.69 billion (US$655 million), mainly due to increased IP related costs, such as costs for artist-related merchandise, costs related to offline performances and advertising agency fees. Meanwhile, revenue sharing fees decreased as a result of the decline in revenues from social entertainment services. Gross margin increased to 44.4% from 42.0% in the same period of 2024, primarily due to strong growth in revenues from music subscriptions and advertising services, and the decline in revenue sharing ratio of social entertainment services. Meanwhile, the growth in revenues from artist-related merchandise and offline performances had offsetting impact on gross margin increase. Total operating expenses were RMB1.16 billion (US$161 million), which was relatively stable compared with the same period of 2024. Operating expenses as a percentage of total revenues decreased to 13.7% from 16.0% in the same period of 2024. Total operating profit was RMB2.98 billion (US$416 million) in the second quarter of 2025, representing a 35.5% year-over-year increase. Income tax expenses for the second quarter of 2025 were RMB515 million (US$72 million), compared with RMB432 million in the same period of 2024. We accrued withholding income tax of RMB118 million (US$16 million) in the second quarter of 2025. For the second quarter of 2025, net profit was RMB2.47 billion (US$344 million) and net profit attributable to equity holders of the Company was RMB2.41 billion (US$336 million). Non-IFRS net profit was RMB2.64 billion (US$369 million) and non-IFRS net profit attributable to equity holders of the Company was RMB2.57 billion (US$359 million). Please refer to the section in this press release titled "Non-IFRS Financial Measure" for details. Basic and diluted earnings per American Depositary Shares ("ADS") for the second quarter of 2025 were RMB1.57 (US$0.22) and RMB1.55 (US$0.22), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.68 (US$0.23) and RMB1.66 (US$0.23), respectively. For the second quarter of 2025, the Company had weighted averages of 1.53 billion basic and 1.55 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company's Class A ordinary shares. As of June 30, 2025, the combined balance of the Company's cash, cash equivalents, term deposits and short-term investments amounted to RMB34.92 billion (US$4.87 billion), compared with RMB37.67 billion as of March 31, 2025. Environmental, Social, and Governance ("ESG") We continue to unlock the social value of music and its healing powers. This quarter, we launched the 'Hearing Guizhou' project, leveraging AI technology to promote better relaxation and sleep through natural instruments and immersive soundscapes. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-IFRS Financial Measure The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company's data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects. Please see the "Unaudited Non-IFRS Financial Measure" included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period. [1] Non-IFRS net profit attributable to equity holders of the Company was arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects. [2] Names grouped by artists and bands, sorted in alphabetical order by family names. About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE: TME and HKEX: 1698) is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME's mission is to create endless possibilities with music and technology. TME's platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as "may," "will," "expect," "anticipate," "target," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact Tencent Music Entertainment Groupir@ +86 (755) 8601-3388 ext. 885034 TENCENT MUSIC ENTERTAINMENT GROUP CONSOLIDATED INCOME STATEMENTSThree Months Ended June 30Six Months Ended June 302024202520242025 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited (in millions, except per share data)(in millions, except per share data) RevenuesOnline music services 5,4246,85495710,43112,6581,767 Social entertainment services and others 1,7361,5882223,4973,1404387,1608,4421,17813,92815,7982,205 Cost of revenues (4,150)(4,693)(655)(8,147)(8,807)(1,229) Gross profit 3,0103,7495235,7816,991976 Selling and marketing expenses (210)(216)(30)(397)(415)(58) General and administrative expenses (938)(940)(131)(1,887)(1,884)(263) Total operating expenses (1,148)(1,156)(161)(2,284)(2,299)(321) Interest income 3042543558255177 Other gains, net 3213118782,571359 Operating profit 2,1982,9784164,1577,8141,091 Share of net profit of investments accountedfor using equity method 5416236395 Finance cost (26)(12)(2)(56)(37)(5) Profit before income tax 2,2262,9824164,1377,8161,091 Income tax expense (432)(515)(72)(813)(961)(134) Profit for the period 1,7942,4673443,3246,855957 Attributable to:Equity holders of the Company 1,6822,4093363,1046,700935 Non-controlling interests 11258822015522 Earnings per share for Class A and Class Bordinary sharesBasic 0.540.790.111.012.190.31 Diluted 0.540.780.110.992.160.30 Earnings per ADS (2 Class A shares equal to 1 ADS)Basic 1.091.570.222.024.380.61 Diluted 1.071.550.221.994.320.60 Shares used in earnings per Class A and Class B ordinary share computation:Basic 3,087,608,7983,059,783,0733,059,783,0733,072,305,4553,057,167,2913,057,167,291 Diluted 3,138,833,8163,102,937,5473,102,937,5473,122,535,4633,098,531,9423,098,531,942 ADS used in earnings per ADS computationBasic 1,543,804,3991,529,891,5371,529,891,5371,536,152,7281,528,583,6451,528,583,645 Diluted 1,569,416,9081,551,468,7731,551,468,7731,561,267,7321,549,265,9711,549,265,971 TENCENT MUSIC ENTERTAINMENT GROUP UNAUDITED NON-IFRS FINANCIAL MEASUREThree Months Ended June 30Six Months Ended June 302024202520242025 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited (in millions, except per share data)(in millions, except per share data) Profit for the period 1,7942,4673443,3246,855957 Adjustments:Amortization of intangible and other assets arising from business acquisitions or combinations* 103891222119427 Share-based compensation 1641472135730843 (Gains)/ losses from investments** (21)(2)-16(2,377)(332) Income tax effects*** (55)(61)(9)(121)(114)(16) Non-IFRS Net Profit 1,9852,6403693,7974,866679 Attributable to:Equity holders of the Company 1,8732,5743593,5774,698656 Non-controlling interests 11266922016823 Earnings per share for Class A and Class B ordinary sharesBasic 0.610.840.121.161.540.21 Diluted 0.600.830.121.151.520.21 Earnings per ADS (2 Class A shares equal to 1 ADS)Basic 1.211.680.232.333.070.43 Diluted 1.191.660.232.293.030.42 Shares used in earnings per Class A and Class B ordinary share computation:Basic 3,087,608,7983,059,783,0733,059,783,0733,072,305,4553,057,167,2913,057,167,291 Diluted 3,138,833,8163,102,937,5473,102,937,5473,122,535,4633,098,531,9423,098,531,942 ADS used in earnings per ADS computationBasic 1,543,804,3991,529,891,5371,529,891,5371,536,152,7281,528,583,6451,528,583,645 Diluted 1,569,416,9081,551,468,7731,551,468,7731,561,267,7321,549,265,9711,549,265,971 * Represents the amortization of identifiable assets, including intangible assets such as domain name, trademark, copyrights, supplier resources, corporate customer relationships and non-compete agreement etc., and fair value adjustment on music content (i.e., signed contracts obtained for the rights to access to the music contents for which the amount was amortized over the contract period), resulting from business acquisitions or combination. ** Including the net gains/losses on deemed disposals/disposals of investments, fair value changes arising from investments, impairment provision of investments and other expenses in relation to equity transactions of investments. *** Represents the income tax effects of Non-IFRS adjustments. TENCENT MUSIC ENTERTAINMENT GROUP CONSOLIDATED BALANCE SHEETSAs at December 31, 2024As at June 30, 2025 RMB RMB US$ Audited Unaudited Unaudited (in millions) ASSETS Non-current assets Property, plant and equipment803963134 Land use rights2,3642,327325 Right-of-use assets29531043 Intangible assets2,0493,047425 Goodwill19,64720,4652,857 Investments accounted for using equity method 4,6691,859260 Financial assets at fair value through other comprehensive income 14,49834,2544,782 Other investments30930843 Prepayments, deposits and other assets42526337 Deferred tax assets42243160 Term deposits10,41912,7691,782 55,90076,99610,748Current assets Inventories23324 Accounts receivable3,5083,729521 Prepayments, deposits and other assets3,7934,900684 Other investments46507 Term deposits13,99911,1471,556 Restricted Cash 11203 Cash and cash equivalents13,16410,9991,535 34,54430,8774,310Total assets90,444107,87315,058 EQUITY Equity attributable to equity holders of the Company Share capital220 Additional paid-in capital29,03529,4634,113 Shares held for share award schemes(520)(545)(76) Treasury shares (550)(939)(131) Other reserves19,84530,8614,308 Retained earnings20,05125,0363,495 67,86383,87811,709 Non-controlling interests1,8632,497349Total equity69,72686,37512,057LIABILITIES Non-current liabilities Notes payables3,5723,559497 Other payables and other liabilities-34548 Deferred tax liabilities19861686 Lease liabilities21923232 Deferred revenue 17925035 4,1685,002698Current liabilities Accounts payable 6,8796,956971 Other payables and other liabilities3,3813,010420 Notes payables2,1542,147300 Current tax liabilities934851119 Lease liabilities10610415 Deferred revenue3,0963,428479 16,55016,4962,303Total liabilities20,71821,4983,001Total equity and liabilities90,444107,87315,058 TENCENT MUSIC ENTERTAINMENT GROUP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSThree Months Ended June 30Six Months Ended June 30 2024202520242025 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited (in millions)(in millions)Net cash provided by operating activities 2,9441,6382295,6304,157580 Net cash provided by/(used in) investing activities 693(633)(88)(4,805)(3,854)(538) Net cash used in financing activities(1,611)(2,056)(287)(2,133)(2,512)(351) Net increase/(decrease) in cash and cash equivalents 2,026(1,051)(147)(1,308)(2,209)(308) Cash and cash equivalents at beginning of the period10,21812,0221,67813,56713,1641,838 Exchange differences on cash and cash equivalents7284(8)446 Cash and cash equivalents at end of the period12,25110,9991,53512,25110,9991,535 View original content: SOURCE Tencent Music Entertainment Group

Hilton's Viral Reel with Bollywood Star Hits 1.9 Billion Views: Here's the Strategy
Hilton's Viral Reel with Bollywood Star Hits 1.9 Billion Views: Here's the Strategy

Skift

time2 hours ago

  • Skift

Hilton's Viral Reel with Bollywood Star Hits 1.9 Billion Views: Here's the Strategy

Hilton's Deepika Padukone reel proves that if anything could crash Instagram's view counter, it's Bollywood. Few cultural forces can match the reach, emotional pull, and sheer fandom that Bollywood delivers. In June, Hilton released a short video featuring Indian actress Deepika Padukone. It has now reportedly become the most-watched Instagram reel in history, with 1.9 billion views. Across all platforms, the video has garnered more than 5 billion views, Gretchen Moore, vice president of marketing and loyalty, Asia Pacific, Hilton, told Skift. Skift has reached out to Instagram to confirm whether this is officially the most-watched reel in its history. The reel is part of Hilton's 'It Matters Where You Stay' campaign, timed with the hotel group's plans to open new properties in Bengaluru, Surat, Jabalpur, Hyderabad and Mumbai this year. Those openings are part of a decade-long push to grow Hilton's footprint in India tenfold. 'Deepika Padukone embodies modern India and the new generation of emerging Indian travelers who are shaping and defining success and travel preferences on their terms,' Moore said. Hilton signed Padukone as global brand ambassador in 2024 to strengthen its connection

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