Galaxy Entertainment Prioritizes Non-Gaming Expansion Amid Strong Q1 Results 

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Galaxy Entertainment Group posted a robust adjusted EBITDA of HKD$3.576 billion (US$458 million) for Q1 2026, marking an 8% year-on-year increase, with net revenue rising 11% to HKD$12.396 billion (US$1.59 billion).

Galaxy Q1 results are strong
Key Takeaways:
  • EBITDA increases 8% year on year, despite quarter-on-quarter declines due to gaming luck
  • Diversification into entertainment and international markets drives visitor growth
  • Premium offerings and non-gaming experiences enhance Macau’s appeal amid geopolitical risks

Adjusted for luck fluctuations-HKD$2 million (US$256,000) unfavorable this quarter compared to HKD$731 million (US$93.7 million) favorable in Q4 2025-normalized adjusted EBITDA was HKD$3.565 billion (US$457 million), up 21% year-on-year and steady quarter-on-quarter. The company released their figures on Tuesday. 

Macau’s gaming market showed resilience, with Q1 gross gaming revenue (GGR) at HKD$64 billion (US$8.21 billion), flat sequentially but 14% higher year-on-year. 

‘Surge in Tourism’

According to Francis Lui, chairman of GEG, “Macau experienced a surge in tourism and strong demand for hotel accommodation, entertainment and gaming” during Chinese Golden Week (first week of May).

Across Q1, visitor arrivals hit approximately 11.2 million, about 108% of 2019 levels. This was supported by a 16% rise in mainland China visitors under the Individual Visit Scheme.

Galaxy Macau, the company’s Cotai flagship, drove results with net revenue up 13% year-on-year to HKD$10.344 billion and adjusted EBITDA of HKD$3.343 billion (US$429 million). 

StarWorld Macau saw an 8% revenue increase and full hotel occupancy, while Broadway Macau stabilized with slight revenue declines. In contrast, the Construction Materials Division faced declines in revenue and EBITDA.

An Echoing Trend

These figures follow a similar trend forged in the group’s Q4 2025 results. The company’s EBITDA jumped about 33% year-on-year to roughly HKD4.3 billion (US$551 million), lifting full-year gross gaming revenue to HKD49.1 billion.  

The firm emphasizes growth in non-gaming sectors, including MICE, concerts, and sporting events, having hosted over 80 events in Q1 and notable upcoming attractions like UFC Fight Night in May.

Capella at Galaxy Macau, opened in February 2026, is performing well with super-premium mass customers, while Horizon Plus expanded from six to ten private gaming salons. 

The firm is progressing on a major Cotai Phase 4 expansion, focused primarily on non-gaming offerings, including 1,350 new rooms and a 5,000-seat theater, slated for 2027 completion.

Macau as a whole recorded a 15.9% year-on-year increase on gaming tax for Q1, with gross gaming revenue reaching MOP65.87 billion (US$8.17 million).