Galaxy up 11 per cent year-on-year but fails to keep pace with previous quarter

Galaxy recently expanded its premium gaming area, Horizon Plus, from six private salons to ten

Macau operator Galaxy Entertainment reported Net Revenue of $12.4bn, up 11 per cent year-on-year and down 10 per cent quarter-on-quarter. Adjusted EBITDA was $3.6bn, up eight per cent year-on-year and down 17 per cent quarter-on-quarter. Quarter-on-quarter comparisons were impacted by luck. 

In Q4 2025, the company’s Adjusted EBITDA of $4.3bn included approximately $730m of favourable luck, whereas in Q1 it recorded around $2m of unfavourable luck. The operator’s flagship casino, Galaxy Macau, had revenue of $10.3bn, up 13 per cent year-on-year but down 12 per cent quarter-on-quarter.

Francis Lui, Chairman of GEG said: “Our business performance over the Chinese New Year was solid, and similar to last year, we experienced a longer tail following the holiday period. Capella at Galaxy Macau officially opened in February 2026 and has continued to ramp up successfully. We have also recently expanded our premium gaming area, Horizon Plus, from six private salons to ten, enriching our offerings for high-value customers.

World-class entertainment shows and sporting events continued to play a key role in attracting both new and repeat customers to Macau. In the first quarter, GEG hosted over 80 concerts, entertainment shows, sporting and other events, including performances by Chinese artist Dylan Wang, the return of Jimmy O. Yang’s comedy show, concerts by renowned Chinese song writer and rock singer Tian Zhen and Hong Kong singer Janice Vidal. In addition, the prestigious ITTF World Cup Macao was once again hosted by GEG at the Galaxy Arena during 30 March to 5 April.

Lui said: “This major sporting event experienced overwhelming demand and reinforced Macau’s position as a premier destination for global sporting events. Subsequently, we hosted Weibo International Entertainment Awards (WIEA) in April and the tour concerts by Chinese singer-songwriter Hailai Amu and K-Pop’s leading band DAY6 in early May.”

“Later this month we will be hosting a fight week with the Ultimate Fighting Championship (UFC), the world’s premier MMA organization. The highlight of the week will be UFC FIGHT NIGHT: SONG vs. FIGUEIREDO on 30 May. Additionally, we will host the Wu Bai & China Blue Rock Star 2 World Tour and Hong Kong singer Keung To’s concert in June.

“In the first week of May was the five-day Chinese Golden Week holiday. As expected, Macau experienced a surge in tourism and strong demand for hotel accommodation, entertainment and gaming.

“In the second quarter, the FIFA World Cup will be hosted in North America from 11 June to 19 July. Historically, we have observed that customer visitation patterns and gaming revenue can be impacted during the World Cup period, alongside an increase in sports betting activity. We will schedule additional events and other promotional activities to neutralise the short-term impact of the World Cup.

“Looking ahead, we remain firmly focused on fitting out the 600,000 sqm Phase 4 development. Upon completion, this landmark project will elevate the appeal of our existing resorts and significantly broaden our non-gaming attractions with a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and additional casino facilities. We believe that the addition of these new, high-quality amenities will be a game changer for our business.”