High VIP Hold and Premium Additions Drive Galaxy Entertainment Group's 4% Revenue Growth to US$1.62 Billion in Q3 2026

Galaxy Entertainment Group posted group net revenue of HK$12.7 billion (US$1.62 billion) in the September 2026 quarter. The figure reflects a 4% year-on-year increase and a 7% rise from the prior quarter. Gross gaming revenue reached HK$12.9 billion (US$1.65 billion) while Adjusted EBITDA climbed 10% year-on-year to HK$3.7 billion (US$472 million).

The operator delivered these results at a time when most Macau licensees faced revenue and profit pressure. A 4.8% VIP hold rate provided material support. According to reporting by Inside Asian Gaming, the outcome highlights effective management of both gaming and non-gaming elements at the group's core assets.

Property-Level Detail

Flagship Galaxy Resort generated net revenue of HK$10.8 billion (US$1.38 billion), up 7.4% year-on-year, with Adjusted EBITDA rising 15.3% to HK$3.54 billion (US$452 million) on a 33% margin. Rolling chip volume fell 5.6% year-on-year yet produced a win of HK$2.86 billion (US$365 million) at a 4.7% win rate. Mass table win declined 1.3% to HK$8.10 billion (US$1.03 billion) while slots win rose 16.7% to HK$677 million (US$86.4 million).

StarWorld recorded net revenue of HK$1.13 billion (US$144 million), down 10.6% year-on-year. Gross gaming revenue fell 12.8% to HK$1.24 billion (US$158 million). Hotel renovation works reduced EBITDA by approximately HK$20 million in the quarter. A 10.2% win rate on sharply lower rolling chip volume limited the damage.

Medium-Term Positioning

GEG Chairman Francis Lui stated that the FIFA World Cup produced only a short-lived traffic impact. Business recovered quickly on strong summer visitation and new premium capacity, including the ramp of Capella at Galaxy Macau and the expansion of Horizon Plus from six to ten private salons. Lui added that these assets, together with Raffles at Galaxy Macau and Horizon Club, create a differentiated premium portfolio.

Lui acknowledged moderated GGR growth from possible taxation policy changes, slower global economic growth and geopolitical uncertainty. He reiterated confidence in the medium- to longer-term outlook for Macau, underpinned by continued expansion of China's economy and household wealth. StarWorld renovations are scheduled for completion in the first quarter of 2027. The upgrades target stronger appeal to premium customers once room inventory returns to full availability.

The quarter illustrates how targeted premium capacity and disciplined cost control can offset mass-market softness and temporary operational constraints. Licensees facing similar renovation cycles will watch whether such execution sustains margins through the remainder of 2026 and into 2027.