Galaxy Entertainment Group Ltd

Galaxy Entertainment Group reported second quarter 2026 net revenue of HKD 11.8 billion, down 2% year-on-year and 5% quarter-on-quarter, with adjusted EBITDA of HKD 3.4 billion, down 5% year-on-year and 5% quarter-on-quarter, though normalized for luck EBITDA rose 8% year-on-year. The company announced an interim dividend of HKD 0.90 per share, payable in September 2026, marking the fifth payout increase since post-COVID reopening, with total dividends paid exceeding HKD 13 billion. Mass GGR grew 8% year-on-year to HKD 9.5 billion, while VIP GGR fell 32% year-on-year to HKD 1.6 billion, and non-gaming revenue rose 5% year-on-year to HKD 1.7 billion. Management cited a temporary negative impact from the World Cup, with Q2 adjusted EBITDA down 5% year-on-year and quarter-on-quarter, and GGR down 5% sequentially, but noted robust post-World Cup recovery in late July and August. The company maintained a strong balance sheet with cash and liquid investments of HKD 37.7 billion and net cash of HKD 35.9 billion as of June 30, 2026, and confirmed Phase 4 development is on schedule for completion in 2027.