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Galaxy Entertainment Group (GEG) reported an 11% year-on-year rise in Q1 2026 revenue to HK$12.4bn (US$1.6bn), with adjusted EBITDA up 8% to HK$3.6bn, as the Macau operator’s flagship properties posted near-full hotel occupancy across the quarter ending 31 March 2026.
Gaming contributed HK$10bn of group revenue, with the remaining HK$1.7bn coming from non-gaming operations. Trailing 12-month adjusted EBITDA reached HK$14.8bn, a 17% increase on the prior comparable period and the headline figure most likely to anchor investor models heading into the second half of 2026.
Galaxy Macau drives the quarter
Galaxy Macau delivered the bulk of group growth, with net revenue rising 13% to HK$10.3bn and adjusted EBITDA up 11% to HK$3.3bn. Hotel occupancy averaged 99% across the quarter, leaving little room for upside from rate-led growth without additional inventory.
The property opened its new Capella luxury penthouses on 10 February, alongside four additional private gaming salons targeting premium-segment players. The mix shift toward higher-end accommodation aligns with broader GEG positioning in a market where Mainland Chinese spending patterns have moved away from the mass VIP volumes that defined the pre-pandemic decade.
At StarWorld Macau, net revenue grew 8% to HK$1.3bn and adjusted EBITDA increased 9% to HK$383m. Hotel occupancy reached 100% for the quarter. Gaming floors one and three have already been refurbished, with all hotel room renovations scheduled for completion by 2027.
Construction at Cotai is continuing. GEG said customer feedback has prompted a pivot toward larger, more premium room formats. Phase four of the project is targeted for completion in 2027.
Chairman points to entertainment programming
Francis Lui, GEG Chairman, attributed the quarter’s performance in large part to a deeper entertainment and sporting calendar that drew both new and returning visitors.
“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. 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 also flagged follow-on programming after the quarter close, including the Weibo International Entertainment Awards in April and concerts from Chinese singer-songwriter Hailai Amu and Korean band DAY6 in early May, signalling continued reliance on non-gaming attractions to drive footfall through Q2.
Macau visitor recovery accelerates
The wider Macau market backdrop supported GEG’s performance. Territory-wide GGR climbed 14% to HK$64bn in Q1 2026, while total visitor arrivals reached 11.2 million. Mainland visitor arrivals rose 16% to 8.4 million, with Individual Visit Scheme arrivals up 18% to 4.8 million.
International visitor numbers increased 11% to 0.8 million, driven by year-on-year gains of 71% from Thailand, 41% from India and 7% from the United States. The international mix remains small in absolute terms but is showing the kind of growth rates that have featured in <a href=”https://epicwins.io/2025/12/09/macau-casino-revenue-forecasts-raised-as-market-recovery-gains-momentum/”>recent Macau market recovery forecasts.
Aggregate visitor numbers now stand 108% above 2019 levels, marking the first quarter in which Macau has cleanly cleared its pre-pandemic benchmark. Chinese Golden Week in early May added further momentum, with the territory recording a single-day arrivals record of 873,000 visitors in the first week of the month.
The recovery is feeding directly into operator earnings across the concessionaires. <a href=”https://epicwins.io/2026/01/30/las-vegas-sands-q4-2025-earnings-record-3-65b-revenue/”>Las Vegas Sands posted record quarterly revenue of $3.65bn in Q4 2025 on the strength of its Macau and Singapore portfolios, and GEG’s Q1 print extends that trajectory into early 2026. Forecasters tracking the region had already begun upgrading 2026 estimates late last year, with <a href=”https://epicwins.io/2025/12/19/japan-ir-application-window-2027-two-casino-licenses-left/”>parallel licensing activity in Japan’s integrated resort programme adding to the broader Asian gaming pipeline.
With Cotai Phase 4 due to come online in 2027 and the StarWorld hotel renovations completing on the same timeline, the next 18 months will test GEG’s ability to convert sustained mainland and international demand into matching capacity without overbuilding into a market still re-establishing its post-pandemic structural baseline.
Source: Galaxy Entertainment Group
