Macau operator Galaxy Entertainment declared an interim dividend of HK$0.90 ($0.12) per share, 12.5% above the final 2025 dividend of HK$0.80. The decision came in a quarter when the entire Macau market faced geopolitical uncertainty and the company entered the final stage of its current development programme.
CBRE analysts John DeCree and Max Marsh called the increase a signal of management confidence in sustainable cash flow. Galaxy holds net cash of around HK$36 billion ($4.6 billion) — the broker described the balance sheet as a 'fortress'. That position allows the company to return capital to shareholders while completing investment projects.
Galaxy's adjusted EBITDA for the second quarter fell 5% year-on-year to HK$3.38 billion ($433 million), but would have risen 8% after normalising for hold. Mass market and non-gaming showed resilience despite attention drifting to the football World Cup — an effect that hit the VIP segment harder. CBRE forecasts company EBITDA of HK$14.32 billion ($1.84 billion) in 2026 and HK$15.01 billion ($1.92 billion) in 2027.
Galaxy is completing Phase 4 of Galaxy Macau and the renovation of StarWorld Macau. Phase 4 opens in 2027 with 1,350 rooms and suites, a 5,000-seat theatre, retail, restaurants and casino. The StarWorld renovation, which combines rooms into premium suites, also finishes in the first quarter of 2027. Around 40% of the property's rooms were unavailable last quarter, cutting EBITDA by HK$14 million ($1.8 million).
