Galaxy Entertainment revenue rose 4%, but normalized EBITDA fell 7% year on year

what happened

Galaxy Entertainment Group reported third-quarter 2026 net revenue of HK$12.7 billion, up 4% year on year, according to GlobeNewswire. Adjusted EBITDA rose 10% to HK$3.7 billion. The company said a stroke of luck added about HK$584 million to EBITDA in the quarter. Excluding that effect, EBITDA was HK$3.1 billion, down 7% from a year earlier.

Macau's gross gaming revenue for the quarter was $58.5 billion, down 4% year on year. Chairman Francis Lui linked the slower growth to possible tax policy changes, weaker global growth and geopolitical uncertainty. The company also paid an interim dividend of $0.90 per share in September.

why it matters

The report is mixed: headline figures look strong, but underlying profitability and Macau's market revenue are weaker. Investors will watch Macau's fourth-quarter gaming trends and progress on Phase 4 of the Galaxy Macau development.

market impact

Macau gaming stocks: weaker market GGR and lower normalized EBITDA weigh on the sector

• ↔Galaxy Entertainment mixed — revenue growth supports the shares, while lower normalized EBITDA and a weaker market pull them down
• ▼Macau gaming stocks pressure down — Macau gross gaming revenue fell 4% year on year

tags

instruments