Galaxy Entertainment Group Selected Unaudited Q1 2026 Financial Data

Leading Macau’s Non-Gaming Diversification Through Mice, Entertainment and Sporting Events

Q1 2026 Group Normalised EBITDA of $3.6 Billion, 
Up 21% Year-on-Year, Flat Quarter-on-Quarter

Continued to Ramp Up Capella at Galaxy Macau Business

A Final Dividend of $0.80 Per Share Payable in June 2026

HONG KONG, May 12, 2026 (GLOBE NEWSWIRE) — Galaxy Entertainment Group (“GEG”, “Company” or the “Group”) (HKEx stock code: 27) today reported results for the three-month period ended 31 March 2026. (All amounts are expressed in Hong Kong dollars unless otherwise stated)

Mr. Francis Lui, Chairman of GEG said,

“In the first quarter of 2026, Macau generated Gross Gaming Revenue (GGR) of $64.0 billion, up 14% year-on-year and was flat quarter-on-quarter. Visitation to Macau remained strong with approximately 11.2 million arrivals, up 14% year-on-year and up 8% quarter-on-quarter.

During the period, the Group reported Net Revenue of $12.4 billion, up 11% year-on-year and down 10% quarter-on-quarter. Adjusted EBITDA was $3.6 billion, up 8% year-on-year and down 17% quarter-on-quarter. Quarter-on-quarter comparisons were impacted by luck. In Q4 2025, our Adjusted EBITDA of $4.3 billion included approximately $730 million of favourable luck, whereas in Q1 we recorded around $2 million of unfavourable luck. After adjusting for luck, Adjusted EBITDA was flat quarter-on-quarter. Our business performance over the Chinese New Year was solid, and similar to last year, we experienced a longer tail following the holiday period.

GEG’s balance sheet remains healthy and liquid, with cash and liquid investments of $39.2 billion. This financial strength allows us to fund our development pipeline, explore overseas opportunities and return capital to shareholders through dividends. The GEG Board previously recommended a final dividend of $0.80 per share payable in June 2026. This demonstrates our continued confidence in the longer-term outlook for Macau in general and in GEG specifically.

World-class entertainment shows and sporting events continued to play a key role in attracting both new and repeat customers to Macau. In the first quarter, GEG hosted over 80 concerts, entertainment shows, sporting and other events, including performances by Chinese artist Dylan Wang, the return of Jimmy O. Yang’s comedy show, concerts by renowned Chinese song writer and rock singer Tian Zhen and Hong Kong singer Janice Vidal. In addition, the prestigious ITTF World Cup Macao was once again hosted by GEG at the Galaxy Arena during 30 March to 5 April. This major sporting event experienced overwhelming demand and reinforced Macau’s position as a premier destination for global sporting events. Subsequently, we hosted Weibo International Entertainment Awards (WIEA) in April and the tour concerts by Chinese singer-songwriter Hailai Amu and K-Pop’s leading band DAY6 in early May.

Later this month we will be hosting a fight week with the Ultimate Fighting Championship (UFC), the world’s premier MMA organization. The highlight of the week will be UFC FIGHT NIGHT: SONG vs. FIGUEIREDO on 30 May. Additionally, we will host the Wu Bai & China Blue Rock Star 2 World Tour and Hong Kong singer Keung To’s concert in June.

Capella at Galaxy Macau officially opened in February 2026 and has continued to ramp up successfully. We have also recently expanded our premium gaming area, Horizon Plus, from six private salons to ten, enriching our offerings for high-value customers.

In the first week of May was the five-day Chinese Golden Week holiday. As expected, Macau experienced a surge in tourism and strong demand for hotel accommodation, entertainment and gaming.

In the second quarter, the FIFA World Cup will be hosted in North America from 11 June to 19 July. Historically, we have observed that customer visitation patterns and gaming revenue can be impacted during the World Cup period, alongside an increase in sports betting activity. We will schedule additional events and other promotional activities to neutralize the short-term impact of the World Cup.

Looking ahead, we remain firmly focused on fitting out the 600,000 sqm Phase 4 development. Upon completion, this landmark project will elevate the appeal of our existing resorts and significantly broaden our non-gaming attractions with a 5,000-seat theater, extensive dining options, new retail space, lush landscaping, a water resort deck, and additional casino facilities. We believe that the addition of these new, high-quality amenities will be a game changer for our business.

Following the conclusion of China’s Two Sessions, Macau Chief Executive Mr. Sam Hou Fai reaffirmed the Government’s commitment to advancing economic diversification and deepening integration with Hengqin under the Greater Bay Area framework. He emphasized that Macau’s development strategy will prioritize the expansion of non-gaming sectors including cultural tourism, retail and innovation, while strengthening infrastructure connectivity with the Mainland. GEG remains fully supportive of the Government’s initiatives to diversify Macau’s economy and to further develop the city into a World Centre of Tourism and Leisure.

Finally, I extend my heartfelt gratitude to all our team members, whose dedication to delivering ‘World Class, Asian Heart’ service each and every day continues to drive the success of the Group.”

Macau Market Overview

Based on DICJ reporting, Macau’s GGR for Q1 2026 was $64.0 billion, up 14% year-on-year and was flat quarter-on-quarter.

In Q1 2026, visitor arrivals to Macau were approximately 11.2 million, up 14% year-on-year and up 8% quarter-on-quarter, recovering to 108% of 2019. Mainland visitor arrivals to Macau grew faster at 16% year-on-year to 8.4 million, with Individual Visit Scheme visitors of 4.8 million, up 18% year-on-year.

International visitor arrivals to Macau increased by 11% year-on-year to approximately 0.8 million in Q1 2026. Visitors from Thailand (59,811) increased by 71% year-on-year, while visitors from India (27,034) increased by 41% year-on-year. In addition, visitors from the Republic of Korea (184,938) and long-haul visitors from the USA (39,340) both increased by 7% year-on-year. During the period Macau International Airport handled approximately 2.1 million passengers, up 15% year-on-year. GEG has continued to work with the Macao Government Tourism Office to actively promote Macau as an international tourist destination. We will continue to advance this effort through our marketing teams and international offices in Tokyo, Seoul, Bangkok and Singapore.

Group Financial Results

In Q1 2026, the Group posted Net Revenue of $12.4 billion, up 11% year-on-year and down 10% quarter-on-quarter. Group Adjusted EBITDA was $3.6 billion, up 8% year-on-year and down 17% quarter-on-quarter. Latest twelve months Adjusted EBITDA of $14.8 billion, up 17% year-on-year and up 2% quarter-on-quarter.

In Q1 2026, GEG played slightly unlucky in its gaming operation which decreased its Adjusted EBITDA by approximately $2 million. Normalized Adjusted EBITDA was $3.6 billion, up 21% year-on-year and was flat quarter-on-quarter.

Summary table of GEG Q1 2026 Adjusted EBITDA and normalized adjustments:

The Group’s total GGR in Q1 2026 was $12.7 billion, up 16% year-on-year and down 9% quarter-on-quarter. Mass GGR was $9.6 billion, up 17% year-on-year and down 4% quarter-on-quarter. VIP GGR was $2.3 billion, up 18% year-on-year and down 25% quarter-on-quarter. Electronic GGR was $785 million, up 8% year-on-year and down 5% quarter-on-quarter.

Balance Sheet and Dividend

The Group’s balance sheet remains healthy and liquid. As of 31 March 2026, cash and liquid investments were $39.2 billion and the net position was $36.5 billion after debt of $2.7 billion. Our strong balance sheet combined with substantial cash flow from operations allows us to return capital to shareholders via dividends and to fund our development pipeline. The GEG Board previously recommended a final dividend of $0.80 per share payable in June 2026.

Galaxy Macau™

Galaxy Macau™ is the primary contributor to Group revenue and earnings. In Q1 2026, Galaxy Macau™’s Net Revenue was $10.3 billion, up 13% year-on-year and down 12% quarter-on-quarter. Adjusted EBITDA was $3.3 billion, up 11% year-on-year and down 17% quarter-on-quarter.

In Q1 2026, Galaxy Macau™ played lucky in its gaming operations which increased its Adjusted EBITDA by approximately $2 million. Normalized Adjusted EBITDA was $3.3 billion, up 25% year-on-year and up 2% quarter-on-quarter.

The combined nine hotels occupancy was 99% for Q1 2026.

StarWorld Macau

In Q1 2026, StarWorld Macau’s Net Revenue was $1.3 billion, up 8% year-on-year and up 5% quarter-on-quarter. Adjusted EBITDA was $383 million, up 9% year-on-year and up 8% quarter-on-quarter.

In Q1 2026, StarWorld Macau played unlucky in its gaming operations which decreased its Adjusted EBITDA by approximately $4 million. Normalized Adjusted EBITDA was $387 million, up 6% year-on-year and up 9% quarter-on-quarter.

Hotel occupancy was 100% for Q1 2026.

Broadway Macau™

Broadway Macau™ is a unique family friendly, street entertainment and food resort supported by Macau SMEs. In Q1 2026, Broadway Macau™’s Net Revenue was $44 million, down 4% year-on-year and down 4% quarter-on-quarter. Adjusted EBITDA was $7 million, versus $2 million in Q1 2025 and $4 million in Q4 2025.

Construction Materials Division

In Q1 2026, CMD’s Net Revenue was $666 million, down 8% year-on-year and down 9% quarter-on-quarter. Adjusted EBITDA was $127 million, down 31% year-on-year and down 49% quarter-on-quarter.

Development Update

Galaxy Macau™

We continue to make ongoing progressive enhancements to our resorts to ensure that they remain competitive and appealing to our guests including adding new F&B, lifestyle and retail offerings at Galaxy Macau™.

Capella at Galaxy Macau officially opened on 10 February 2026, offering 95 ultra-luxury signature suites and Penthouses, which set a new level of luxury, opulence and service levels in Macau, have been extremely well received by our guests and allowing us to capture the super-premium mass segment more effectively at scale. We have recently expanded the premium gaming area, Horizon Plus, from six private salons to ten, enriching our offerings for high-value customers.

Cotai – The Next Chapter

We are progressing well with the fitting out of the approximately 600,000 sqm Phase 4 development. We continued to research the market and received customer feedback. All the feedback leads us to conclude that customers want premium products – larger, more spacious and luxurious rooms including premium amenities and services. Therefore, we have increased the room size of our Phase 4 and the total hotel rooms and suites will be approximately 1,350, together with an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Phase 4 is targeted to complete in 2027. We believe that the addition of these new, high-quality amenities will be a game changer for our business.

StarWorld Macau

At StarWorld Macau we are undertaking a comprehensive renovation and upgrade of the resort to ensure it remains competitive and appealing to guests. We have completed the renovation of the gaming floors on level one and three, along with a refit of the food and beverage areas which includes new food and beverage offerings. Recently we commenced the renovation of the hotel rooms and suites. We anticipate to have all hotel rooms fully completed by the first quarter of 2027.

Selected Major Awards in Q1 2026

Outlook

Despite the current geo-political challenges, the Chinese economy remains robust. The demand for tourism, leisure and travel from China and Hong Kong is strong, with Macau consistently ranking as a highly preferred destination of choice.

In the first week of May, the five-day Chinese Golden Week holiday, Macau welcomed 873,000 visitors, up 3% compared to last year and set a new record for single-day arrival. During the Golden Week weekend, we hosted the tour concert by Chinese singer-songwriter Hailai Amu. As expected, the market experienced strong demand across hotel accommodation, entertainment offerings and gaming activities, reinforcing the resilience of leisure-driven demand during peak travel periods.

The Macau gaming market continues to benefit from a solid recovery in tourism fundamentals, supported by the relaxation of IVS visa policies, an increasingly diversified visitor mix, and a broader range of non-gaming attractions, particularly large-scale entertainment events and concerts. Upcoming on 30 May, we will host UFC FIGHT NIGHT: SONG vs. FIGUEIREDO at Galaxy Arena. In June, we will host the Wu Bai & China Blue Rock Star 2 World Tour and a concert by Hong Kong singer Keung To.

We will continue to leverage on GICC and Galaxy Arena by bringing a range of mega shows, concerts and world-class events to Galaxy Macau™. Our partnerships with leading global entertainment companies will continue to bring premier events to Macau, while expanding our strategic partnerships with UFC and iQIYI (one of the world’s leading online video platforms) and strengthening GEG’s international profile. We have also renewed a three-year cooperation agreement with Damai Entertainment (a member of Alibaba Group) and Macau Pass to further enhance our ticketing services. Collectively, these initiatives are expected to deepen customer engagement, broaden our audience reach, and further support Macau’s positioning as a World Centre of Tourism and Leisure.

While demand remains subject to seasonality and broader macroeconomic conditions, we expect the premium mass and mass-market segments to remain the key drivers of market performance amid an intensely competitive environment. As previously noted, we remain focused on differentiating ourselves through quality products and services, operational efficiency, customer engagement and technological innovation. We will also continue to leverage our marketing offices in Tokyo, Seoul, Bangkok and Singapore to expand our regional customer base and capture sustainable growth opportunities as the market evolves.

On the development front, we continue to progress with the fitting out of Phase 4. The project will bring multiple high-end hotel brands that are new to Macau, an approximately 5,000-seat theater, extensive F&B, retail, non-gaming amenities, landscaping, a water resort deck and a casino. Completion is targeted for 2027. We believe that the addition of these new, high-quality amenities will be a game changer for our business.

Transport infrastructure linking Macau and the Mainland continues to advance. The Macau Government has underscored the importance of strengthening cross-border connectivity, and Guangdong has prioritised the development of the Hezhou-Hengqin section of the Guangzhou-Zhuhai-Macau high-speed railway, which will incorporate Macau into the national high-speed rail network for the first time. Subject to final implementation, an integrated connection with the Macau Light Rapid Transit (LRT) would enable seamless transfers to Hengqin’s high-speed station, improve access to destinations across China’s high-speed rail network, and reduce travel time from Guangzhou Baiyun Airport to approximately 30 minutes. Construction is expected to commence by the end of 2026.

Since beginning of 2026 the world experienced significant global geo-political events, including the Middle East war and the ongoing war in Ukraine. To date we have not experienced any direct impact on our business. However, we do acknowledge that if these events were to continue for a period of time, in particular in the Middle East, then the challenges that world economies would face from restricted fuel supplies and fertiliser could impact economic activities and consumer sentiment. Fortunately, GEG is well capitalized with net cash of $36.5 billion and a minimal debt. At GEG we have always followed a conservative strategy to ensure that the Company is positioned to withstand external shocks.

We remain confident in the medium to longer-term outlook for Macau overall and GEG specifically. We will continue to closely monitor global economic conditions and geopolitical developments. This disciplined approach will enable us to respond swiftly to changing circumstances, reinforce our resilience and continue to drive long-term shareholder value creation.

About Galaxy Entertainment Group (HKEx stock code: 27)

Galaxy Entertainment Group Limited (“GEG” or the “Company”) and its subsidiaries (“GEG” or the “Group”) is one of the world’s leading resorts, hospitality and gaming companies. The Group primarily develops and operates a large portfolio of integrated resort, retail, dining, hotel and gaming facilities in Macau. GEG is listed on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index.

GEG through its subsidiary, Galaxy Casino S.A., is one of the three original concessionaires in Macau when the gaming industry was liberalized in 2002. In 2022, GEG was awarded a new gaming concession valid from January 1, 2023, to December 31, 2032. GEG has a successful track record of delivering innovative, spectacular and award-winning properties, products and services, underpinned by a “World Class, Asian Heart” service philosophy, that has enabled it to consistently outperform the market in Macau.

The Group operates three flagship destinations in Macau: on Cotai, Galaxy Macau™, one of the world’s largest integrated destination resorts, and the adjoining Broadway Macau™, a unique landmark entertainment and food street destination; and on the Peninsula, StarWorld Macau, an award-winning premium property.

The Group has the largest development pipeline of any concessionaire in Macau. When The Next Chapter of its Cotai development is completed, GEG’s resorts footprint on Cotai will be more than 2 million square meters, making the resorts, entertainment and MICE precinct one of the largest and most diverse integrated destinations in the world. GEG also considers opportunities in the Greater Bay Area and internationally. These projects will help GEG develop and support Macau in its vision of becoming a World Centre of Tourism and Leisure.

In July 2015, GEG made a strategic investment in Société Anonyme des Bains de Mer et du Cercle des Étrangers à Monaco (“Monte-Carlo SBM”), a world renowned owner and operator of iconic luxury hotels and resorts in the Principality of Monaco. GEG continues to explore a range of international development opportunities with Monte-Carlo SBM.

GEG is committed to delivering world class unique experiences to its guests and building a sustainable future for the communities in which it operates.

For more information about the Group, please visit www.galaxyentertainment.com

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¹ Reflects luck adjustments associated with our rolling chip program.
² Gaming statistics are presented before deducting commission and incentives.
³ Reflects sum of promoter and inhouse premium direct.
⁴ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
⁵ Gaming statistics are presented before deducting commission and incentives.
⁶ Reflects sum of promoter and inhouse premium direct.
⁷ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.
⁸ Gaming statistics are presented before deducting commission and incentives.
⁹ Reflects sum of promoter and inhouse premium direct.
¹⁰ Mass table drop includes the amount of table drop plus cash chips purchased at the cage.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c0f53cf0-4cbc-412f-b5dc-366899649e9e

CONTACT: For Media Enquiries:

Investor Relations

Mr. Peter Caveny / Ms. Yoko Ku / Ms. Crystal Chan
Tel: +852 3150 1111
Email: ir@galaxyentertainment.com