Macau operator Galaxy Entertainment reported second-quarter revenue of HK$11.8bn, down 2% year-on-year and 5% from the previous quarter. The decline was driven by the FIFA World Cup, which drew players away and intensified competition from sports betting. For the first half, the company posted growth: revenue reached HK$24.2bn (up 4% year-on-year) and Adjusted EBITDA came in at HK$7bn (up 1%).
Gaming revenue for the half rose 6%, while Adjusted EBITDA margin expanded from 30.5% to 31.4%. Cash and liquid assets stood at HK$37.7bn. Chairman Francis Lui Yiu Tung said the premium mass segment was the main contributor. In February the company opened Capella at Galaxy Macau and expanded private salons in Horizon Plus from six to ten.
Revenue began recovering in late July, with the trend continuing through August. Galaxy is renovating StarWorld Macau: during the second quarter up to 40% of rooms were offline, resulting in HK$14m of lost EBITDA. The room refurbishment will wrap by the first quarter of 2027, with some rooms combined into premium suites.
The main focus is Phase 4 of the Galaxy Macau complex, a 600,000-square-metre project. It includes five ultra-luxury hotels (around 1,350 rooms), a 5,000-seat theatre, a casino, dining and a water resort. Galaxy has also partnered with HSBC Credit Card, Ant Bank and Xiaohongshu to expand reach and digital marketing.
