ES
IT
PT
DE
NL
Operator continues investment on Phase 4 of Galaxy Macu and refurb at StarWorld
Macau casino operator Galaxy Entertainment generated first-half revenue of HK$24.2bn, up four per cent year-on-year.
Gaming grew by six per cent, Adjusted Property EBITDA grew nine per cent, and Adjusted Property EBITDA margin expanded from 30.5 per cent to 31.4 per cent year-on-year, but the second quarter brought revenue of HK$11.8bn, down two per cent year-on-year and down five per cent quarter-on-quarter.
Galaxy Chairman Francis Lui Yiu Tung said: “Despite a competitive market environment, GEG delivered solid results, with performance driven across all business segments, particularly premium mass. Adjusted EBITDA was HK$7bn, up one per cent year-on-year. GEG’s balance sheet remains healthy and liquid, with cash and liquid investments of HK$37.7bn. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends.”
The ultra-luxury Capella at Galaxy Macau, the latest addition to GEG’s hotel portfolio, officially opened in February 2026.
Lui added: “Due to strong demand, we also expanded the premium gaming area at Horizon Plus, increasing the number of private salons from six to ten. This has further enhanced our offerings for high-
value customers and helped drive the continued ramp-up of the business. 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 half of 2026, GEG hosted more than 170 concerts, entertainment shows, sporting and other events, including headline performances by leading Mainland artists, prominent Cantopop and K-pop concerts, comedy shows, and UFC Fight Week.”
“Major sporting events have historically influenced customer behaviour and gaming revenue in Macau; this is due to diverted attention and increased competition from sports betting activity,” he added. “The tournament’s extended match schedule this year temporarily affected customer traffic and revenue. Our targeted marketing and promotional initiatives helped to partially offset the impact. Importantly, Macau experienced a recovery in gaming revenue toward the end of the World Cup, and this momentum has continued into August.
Galaxy has entered into a partnership with HSBC Credit Card where in resort spending generates rewards within Galaxy Macau, Ant Bank, with self-service kiosks delivering a range of financial services; and Xiaohongshu (XHS), which specialises in advanced digital marketing combined with high-profile XHS influencers and content creators. Collectively, these initiatives are expected to deepen customer engagement and expand our audience reach.
Lui added: “As we move forward, we will continue to enhance our resort offerings. At StarWorld Macau, we are undertaking a comprehensive renovation and upgrade programme to ensure the property remains competitive and appealing to guests. We have completed the refurbishment of the gaming floors on levels 1 and 3, together with a refit of the food and beverage areas, including the introduction of new dining offerings. We have also recently commenced the renovation of the hotel rooms and suites. This includes combining some rooms to create larger and more spacious premium suites, with the project expected to be fully completed by the first quarter of 2027. During Q2, up to approximately 40 per cent of StarWorld Macau’s room inventory was under renovation, and we estimate that this negatively impacted Adjusted EBITDA by HK$14m.
“In parallel, 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. This includes 5 ultra-luxury hotels with approximately 1,350 rooms and suites, a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and a casino. We believe that the addition of these new, high-quality amenities will be a game-changer for our business and will further support Macau’s development as a World Centre of Tourism and Leisure.’
