Galaxy Entertainment Group Q2 & Interim Results 2026

Leading Macau’s Non-Gaming Diversification Through MICE, 
Entertainment and Sporting Events

Gaming and Entertainment Division on a Normalized Basis,
Q2 2026 Net Revenue Grew 6%, Adjusted Property EBITDA Grew 9% and
Adjusted Property EBITDA Margin Expanded From 30.5% to 31.4% YoY 

Announced Interim Dividend of $0.90 per Share 

Continued to Ramp up Capella at Galaxy Macau 

HONG KONG, Aug. 12, 2026 (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 2026. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

Mr. Francis Lui, Chairman of GEG said:

“Today, I am pleased to report the solid performance achieved by GEG and the broader Macau market during the second quarter and first half of 2026. Despite external macroeconomic headwinds, including geopolitical tensions in the Middle East, Macau remained resilient during the quarter, underpinned by robust visitation, healthy hotel occupancy and sustained demand across both gaming and non-gaming offerings.

Tourism trends in Q2 remained encouraging. Macau’s cumulative visitor arrivals surpassed 20 million on 20 June 2026, reaching this milestone 18 days earlier than in the prior year. Macau also recorded its highest ever single-day visitation of 248,000 on 2 May, the second day of the Labour Day Golden Week. During the 5-day holiday period, Macau welcomed approximately 873,000 visitors. Total visitor arrivals in Q2 were 9.7 million, up 4% year-on-year and down 13% quarter-on-quarter. In the first half of 2026, total visitor arrivals reached 20.9 million, up 9% year-on-year.

Against this operating backdrop, Macau’s Gross Gaming Revenue (GGR) was flat year-on-year and was down 7% quarter-on-quarter to $59.2 billion in Q2 2026. Market performance continued to benefit from solid tourism demand and supportive travel facilitation measures, although this was partly tempered by the commencement of the FIFA World Cup period on 11 June. As noted in our first quarter report, major sporting events have historically influenced customer behaviour and gaming revenue in Macau, this is due to diverted attention and increased competition from sports betting activity. The tournament’s extended match schedule this year temporarily affected customer traffic and revenue. Our targeted marketing and promotional initiatives helped to partially offset the impact. Importantly, Macau experienced a recovery in gaming revenue toward the end of the World Cup, and this momentum has continued into August.   

For the first half of 2026, the Group reported Net Revenue of $24.2 billion, up 4% year-on-year. Adjusted EBITDA was $7.0 billion, up 1% year-on-year. For Q2, the Group reported Net Revenue of $11.8 billion, down 2% year-on-year and down 5% quarter-on-quarter. Adjusted EBITDA was $3.4 billion, down 5% year-on-year and down 5% quarter-on-quarter. Despite a competitive market environment, GEG delivered solid results, with performance driven across all business segments, particularly premium mass.

Within the Gaming and Entertainment Division on a normalized basis, our Q2 2026 Net Revenue grew 6%, Adjusted Property EBITDA grew 9% and Adjusted Property EBITDA margin expanded from 30.5% to 31.4% year-on-year.

GEG’s balance sheet remains healthy and liquid, with cash and liquid investments of $37.7 billion. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends. A final dividend of $0.80 per share was paid in June 2026. The GEG Board has announced an interim dividend of $0.90 per share, payable in September 2026. This reflects our continued confidence in the longer term outlook for Macau in general and for GEG specifically.

The ultra-luxury Capella at Galaxy Macau, the latest addition to GEG’s hotel portfolio, officially opened in February 2026. Due to strong demand, we also expanded the premium gaming area at Horizon Plus, increasing the number of private salons from six to ten. This has further enhanced our offerings for high-value customers and helped drive the continued ramp up of the business.

World-class entertainment shows and sporting events continued to play a key role in attracting both new and repeat customers to Macau. In the first half of 2026, GEG hosted more than 170 concerts, entertainment shows, sporting and other events, including headline performances by leading Mainland artists, prominent Cantopop and K-pop concerts, comedy shows, and UFC Fight Week. During this summer, we hosted The Music of Chan Fai Young, featuring the ‘King of C-Pop’ Eason Chan, ‘Pop Diva’ Joey Yung, renowned Mandopop singer Bibi Zhou, rising star Gigi Yim, and Macau’s iconic singer Terence Chui. We also hosted concerts by Chinese actress and singer Rosy Zhao and multi-talented artist Henry Lau.

We continued to strengthen our partnerships with leading global entertainment companies. In June, we entered into a three-year strategic partnership with Trip.com Group, a leading travel services platform, to expand world-class live experiences by combining Trip.com Group’s extensive global membership ecosystem with our expertise in venue operations and large-scale event execution. Together, we aim to drive headline concerts, sporting events and premium travel experiences for international audiences, further supporting Macau’s goal of becoming a global ‘City of Performing Arts’. This partnership builds on our existing collaborations with Tencent Music’s TME live, UFC and iQIYI to bring premier events to Macau, as well as with Damai Entertainment and Macau Pass to further enhance our ticketing services. Additional partnerships that we have entered into include HSBC Credit Card where in resort spending generates rewards within Galaxy MacauTM, Ant Bank with self-service kiosks delivering a range of financial services and Xiaohongshu (XHS) who specializes in advanced digital marketing combined with high profile XHS influences and content creators. Collectively, these initiatives are expected to deepen customer engagement and expand our audience reach.

As we move forward, we will continue to enhance our resort offerings. At StarWorld Macau, we are undertaking a comprehensive renovation and upgrade programme to ensure the property remains competitive and appealing to guests. We have completed the refurbishment of the gaming floors on levels 1 and 3, together with a refit of the food and beverage areas, including the introduction of new dining offerings. We have also recently commenced the renovation of the hotel rooms and suites. This includes combining some rooms to create larger and more spacious premium suites, with the project expected to be fully completed by the first quarter of 2027. During Q2, up to approximately 40% of StarWorld Macau’s room inventory was under renovation and we estimate that this negatively impacted Adjusted EBITDA by $14 million.

In parallel, we remain firmly focused on fitting out the 600,000 sqm Phase 4 development. Upon completion, this landmark project will elevate the appeal of our existing resorts and significantly broaden our non-gaming attractions. This includes 5 ultra-luxury hotels with approximately 1,350 rooms and suites, a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and a casino. We believe that the addition of these new, high-quality amenities will be a game changer for our business and will further support Macau’s development as a World Centre of Tourism and Leisure.

Finally, I extend my heartfelt gratitude to all our team members, whose dedication to delivering ‘World Class, Asian Heart’ service each and every day continues to drive the success of the Group.”

Macau Market Overview

Based on DICJ reporting, Macau’s GGR for the first half of 2026 was up 7% year-on-year to $123.2 billion. Q2 2026 GGR was flat year-on-year and down 7% quarter-on-quarter to $59.2 billion.

In the first half of 2026, visitor arrivals to Macau were 20.9 million, up 9% year-on-year, of which overnight visitors were flat and same-day visitors grew by 15% year-on-year. Visitors from Mainland China were 15.3 million, up 11% year-on-year, with Individual Visit Scheme visitors of 8.4 million, up 14% year-on-year. International visitors totaled 1.4 million, up 6% year-on-year. Visitors from Thailand (122,494) increased by 51% year-on-year, while visitors from India (65,542) and the USA (82,121) increased by 12% and 7% year-on-year respectively. During the period Macau International Airport handled approximately 3.9 million passengers, up 8% year-on-year. GEG has continued to work with Macao Government Tourism Office to actively promote Macau as a tourism destination. We will continue to leverage our marketing offices in Tokyo, Seoul, Bangkok and Singapore to further strengthen Macau’s tourism appeal.

Group Financial Results

1H 2026

In 1H 2026, Group Net Revenue was $24.2 billion, up 4% year-on-year. Adjusted EBITDA was $7.0 billion, up 1% year-on-year. NPAS was $5.3 billion, up 1% year-on-year. Galaxy Macau™’s Adjusted EBITDA was $6.5 billion, up 3% year-on-year. StarWorld Macau’s Adjusted EBITDA was $686 million, up 5% year-on-year. Broadway Macau™’s Adjusted EBITDA was $7 million, up 17% year-on-year.

In 1H 2026, GEG experienced bad luck in its gaming operation, which decreased its Adjusted EBITDA by approximately $23 million. Normalized 1H 2026 Adjusted EBITDA was $7.0 billion, up 14% year-on-year.

The Group’s total GGR in 1H 2026 was $24.8 billion, up 8% year-on-year. Mass GGR was $19.1 billion, up 12% year-on-year. VIP GGR was $4.0 billion, down 9% year-on-year. Electronic GGR was $1.7 billion, up 14% year-on-year.

Q2 2026

In Q2 2026, Group Net Revenue was $11.8 billion, down 2% year-on-year and down 5% quarter-on-quarter. Adjusted EBITDA was $3.4 billion, down 5% year-on-year and down 5% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $3.2 billion, down 4% year-on-year and down 4% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $303 million, flat year-on-year and down 21% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was breakeven, versus $4 million in Q2 2025 and $7 million in Q1 2026.

Latest twelve months Group Adjusted EBITDA was $14.6 billion, up 12% year-on-year and down 1% quarter-on-quarter.

In Q2 2026, GEG experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $21 million. Normalized Q2 2026 Adjusted EBITDA was $3.4 billion, up 8% year-on-year and down 5% quarter-on-quarter.

Summary Table of GEG Q2 & 1H 2026 Adjusted EBITDA and Adjustments:

The Group’s total GGR in Q2 2026 was $12 billion, flat year-on-year and down 5% quarter-on-quarter. Mass GGR was $9.5 billion, up 8% year-on-year and down 1% quarter-on-quarter. VIP GGR was $1.6 billion, down 32% year-on-year and down 30% quarter-on-quarter. Electronic GGR was $934 million, up 19% year-on-year and up 19% quarter-on-quarter.

Balance Sheet and Dividend

The Group’s balance sheet remains healthy and liquid. As of 30 June 2026, cash and liquid investments were $37.7 billion and the net position was $35.9 billion after debt of $1.8 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends. The Group paid the final dividend of $0.80 per share in June 2026. Subsequently the GEG Board announced an interim dividend of $0.90 per share, payable in September 2026.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to the Group’s revenue and earnings. Net Revenue in 1H 2026 was $20.3 billion, up 6% year-on-year. Adjusted EBITDA was $6.5 billion, up 3% year-on-year. In 1H 2026, Galaxy Macau™ experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $8 million. Normalized 1H 2026 Adjusted EBITDA was $6.6 billion, up 17% year-on-year.

In Q2 2026, Galaxy Macau™’s Adjusted EBITDA was $3.2 billion, down 4% year-on-year and down 4% quarter-on-quarter. In Q2 2026, Galaxy Macau™ experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $10 million. Normalized Q2 2026 Adjusted EBITDA was $3.2 billion, up 10% year-on-year and down 4% quarter-on-quarter.

The combined nine hotels occupancy was 99% for 1H and Q2 2026.

StarWorld Macau

StarWorld Macau’s Net Revenue was $2.6 billion in 1H 2026, up 6% year-on-year. Adjusted EBITDA was $686 million, up 5% year-on-year. In 1H 2026, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $15 million. Normalized 1H 2026 Adjusted EBITDA was $701 million, up 4% year-on-year.

In Q2 2026, StarWorld Macau’s Adjusted EBITDA was $303 million, flat year-on-year and down 21% quarter-on-quarter. In Q2 2026, StarWorld Macau experienced bad luck in its gaming operations which decreased its Adjusted EBITDA by approximately $11 million. Normalized Q2 2026 Adjusted EBITDA was $314 million, up 3% year-on-year and down 19% quarter-on-quarter.

Hotel occupancy was 100% for 1H and Q2 2026.

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. Broadway Macau™’s Net Revenue was $85 million for 1H 2026, down 12% year-on-year. Adjusted EBITDA was $7 million for 1H 2026 versus $6 million in 1H 2025. In Q2 2026, Broadway Macau™’s Adjusted EBITDA was breakeven, versus $4 million in Q2 2025 and $7 million in Q1 2026.

Construction Materials Division (“CMD”)

CMD contributed Adjusted EBITDA of $298 million in 1H 2026, down 30% year-on-year. In Q2 2026, CMD’s Adjusted EBITDA was $171 million, down 28% year-on-year and up 35% quarter-on-quarter.

Development Update

Galaxy Macau™

We continue to enhance Galaxy Macau™ to ensure it remains competitive and appealing to guests, including through the addition of new F&B, lifestyle and retail offerings. This includes the recent opening of Estuary by Vicky Cheng, helmed by the Black Pearl Master Chef, which has further strengthened our premium dining portfolio.

Capella at Galaxy Macau officially opened on 10 February 2026 with 95 ultra-luxury signature suites and Penthouses. It has been well received by guests and has strengthened our ability to capture the super-premium mass segment at scale. Due to strong customer demand, we also expanded Horizon Plus, our premium gaming area, from six private salons to ten, further enhancing our offering for high-value customers.

Cotai Phase 4

We are progressing well with the fitting out of our approximately 600,000 sqm Phase 4 development. Market research and customer feedback indicate strong demand for premium products, including larger and more luxurious rooms with premium amenities and services. Therefore, we have increased the room size in Phase 4, which will now comprise 5 ultra-luxury hotels with approximately 1,350 rooms and suites, an approximately 5,000-seat theater, extensive F&B outlets, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted for completion in 2027. We believe the addition of these new, high-quality amenities will be a game changer for our business.

StarWorld Macau

At StarWorld Macau we are undertaking a comprehensive renovation and upgrade programme to ensure the property remains competitive and appealing to guests. We have completed the refurbishment of the gaming floors on levels 1 and 3, together with a refit of the food and beverage areas, including the introduction of new dining offerings. We have also recently commenced the renovation of the hotel rooms and suites. This includes combining some rooms to create larger and more spacious premium suites, with the project expected to be fully completed by the first quarter of 2027.

Selected Major Awards in 1H 2026