Galaxy Entertainment Group (GEG) reported weaker second-quarter results as the FIFA World Cup temporarily diverted customer attention from Macau’s gaming market, although normalized performance improved from a year earlier.
Group net revenue fell 2 percent year-on-year and 5 percent quarter-on-quarter to HK$11.8 billion ($1.50 billion) in the three months ended June 30th. Adjusted EBITDA declined 5 percent on both comparison bases to HK$3.38 billion ($431 million).
Unfavourable gaming luck reduced quarterly adjusted EBITDA by approximately HK$21 million ($2.7 million). On a normalized basis, adjusted EBITDA reached HK$3.40 billion ($433 million), up 8 percent year-on-year but down 5 percent sequentially.
GEG Chairman Francis Lui said the FIFA World Cup, which began on June 11th, temporarily affected customer traffic and gaming revenue due to diverted attention and increased competition from sports betting.
“Our targeted marketing and promotional initiatives helped to partially offset the impact,” Lui said. “Importantly, Macau experienced a recovery in gaming revenue toward the end of the World Cup, and this momentum has continued into August.”
Macau-wide gross gaming revenue was flat year-on-year and fell 7 percent quarter-on-quarter to HK$59.2 billion ($7.54 billion) during the period, according to figures cited by GEG.
Galaxy Macau, the group’s main earnings contributor, generated net revenue of HK$9.93 billion ($1.26 billion) in the second quarter, down 1 percent year-on-year and 4 percent sequentially. Adjusted EBITDA fell 4 percent on both bases to HK$3.20 billion ($408 million).
After adjusting for gaming luck, Galaxy Macau’s adjusted EBITDA increased 10 percent year-on-year. Hotel occupancy across the resort’s nine hotels stood at 99 percent.
StarWorld Macau’s ongoing renovation also weighed on the quarterly result. GEG estimated that having up to 40 percent of the property’s room inventory under renovation reduced adjusted EBITDA by HK$14 million ($1.8 million).
For the first half of 2026, group net revenue rose 4 percent year-on-year to HK$24.23 billion ($3.09 billion), while adjusted EBITDA increased 1 percent to HK$6.96 billion ($886 million). Net profit attributable to shareholders also grew 1 percent to HK$5.28 billion ($673 million).
The group’s first-half GGR increased 8 percent to HK$24.77 billion ($3.16 billion). Mass-market GGR rose 12 percent to HK$19.08 billion ($2.43 billion), while electronic gaming GGR increased 14 percent to HK$1.72 billion ($219 million). VIP GGR fell 9 percent to HK$3.98 billion ($507 million).
Interim dividend rises to HK$0.90 per share
GEG declared an interim dividend of HK$0.90 ($0.11) per share, up from HK$0.70 in the corresponding period last year.
The dividend, estimated at HK$3.94 billion ($502 million), is expected to be paid on September 15th. GEG had cash and liquid investments of HK$37.7 billion ($4.80 billion) at the end of June, with a net cash position of HK$35.9 billion ($4.57 billion) after debt of HK$1.8 billion ($229 million).
