Galaxy Entertainment Group lifted third quarter adjusted EBITDA by 10% year on year to HK$3.7 billion, although the casino operator said favourable table results accounted for roughly HK$584 million of that figure.
Group net revenue for the three months to 30 September came in at HK$12.7 billion, a rise of 4% on Q3 2025 and 7% on the previous quarter, according to the unaudited financial data GEG published on Friday. Adjusted EBITDA was also 9% higher quarter on quarter.
Stripping out the luck factor, the picture is softer. Normalised adjusted EBITDA stood at HK$3.1 billion, which GEG said was 7% lower than a year earlier and 9% below Q2. On a latest twelve months basis, adjusted EBITDA reached HK$14.9 billion, up 11% year on year.
Galaxy Macau carries the quarter
The flagship Cotai resort generated HK$10.8 billion in net revenue, up 7% year on year, and HK$3.5 billion in adjusted EBITDA, a 15% increase. Galaxy Macau benefited from about HK$576 million of the quarter’s favourable hold, leaving normalised EBITDA of HK$3.0 billion. Occupancy across its nine hotels averaged 99%.
Chairman Francis Lui Yiu Tung pointed to the premium segment. “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,” he said in the release.
StarWorld Macau, the group’s peninsula property, saw net revenue fall 11% to HK$1.1 billion and adjusted EBITDA drop 24% to HK$279 million. GEG said the ongoing hotel renovation cut roughly HK$20 million from the property’s EBITDA in the quarter, with the upgraded rooms and suites due to be finished in the first quarter of 2027. Broadway Macau posted adjusted EBITDA of HK$7 million, against HK$1 million a year ago, while the Construction Materials Division contributed HK$150 million, down 27%.
Market backdrop and balance sheet
GEG noted that Macau’s gross gaming revenue totalled HK$58.5 billion in Q3, a 4% decline year on year, even as visitor arrivals rose 8% to around 11.2 million. For the first nine months, market GGR was up 3% at HK$181.7 billion. The slowdown has continued into the final quarter, with October GGR down 10% despite Golden Week.
Lui said the group acknowledged 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.” He added that the company still expects Macau to grow over the medium and long run, citing rising household wealth in mainland China.
At the end of September, GEG held HK$36.4 billion in cash and liquid investments and HK$2 billion of debt, giving a net position of HK$34.4 billion. An interim dividend of HK$0.90 per share was paid on 15 September. The figures follow Lui’s purchase of GEG shares in October during a period of weakness in Macau gaming stocks.
Fit out work on Phase 4 of Galaxy Macau continued during the quarter. The 600,000 square metre development is set to include five hotels offering roughly 1,350 keys, a theatre with 5,000 seats and a casino, and GGRAsia reported that completion is scheduled for 2027.
