Galaxy Entertainment Group Selected Unaudited Q3 2026 Financial Data

Continues To Lead Macau’s Non-Gaming Diversification Through MICE, Entertainment And Sporting Events

Q3 2026 Group Adjusted EBITDA Of $3.7 Billion
Up 10% Year-on-Year And Up 9% Quarter-on-Quarter
    
Paid An Interim Dividend Of $0.90 Per Share In September 2026

Continued To Ramp Up Capella At Galaxy Macau

Phase 4 Remains Targeted For Completion In 2027

HONG KONG, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month period ended 30 September 2026. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

Mr. Francis Lui, Chairman of GEG said:

“I am pleased to report on GEG’s performance for the third quarter of 2026. The quarter began with a partial impact from the FIFA World Cup, which continued until 19 July. This temporarily affected customer traffic and gaming activity during the early part of the quarter. However, the impact was short-lived. Business recovered quickly following the tournament, supported by strong summer visitation and healthy activity across both gaming and non-gaming offerings.

Visitor arrivals during the summer holiday period were strong. In Q3 2026, Macau welcomed approximately 11.2 million visitors, up 8% year-on-year and up 15% quarter-on-quarter. Arrivals from Mainland Chinese outpaced the overall market, increasing 10% year-on-year and 25% quarter-on-quarter to 8.6 million, reinforcing Macau’s appeal to its core source market. This solid visitor momentum supported hotel occupancy and activity across both gaming and non-gaming segments.

Macau’s Gross Gaming Revenue (GGR) was $58.5 billion in Q3 2026, down 4% year-on-year and down 1% quarter-on-quarter. For the first nine months of 2026, market GGR reached $181.7 billion, representing growth of 3% year-on-year.

Against this backdrop, GEG delivered a solid performance. For Q3 2026, Group Net Revenue was $12.7 billion, up 4% year-on-year and up 7% quarter-on-quarter. Adjusted EBITDA was $3.7 billion, up 10% year-on-year and up 9% quarter-on-quarter.

Our premium offering continued to make good progress during the quarter. Capella at Galaxy Macau ramped up well and the expansion of Horizon Plus from six to ten private salons provided additional capacity to meet the demand from high-value customers and strengthened our position in the premium market. Together with Raffles at Galaxy Macau and Horizon Club, these products give us a strong and differentiated premium portfolio.

At StarWorld Macau, the hotel renovation programme continued during Q3. While the temporary reduction in available room inventory affected the property’s EBITDA by approximately $20 million during the quarter, we carefully managed the works to minimise disruption and maintain service standards. The upgraded rooms and suites will enhance the property’s appeal to premium customers, with completion targeted for the first quarter of 2027.

Entertainment and events continued to broaden our appeal and generate new incentives to visit Macau. During Q3, we hosted more than 80 concerts, entertainment shows, sporting and other events across Galaxy Macau™, including The Music of Chan Fai Young, concerts by Rosy Zhao and Henry Lau, and the Tencent Music Entertainment Awards (TMEA) 2026. World tour concerts by K-pop groups i-dle and CLOSE YOUR EYES also attracted audiences from Macau, Greater China and across Asia.

Our entertainment strategy connects travel, accommodation, dining, retail and entertainment. Partnerships with leading entertainment, travel and ticketing companies help us broaden our audience reach, enhance the customer journey and encourage repeat visitation. Our event pipeline for the remainder of 2026 remains strong, featuring Rene Liu, Jane Zhang, ENHYPEN, TOMORROW X TOGETHER, LE SSERAFIM, Richie Jen and MC Cheung Tinfu.

Our balance sheet remains healthy and liquid. As of 30 September 2026, cash and liquid investments were $36.4 billion. After debt of $2 billion, our net position was $34.4 billion. This financial strength enables us to invest in our existing resorts, return capital to shareholders, fund our development pipeline and maintain resilience amid an uncertain external environment.

In September, we paid an interim dividend of $0.90 per share. Together with the final dividend of $0.80 per share paid in June, total dividends paid during the first nine months of 2026 were $1.70 per share. These returns demonstrate the Board’s commitment to shareholders and our confidence in the long-term outlook for Macau and GEG.

We continued the fitting out of our 600,000-sqm Phase 4 development. Upon completion, this project will significantly enhance our integrated resort offering and broaden our non-gaming attractions. Phase 4 will feature five ultra-luxury hotels with approximately 1,350 rooms and suites, a 5,000-seat theater, extensive dining and retail offerings, lush landscaping, a water resort deck and a casino. We believe Phase 4 will be a game changer for GEG and further support Macau’s development as a World Centre of Tourism and Leisure.

As we enter the final quarter of 2026, our priorities are to build momentum across our premium offerings, maximize the value of our entertainment assets, progress the renovation of StarWorld Macau and the fitting out of Phase 4, while maintaining discipline in operating costs and customer reinvestment.

We acknowledge that GGR growth has moderated in the near term, reflecting a combination of short-term factors, including possibly, taxation policy changes, slower global economic growth and ongoing geo-political uncertainty. Despite these near-term factors, we remain confident in the medium to longer term outlook for Macau. This view is underpinned by the continued growth in China’s economy and household wealth, which should support sustained demand for leisure, tourism, and travel. GEG is well positioned to capture these longer term opportunities through our world class integrated resorts and the largest development landbank in Macau.

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.”

Market Overview

Based on DICJ reporting, Macau’s GGR for Q3 2026 was $58.5 billion, down 4% year-on-year and down 1% quarter-on-quarter.

In Q3 2026, visitor arrivals to Macau were 11.2 million, up 8% year-on-year and up 15% quarter-on-quarter. Visitors from Mainland China, our core market, were 8.6 million, up 10% year-on-year and up 25% quarter-on-quarter, with Individual Visit Scheme visitors of 4.7 million, up 16% year-on-year and up 29% quarter-on-quarter.

In the first nine months of 2026, visitor arrivals to Macau were 32.2 million, up 8% year-on-year. Visitors from Mainland China were 23.9 million, up 11% year-on-year, with Individual Visit Scheme visitors of 13.2 million, up 14% year-on-year. Visitors from the Taiwan region (882,023) grew by 21% year-on-year. Regarding the Asian markets, visitors from Thailand (154,885) grew by 35% year-on-year and visitors from India (91,857) grew by 14% year-on-year. International visitors were 1.9 million, up 3% 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

In Q3 2026, Group Net Revenue was $12.7 billion, up 4% year-on-year and up 7% quarter-on-quarter. Adjusted EBITDA1 was $3.7 billion, up 10% year-on-year and up 9% quarter-on-quarter. Galaxy Macau™’s Adjusted EBITDA was $3.5 billion, up 15% year-on-year and up 11% quarter-on-quarter. StarWorld Macau’s Adjusted EBITDA was $279 million, down 24% year-on-year and down 8% quarter-on-quarter. Broadway Macau™’s Adjusted EBITDA was $7 million, versus $1 million in Q3 2025 and breakeven in Q2 2026. Latest twelve months Adjusted EBITDA for the Group was $14.9 billion, up 11% year-on-year and up 2% quarter-on-quarter.

During Q3 2026, GEG played lucky in its gaming operations which increased Adjusted EBITDA by approximately $584 million. Normalized Adjusted EBITDA was $3.1 billion, down 7% year-on-year and down 9% quarter-on-quarter.

The Group’s total GGR in Q3 2026 was $12.9 billion, up 5% year-on-year and up 7% quarter-on-quarter. Mass GGR was $9.2 billion, down 3% year-on-year and down 3% quarter-on-quarter. VIP GGR was $2.9 billion, up 41% year-on-year and up 76% quarter-on-quarter. Electronic GGR was $798 million, up 8% year-on-year and down 15% quarter-on-quarter.

Balance Sheet and Dividend

The Group’s balance sheet remains healthy and liquid. As of 30 September 2026, cash and liquid investments were $36.4 billion and the net position was $34.4 billion after debt of $2.0 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to invest in our existing resorts, return capital to shareholders, fund our development pipeline and maintain resilience amid an uncertain external environment. The Group paid the previously announced interim dividend of $0.90 per share on 15 September 2026.

Galaxy Macau™ 

Galaxy Macau™ is the primary contributor to the Group’s revenue and earnings. Net Revenue in Q3 2026 was $10.8 billion, up 7% year-on-year and up 9% quarter-on-quarter. Adjusted EBITDA was $3.5 billion, up 15% year-on-year and up 11% quarter-on-quarter.

Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $576 million in Q3 2026. Normalized Adjusted EBITDA was $3.0 billion, down 3% year-on-year and down 8% quarter-on-quarter.

Hotel occupancy for Q3 2026 across the nine hotels was 99%.

StarWorld Macau

StarWorld Macau’s Net Revenue in Q3 2026 was $1.1 billion, down 11% year-on-year, down 8% quarter-on-quarter. Adjusted EBITDA was $279 million, down 24% year-on-year, down 8% quarter-on-quarter.

StarWorld Macau played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $8 million in Q3 2026. Normalized Adjusted EBITDA was $271 million, down 27% year-on-year and down 14% quarter-on-quarter.

Hotel occupancy for Q3 2026 was 100%.

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. In Q3 2026, Broadway Macau™’s Net Revenue was $51 million, down 18% year-on-year and up 24% quarter-on-quarter. Adjusted EBITDA was $7 million, versus $1 million in Q3 2025 and breakeven in Q2 2026.

Construction Materials Division (“CMD”)

CMD contributed Adjusted EBITDA of $150 million in Q3 2026, down 27% year-on-year and down 12% quarter-on-quarter. The decline mainly reflected weaker demand in Hong Kong and Mainland China, higher energy costs, and a lower contribution from Hong Kong International Airport’s Three-Runway System following the completion of major works.

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.

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. In response to strong customer demand, we expanded Horizon Plus, our premium gaming area, from six to ten private salons, 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 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 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 2026