Galaxy Entertainment Group (GEG) has reported third-quarter 2026 net revenue of HK$12.7bn, up 4% year-on-year and 7% quarter-on-quarter, bucking the downward trend reported by several Macau casino competitors.
Adjusted EBITDA increased 10% to HK$3.7bn, supported by favorable gaming results that contributed approximately HK$584m. Excluding this impact, normalized adjusted EBITDA declined 7% to HK$3.1bn.
Group gross gaming revenue (GGR) rose 5% to HK$12.9bn, driven by a 41% increase in VIP GGR to HK$2.9bn. However, mass-market GGR declined 3% to HK$9.2bn.
Galaxy Macau remained the group's largest earnings contributor, generating HK$10.8bn in net revenue, up 7%, while adjusted EBITDA increased 15% to HK$3.5bn.
Meanwhile, StarWorld Macau recorded an 11% revenue decline to HK$1.1bn, with adjusted EBITDA falling 24% to HK$279m amid ongoing renovations.
GEG Q3 2026 Adjusted EBITDA (HK$ M)
GEG's results contrasted with those of several competitors. SJM Holdings reported a 23.9% decline in GGR to HK$5.44bn, although GGR excluding satellite casinos increased 13.5%. Adjusted EBITDA fell 20% to HK$705m.
Wynn Resorts also experienced weaker performance across its Macau properties, with Wynn Palace revenue declining 8.1% to US$583.8m and Wynn Macau revenue falling 8.2% to US$335.4m.
Similarly, Melco Resorts reported a revenue decline of more than 10%, with City of Dreams Macau and Studio City recording decreases of 15% and 7%, respectively.
GEG continues developing its premium offerings and Phase 4 expansion, scheduled for completion in 2027. The development will include five luxury hotels, approximately 1,350 rooms and suites, entertainment facilities and a casino.
While Galaxy outperformed several competitors on reported revenue growth, declining normalized earnings and softer mass-market gaming activity indicate continued pressure across Macau's casino sector.
Macau's market-wide GGR fell 4% year-on-year despite visitor arrivals rising 8% to 11.2 million
