Galaxy Entertainment Group Limited (GEG) reported stable first-half 2026 results, underpinned by resilient Macau visitation and steady mass-gaming demand.
Financial Highlights (HK$): • Net revenue rose 4.25% year-on-year to 24.23 billion. • Adjusted EBITDA increased 1.33% to 7.00 billion; margin held at 29.0%. • Net profit attributable to shareholders edged up 0.76% to 5.28 billion, translating to basic EPS of 120.6 HK cents. • Cash and liquid investments climbed to 37.73 billion; net cash position stood at 35.90 billion after 1.83 billion of debt.
Dividend & Capital Returns • The board declared an interim dividend of 0.90 HK dollars per share (1H 2025: 0.70 HK dollars), payable on or about 15 September 2026 to shareholders on record as of 31 August 2026. • A final dividend of 0.80 HK dollars per share was distributed in June 2026.
Segment Performance • Galaxy Macau™ contributed 20.27 billion in revenue (+5.87%) and 6.54 billion in adjusted EBITDA (+3.17%); hotel occupancy across nine hotels remained at 99%. • StarWorld Macau generated 2.56 billion in revenue (+6.26%) and 686 million in adjusted EBITDA (+5.05%); hotel occupancy was 100%. • Broadway Macau™ recorded 85 million in revenue (-12.26%) and 7 million in adjusted EBITDA. • Construction Materials Division posted 1.31 billion in revenue (-12.88%) and 298 million in adjusted EBITDA (-29.15%) due to softer demand in Hong Kong and Mainland China.
Operational Metrics • Group gross gaming revenue increased 7.96% to 24.77 billion; mass-table win rose 11.93% to 19.08 billion, while VIP win slipped 9.43% to 3.98 billion. • Non-gaming revenue advanced 7.39% to 3.40 billion, reflecting higher retail and hospitality contributions.
Development & Capex • Cotai Phase 4 (approximately 600,000 sqm) remains on track for 2027 completion, featuring five ultra-luxury hotels (~1,350 rooms), a 5,000-seat theatre, extensive F&B and retail, a water resort deck and casino. • StarWorld Macau’s multi-phase renovation is underway; ~40% of rooms were offline in Q2, trimming EBITDA by an estimated 14 million. Full completion is targeted for Q1 2027. • Total capital expenditure for the half was 1.22 billion.
Outlook Management expects Macau’s tourism momentum, supportive visa policies and infrastructure upgrades—including the forthcoming Hengqin high-speed rail link and Macau International Airport expansion—to underpin medium-term growth. GEG will continue to expand live-entertainment partnerships and leverage its strong balance sheet to fund development while maintaining dividend returns.
Corporate Governance Note The board continues to be chaired by Francis Lui, who also acts as an executive director; the company states sufficient checks and balances are in place despite the dual role.
Record Dates • Ex-dividend: 25 August 2026 • Book closure: 27 August – 31 August 2026
Payment is scheduled for 15 September 2026.
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