Galaxy Entertainment Group Ltd. (GEG) reported first-quarter 2026 net revenue of HK$12.40 billion, an 11 % increase from a year earlier, although 10 % below the previous quarter. Adjusted EBITDA rose 8 % year-on-year to HK$3.60 billion, but slipped 17 % sequentially due to less-favourable gaming luck; on a luck-adjusted basis, EBITDA was broadly flat quarter-on-quarter.
Macau’s market backdrop remained supportive, with industry-wide gross gaming revenue (GGR) at HK$64.00 billion, up 14 % year-on-year. Visitor arrivals reached 11.20 million, 14 % higher than a year ago and 8 % above the prior quarter.
Group GGR came in at HK$12.73 billion, advancing 16 % year-on-year and easing 9 % from Q4 2025. Mass-market tables generated HK$9.60 billion (+17 % YoY, –4 % QoQ), VIP tables HK$2.34 billion (+18 % YoY, –25 % QoQ), and electronic gaming HK$0.79 billion (+8 % YoY, –5 % QoQ).
Galaxy Macau remained the main earnings contributor with revenue of HK$10.34 billion (+13 % YoY, –12 % QoQ) and adjusted EBITDA of HK$3.34 billion (+11 % YoY, –17 % QoQ). After normalising for luck, EBITDA grew 25 % year-on-year and 2 % quarter-on-quarter. Hotel occupancy across its nine hotels was 99 %.
StarWorld Macau delivered revenue of HK$1.34 billion (+8 % YoY, +5 % QoQ) and adjusted EBITDA of HK$0.38 billion (+9 % YoY, +8 % QoQ). Hotel occupancy reached 100 %.
Broadway Macau achieved HK$7.00 million in EBITDA, up from HK$2.00 million a year ago. The Construction Materials Division produced HK$127 million in EBITDA, down 31 % year-on-year.
GEG closed the quarter with cash and liquid investments of HK$39.20 billion and net cash of HK$36.50 billion. A final dividend of HK$0.80 per share is scheduled for payment in June 2026.
Development continues on multiple fronts. Capella at Galaxy Macau opened in February and premium gaming area Horizon Plus has expanded. The 600,000 sqm Phase 4 project—featuring about 1,350 rooms, a 5,000-seat theatre, expanded F&B and retail, and additional casino facilities—remains on track for completion in 2027.