Macau’s Galaxy Entertainment Group (GEG) reported gross gaming revenue of HK$12.0 billion (US$1.53 billion) in 2Q26, flat year-on-year but down 5% quarter-on-quarter, with the company pointing to the World Cup as having an impact on gaming volumes during the quarter.
However, only bad luck prevented the company from enjoying EBITDA growth. Although Adjusted EBITDA fell 5% both year-on-year and quarter-on-quarter to HK$3.4 billion (US$433 million), GEG said normalized Adjusted EBITDA was up 8% year-on-year and down 5% quarter-on-quarter. It also pointed out that Adjusted Property EBITDA margin improved to 31.4% from 30.5% a year earlier.
Group net revenue for the period was HK$11.8 billion (US$1.50 billion), down 2% year-on-year and 5% sequentially, with non-gaming revenue rising 5% over 2Q25 and down only 1% compared with the March 2026 quarter to HK$1.69 billion (US$215 million).
In comments accompanying GEG’s results, Chairman Francis Lui noted that the although the entire Macau market was impacted by the World Cup, GEG had done an admirable job of limiting the damage.
“Major sporting events have historically influenced customer behavior and gaming revenue in Macau … due to diverted attention and increased competition from sports betting activity,” he said.
“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.”
GEG’s flagship integrated resort, Galaxy Macau, saw GGR remain largely flat year-on-year at HK$10.6 billion (US$1.35 billion) although this was down 5% quarter-on-quarter, with Adjusted EBITDA of HK$3.2 billion (US$408 million).
At StarWorld, GGR grew by 8% year-on-year but fell 7% sequentially to HK$1.39 billion (US$177 million) with Adjusted EBITDA of HK$303 million (US$38.6 million).
Lui added in his comments that StarWorld remains the current focus of a comprehensive renovation and upgrade program 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,” he said.
“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 HK$14 million (US$1.8 million).”
