Q1 2026 Group Normalised EBITDA of $3.6 Billion, Up 21% Year-on-Year, Flat Quarter-on-Quarter
Continued to Ramp Up Capella at Galaxy Macau Business
A Final Dividend of $0.80 Per Share Payable in June 2026
HONG KONG, May 12, 2026 (GLOBE NEWSWIRE) -- Galaxy Entertainment Group ("GEG", "Company" or the "Group") (HKEx stock code: 27) today reported results for the three-month period ended 31 March 2026. (All amounts are expressed in Hong Kong dollars unless otherwise stated)
Mr. Francis Lui, Chairman of GEG said,
"In the first quarter of 2026, Macau generated Gross Gaming Revenue (GGR) of $64.0 billion, up 14% year-on-year and was flat quarter-on-quarter. Visitation to Macau remained strong with approximately 11.2 million arrivals, up 14% year-on-year and up 8% quarter-on-quarter.
During the period, the Group reported Net Revenue of $12.4 billion, up 11% year-on-year and down 10% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 8% year-on-year and down 17% quarter-on-quarter. Quarter-on-quarter comparisons were impacted by luck. In Q4 2025, our Adjusted EBITDA of $4.3 billion included approximately $730 million of favourable luck, whereas in Q1 we recorded around $2 million of unfavourable luck. After adjusting for luck, Adjusted EBITDA was flat quarter-on-quarter. Our business performance over the Chinese New Year was solid, and similar to last year, we experienced a longer tail following the holiday period.
GEG's balance sheet remains healthy and liquid, with cash and liquid investments of $39.2 billion. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends. The GEG Board previously recommended a final dividend of $0.80 per share payable in June 2026. This demonstrates our continued confidence in the longer-term outlook for Macau in general and in GEG specifically.
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 quarter, GEG hosted over 80 concerts, entertainment shows, sporting and other events, including performances by Chinese artist Dylan Wang, the return of Jimmy O. Yang's comedy show, concerts by renowned Chinese song writer and rock singer Tian Zhen and Hong Kong singer Janice Vidal. In addition, the prestigious ITTF World Cup Macao was once again hosted by GEG at the Galaxy Arena during 30 March to 5 April. This major sporting event experienced overwhelming demand and reinforced Macau's position as a premier destination for global sporting events. Subsequently, we hosted Weibo International Entertainment Awards (WIEA) in April and the tour concerts by Chinese singer-songwriter Hailai Amu and K-Pop's leading band DAY6 in early May.
Later this month we will be hosting a fight week with the Ultimate Fighting Championship (UFC), the world's premier MMA organization. The highlight of the week will be UFC FIGHT NIGHT: SONG vs. FIGUEIREDO on 30 May. Additionally, we will host the Wu Bai & China Blue Rock Star 2 World Tour and Hong Kong singer Keung To's concert in June.
Capella at Galaxy Macau officially opened in February 2026 and has continued to ramp up successfully. We have also recently expanded our premium gaming area, Horizon Plus, from six private salons to ten, enriching our offerings for high-value customers.
In the first week of May was the five-day Chinese Golden Week holiday. As expected, Macau experienced a surge in tourism and strong demand for hotel accommodation, entertainment and gaming.
In the second quarter, the FIFA World Cup will be hosted in North America from 11 June to 19 July. Historically, we have observed that customer visitation patterns and gaming revenue can be impacted during the World Cup period, alongside an increase in sports betting activity. We will schedule additional events and other promotional activities to neutralize the short-term impact of the World Cup.
Looking ahead, 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 with a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and additional casino facilities. We believe that the addition of these new, high-quality amenities will be a game changer for our business.
Following the conclusion of China's Two Sessions, Macau Chief Executive Mr. Sam Hou Fai reaffirmed the Government's commitment to advancing economic diversification and deepening integration with Hengqin under the Greater Bay Area framework. He emphasized that Macau's development strategy will prioritize the expansion of non-gaming sectors including cultural tourism, retail and innovation, while strengthening infrastructure connectivity with the Mainland. GEG remains fully supportive of the Government's initiatives to diversify Macau's economy and to further develop the city into 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."
Q1 2026 RESULT HIGHLIGHTS GEG: Well Positioned for Future Growth
Q1 Group Net Revenue of $12.4 billion, up 11% year-on-year and down 10% quarter-on-quarter
Q1 Group Adjusted EBITDA of $3.6 billion, up 8% year-on-year and down 17% quarter-on-quarter
Played slightly unlucky which decreased Adjusted EBITDA by approximately $2 million, normalized Adjusted EBITDA of $3.6 billion, up 21% year-on-year and flat quarter-on-quarter
Latest twelve months Adjusted EBITDA of $14.8 billion, up 17% year-on-year and up 2% quarter-on-quarter
Galaxy Macau™: Primary Driver to Group Earnings
Q1 Net Revenue of $10.3 billion, up 13% year-on-year and down 12% quarter-on-quarter
Q1 Adjusted EBITDA of $3.3 billion, up 11% year-on-year and down 17% quarter-on-quarter
Played lucky which increased Adjusted EBITDA by approximately $2 million, normalized Adjusted EBITDA of $3.3 billion, up 25% year-on-year and up 2% quarter-on-quarter
Hotel occupancy for Q1 across the nine hotels was 99%
StarWorld Macau: Continuing with Major Property Upgrades
Q1 Net Revenue of $1.3 billion, up 8% year-on-year and up 5% quarter-on-quarter
Q1 Adjusted EBITDA of $383 million, up 9% year-on-year and up 8% quarter-on-quarter
Played unlucky which decreased Adjusted EBITDA by approximately $4 million, normalized Adjusted EBITDA of $387 million, up 6% year-on-year and up 9% quarter-on-quarter
Hotel occupancy for Q1 was 100%
Broadway Macau™ and Construction Materials Division ("CMD")
Broadway Macau™: Q1 Adjusted EBITDA was $7 million, versus $2 million in Q1 2025 and $4 million in Q4 2025
CMD: Q1 Adjusted EBITDA was $127 million, down 31% year-on-year and down 49% quarter-on-quarter
Balance Sheet: Remained Healthy and Liquid
As at 31 March 2026, cash and liquid investments were $39.2 billion and the net position was $36.5 billion after debt of $2.7 billion
The previously recommended final dividend of $0.80 per share payable in June 2026
Development Update: Continue to ramp up Capella at Galaxy Macau, Galaxy International Convention Center (GICC), Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau; Progressing with the fitting out of Phase 4
Cotai Phase 3, Continue to ramp up Capella at Galaxy Macau, GICC, Galaxy Arena, Raffles at Galaxy Macau and Andaz Macau
Cotai Phase 4, Our efforts are firmly focused on the development of Phase 4 which has a strong focus on non-gaming, primarily targeting entertainment, family facilities and also includes a casino
International, Continuously exploring opportunities in overseas markets
Macau Market Overview
Based on DICJ reporting, Macau's GGR for Q1 2026 was $64.0 billion, up 14% year-on-year and was flat quarter-on-quarter.
In Q1 2026, visitor arrivals to Macau were approximately 11.2 million, up 14% year-on-year and up 8% quarter-on-quarter, recovering to 108% of 2019. Mainland visitor arrivals to Macau grew faster at 16% year-on-year to 8.4 million, with Individual Visit Scheme visitors of 4.8 million, up 18% year-on-year.
International visitor arrivals to Macau increased by 11% year-on-year to approximately 0.8 million in Q1 2026. Visitors from Thailand (59,811) increased by 71% year-on-year, while visitors from India (27,034) increased by 41% year-on-year. In addition, visitors from the Republic of Korea (184,938) and long-haul visitors from the USA (39,340) both increased by 7% year-on-year. During the period Macau International Airport handled approximately 2.1 million passengers, up 15% year-on-year. GEG has continued to work with the Macao Government Tourism Office to actively promote Macau as an international tourist destination. We will continue to advance this effort through our marketing teams and international offices in Tokyo, Seoul, Bangkok and Singapore.
Group Financial Results
In Q1 2026, the Group posted Net Revenue of $12.4 billion, up 11% year-on-year and down 10% quarter-on-quarter. Group Adjusted EBITDA was $3.6 billion, up 8% year-on-year and down 17% quarter-on-quarter. Latest twelve months Adjusted EBITDA of $14.8 billion, up 17% year-on-year and up 2% quarter-on-quarter.
In Q1 2026, GEG played slightly unlucky in its gaming operation which decreased its Adjusted EBITDA by approximately $2 million. Normalized Adjusted EBITDA was $3.6 billion, up 21% year-on-year and was flat quarter-on-quarter.
Summary table of GEG Q1 2026 Adjusted EBITDA and normalized adjustments:
in HK$'m
Q1 2025
Q4 2025
Q1 2026
YoY
QoQ
Adjusted EBITDA
3,296
4,296
3,576
8%
(17)%
Luck1Normalized Adjusted EBITDA
3302,966
7313,565
(2)3,578
-21%
--
The Group's total GGR in Q1 2026 was $12.7 billion, up 16% year-on-year and down 9% quarter-on-quarter. Mass GGR was $9.6 billion, up 17% year-on-year and down 4% quarter-on-quarter. VIP GGR was $2.3 billion, up 18% year-on-year and down 25% quarter-on-quarter. Electronic GGR was $785 million, up 8% year-on-year and down 5% quarter-on-quarter.
Group Key Financial Data
(HK$'m)
Q1 2025
Q4 2025
Q1 2026
Revenues:
Net Gaming
8,922
11,363
10,021
Non-gaming
1,557
1,737
1,709
Construction Materials
723
733
666
Total Net Revenue
11,202
13,833
12,396
Adjusted EBITDA
3,296
4,296
3,576
Gaming Statistics2
(HK$'m)
Q1 2025
Q4 2025
Q1 2026
Rolling Chip Volume3
46,375
60,489
74,834
Win Rate %
4.3%
5.1%
3.1%
Win
1,978
3,109
2,341
Mass Table Drop4
32,190
35,281
34,053
Win Rate %
25.6%
28.4%
28.2%
Win
8,230
