Macau’s Galaxy Entertainment Group (GEG) registered an 11% year-on-year increase in net revenue for the first quarter of 2026, reaching nearly HK$12.4 billion (US$1.58 billion). This was, however, down 10% quarter-on-quarter.
Adjusted EBITDA for the period totaled HK$3.58 billion (US$457.3 million), a yearly increase of 8% but a quarterly fall of 17%.
In results released on Tuesday, GEG indicated that the quarterly comparisons “were impacted by luck,” highlighting a HK$730 million (US$93.3 million) contribution to Adjusted EBITDA from “favorable luck” in the fourth quarter.
“After adjusting for luck, Adjusted EBITDA was flat quarter-on-quarter,” the company said.
The group highlighted that “business performance over the Chinese New Year was solid, and similar to last year, we experienced a longer tail following the holiday period”.
The CNY results were boosted by the official opening of the group’s ultra-luxury Capella property, featuring premium gaming area Horizon Plus. The group indicated that it is continuing its focus on high-value customers, with an expansion of Horizon Plus from six private salons to 10.
Galaxy Macau performs well despite bad luck
Galaxy Macau continued to be the primary driver of earnings, with 1Q26 net revenue up by 13% year-on-year but down 12% quarter-on-quarter to HK$10.34 billion (US$1.32billion). Net gaming revenue at the property was H$8.81 billion (US$1.13 billion), down significantly from the HK$10.2 billion (US$1.3 billion) in the fourth quarter of 2025 but up 13.42% year-on-year.
Total net gaming revenue for the group reached HK$10.02 billion (US$1.28 billion), up by 12.32% year-on-year and down by 11.81% quarterly.
Rolling chip at Galaxy Macau was up significantly during the first quarter, reaching HK$74.24 billion (US$9.48 billion), a 67.3% yearly increase and a 23.5% quarterly rise. However, the win rate fell to just 3.1%, down from 5.1% in Q425 and 4.4% in 1Q25.
Mass gaming table drop at Galaxy Macau reached HK$26.7 billion (US$3.41 billion), up by 5.67% versus 1Q25 but down by 4.6% quarter-on-quarter. The win rate was more favorable, however, at 31%, compared to 27.8% in 1Q25.
Electronic gaming volume performed well at HK$20.07 billion (US$2.56 billion), up by nearly 23% year-on-year and down by just 3% sequentially. The win rate of 3.1%, however, was lower than the 3.3% seen in the previous quarter, and the 3.5% registered in 1Q25.
Total GGR win for Galaxy Macau was HK$11.23 billion (US$1.43 billion), up by 17.8% versus 1Q25 and down by 10.2% quarter-on-quarter.
This resulted in Adjusted EBITDA for the property reaching HK$3.34 billion (US$427 million) in 1Q26, down from HK$4.02 billion (US$513.5 million) in 4Q25 but up by 10.84% year-on-year.
StarWorld “played unlucky”
The group’s property on the Macau peninsula, StarWorld Macau, saw an 8% year-on-year rise in net revenue and a 5% uptick from the previous quarter, to HK$1.34 billion (US$171.2 million).
The property also “played unlucky” in the first quarter, with luck impacting Adjusted EBITDA by approximately HK$4 million (US$511,000). The Adjusted EBITDA figure reached HK$383 million (US$48.92 million), still an increase of 9.42% year-on-year and 7.6% quarter-on-quarter.
Net gaming revenue at StarWorld totaled HK$1.22 billion (US$155.84 million), up 8.85% yearly and 5.1% compared to the previous quarter. The rolling chip volume at the property fell drastically year-on-year, from HK$2.01 billion (US$257 million) in 1Q25, to HK$594 million (US$76 million) in 1Q26. The figure, however, was a 57.1% increase from the last quarter of 2025. The win rate was low, at just 2%, compared to 4.2% in 4Q25, but similar to the 1.8% rate registered in the first quarter of last year.
Mass table drop at the property improved annually and sequentially, reaching HK$7.35 billion (US$939 million), up by 1.1% quarter-on-quarter and 9.2% year-on-year. The win rate improved to 18.2% in 1Q26, from 17.5% in 4Q25 and 17.4% in 1Q25.
Electronic gaming volume was stable, reaching HK$8.35 billion (US$1.07 billion), flat year-on-year and down by 2% quarter-on-quarter. StarWorld saw total GGR reach nearly HK$1.5 billion (US$192 million), a 10% annual rise and 4.1% sequential increase.
Strong financials
GEG Chairman Francis Lui noted that the group’s “balance sheet remains healthy and liquid, with cash and liquid investments of HK$39.2 billion (US$5 billion).” He indicated that this “financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends.”
Lui said GEG is “firmly focused” on fitting out its Phase 4 development, set to feature a 5,000-seat theater, more F&B and retail spaces, a water resort deck and “additional casino facilities”. According to Lui, “we believe that the addition of these new, high-quality amenities will be a game changer for our business.”
