GGR growth has moderated in the near term due to taxation policy changes and slower global economic growth
Macau casino operator Galaxy Entertainment reported third-quarter revenues of $12.7bn, up four per cent year-on-year and up seven per cent quarter-on-quarter.
The group’s total GGR in Q3 2026 was $12.9bn, up five per cent year-on-year and up seven per cent quarter-on-quarter. Mass GGR was $9.2bn, down three per cent year-on-year and down three per cent quarter-on-quarter. VIP GGR was $2.9bn, up 41 per cent year-on-year and up 76 per cent quarter-on-quarter. Electronic GGR was $798m, up eight per cent year-on-year and down 15 per cent quarter-on-quarter.
Galaxy Macau’s Adjusted EBITDA was $3.5bn, up 15 per cent year-on-year, whilst StarWorld Macau’s Adjusted EBITDA was $279m, down 24 per cent year-on-year. Broadway Macau’s Adjusted EBITDA was $7m, versus $1m in Q3 2025 and breakeven in Q2 2026.
Francis Lui, Chairman of GEG said: “I am pleased to report on GEG’s performance for the third quarter of 2026. The quarter began with a partial impact from the FIFA World Cup, which continued until 19 July. This temporarily affected customer traffic and gaming activity during the early part of the quarter. However, the impact was short-lived. Business recovered quickly following the tournament, supported by strong summer visitation and healthy activity across both gaming and non-gaming offerings.
Visitor arrivals during the summer holiday period were strong. In Q3 2026, Macau welcomed approximately 11.2 million visitors, up eight per cent year-on-year and up 15 per cent quarter-on-quarter. Arrivals from Mainland Chinese outpaced the overall market, increasing 10 per cent year-on-year and 25 per cent quarter-on-quarter to 8.6 million, reinforcing Macau’s appeal to its core source market. This solid visitor momentum supported hotel occupancy and activity across both gaming and non-gaming segments.”
Macau’s Gross Gaming Revenue (GGR) was $58.5bn in Q3 2026, down four per cent year-on-year and down one per cent quarter-on-quarter. For the first nine months of 2026, market GGR reached $181.7bn, representing growth of three per cent year-on-year.
Lui added: “Against this backdrop, GEG delivered a solid performance. For Q3 2026, Group Net Revenue was $12.7bn, up four per cent year-on-year and up seven per cent quarter-on-quarter. Adjusted EBITDA was $3.7bn, up 10 per cent year-on-year and up nine per cent quarter-on-quarter.
“Our premium offering continued to make good progress during the quarter. Capella at Galaxy Macau ramped up well and the expansion of Horizon Plus from six to ten private salons provided additional capacity to meet the demand from high-value customers and strengthened our position in the premium market. Together with Raffles at Galaxy Macau and Horizon Club, these products give us a strong and differentiated premium portfolio.”
“At StarWorld Macau, the hotel renovation programme continued during Q3. While the temporary reduction in available room inventory affected the property’s EBITDA by approximately $20m during the quarter, we carefully managed the works to minimise disruption and maintain service standards. The upgraded rooms and suites will enhance the property’s appeal to premium customers, with completion targeted for the first quarter of 2027.”
Entertainment and events continued to broaden Galaxy’s appeal and generate new incentives to visit Macau. During Q3, it hosted more than 80 concerts, entertainment shows, sporting and other events across Galaxy Macau, including The Music of Chan Fai Young, concerts by Rosy Zhao and Henry Lau, and the Tencent Music Entertainment Awards (TMEA) 2026. World tour concerts by K-pop groups i-dle and CLOSE YOUR EYES also attracted audiences from Macau, Greater China and across Asia.
Lui said: “Our entertainment strategy connects travel, accommodation, dining, retail and entertainment. Partnerships with leading entertainment, travel and ticketing companies help us broaden our audience reach, enhance the customer journey and encourage repeat visitation. Our event pipeline for the remainder of 2026 remains strong, featuring Rene Liu, Jane Zhang, ENHYPEN, TOMORROW X TOGETHER, LE SSERAFIM, Richie Jen and MC Cheung Tinfu.”
“We continued the fitting out of our 600,000-sqm Phase 4 development. Upon completion, this project will significantly enhance our integrated resort offering and broaden our non-gaming attractions. Phase 4 will feature five ultra-luxury hotels with approximately 1,350 rooms and suites, a 5,000-seat theater, extensive dining and retail offerings, lush landscaping, a water resort deck and a casino. We believe Phase 4 will be a game changer for GEG and further support Macau’s development as a World Centre of Tourism and Leisure.”
“As we enter the final quarter of 2026, our priorities are to build momentum across our premium offerings, maximize the value of our entertainment assets, progress the renovation of StarWorld Macau and the fitting out of Phase 4, while maintaining discipline in operating costs and customer reinvestment.
“We acknowledge that GGR growth has moderated in the near term, reflecting a combination of short-term factors, including possibly taxation policy changes, slower global economic growth and ongoing geopolitical uncertainty. Despite these near-term factors, we remain confident in the medium to longer term outlook for Macau. This view is underpinned by the continued growth in China’s economy and household wealth, which should support sustained demand for leisure, tourism, and travel. GEG is well positioned to capture these longer-term opportunities through our world-class integrated resorts and the largest development landbank in Macau.”
GGR growth has moderated in the near term due to taxation policy changes and slower global economic growth Macau casino operator Galaxy Entertainment reported third-quarter revenues of $12.7bn, up four per cent year-on-year and up seven per cent quarter-on-quarter. The group’s total GGR in Q3 2026 was $12.9bn, up five per cent year-on-year and up