Galaxy Entertainment Group Reports Third-Quarter 2026 Adjusted EBITDA of US$470.6 Million, Up 10.4 Percent
Galaxy Entertainment Group posted Q3 2026 adjusted EBITDA of US$470.6 million, up 10.4%. Net revenue grew 5.1% to HKD12.02 billion and GGR rose 5.2% to HKD12.88 billion despite a 4% Macau market contraction. Lui cited premium gains from Capella and Horizon Plus but flagged short-term pressures from taxes, economy, and geopolitics.
SCCG Take — Targeted premium capacity additions allow outperformance versus the Macau market. Operators should quantify exposure to potential taxation changes before finalizing 2027 capital plans.
Galaxy Entertainment Group Ltd reported adjusted EBITDA of US$470.6 million for the third quarter of 2026. The figure represents a 10.4 percent increase from the same period in 2025. Net revenue rose 5.1 percent to HKD12.02 billion, while gross gaming revenue reached HKD12.88 billion, up 5.2 percent.
The results arrived as market-wide GGR in Macau contracted by about 4 percent year on year. Galaxy Entertainment operates Galaxy Macau on Cotai, StarWorld Hotel on the peninsula, and Broadway Macau.
Property Results and Premium Segment Gains
Flagship Galaxy Macau delivered net revenue of HKD10.84 billion, a 7.4 percent increase. Its adjusted EBITDA climbed to HKD3.54 billion from HKD3.07 billion in the third quarter of 2025. Galaxy Entertainment Chairman Francis Lui Yiu Tung stated that the group had "delivered a solid performance" despite the market contraction.
Lui highlighted advances in premium offerings. "Our premium offering continued to make good progress during the quarter. 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," Lui said. The group is continuing fit-out work on Phase 4 of Galaxy Macau, scheduled for completion in 2027. That phase will add 1,350 suites and hotel rooms, a 5,000-seat theatre, retail outlets, a water resort deck and additional casino facilities.
Near-Term Moderation and Medium-Term Confidence
Lui 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 geopolitical uncertainty." He added that "despite these near-term factors, we remain confident in the medium- to longer-term outlook for Macau," as reported by GGRAsia.
These results show how property-specific upgrades can sustain earnings growth when jurisdiction-wide metrics soften. Operators will track the scale and timing of any taxation policy adjustments for their effect on premium demand through the balance of 2026 and into 2027.
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