Galaxy Prints +11% Revenue While Genting Singapore Profit Halves — Q1 Macau Earnings Round Closes With a Margin Split

Galaxy Entertainment Group filed its Q1 2026 selected unaudited financial data with HKEX on May 12 — the most-anticipated print in the May earnings cycle given Galaxy's status as the de facto Macau market-share leader through most of 2025. Group net revenue reached HK$12.4 billion (US$1.59 billion), up 11% year-on-year and down 10% quarter-on-quarter. Adjusted EBITDA was HK$3.6 billion (US$462 million), up 8% YoY and down 17% QoQ. The sequential decline reflects the strong Lunar New Year-driven Q4 2025 base and is consistent with the seasonal pattern.

The property-level split: Galaxy Macau alone delivered HK$10.3 billion in revenue (+13%) and HK$3.3 billion in EBITDA (+11%) — better than the group composite, suggesting the smaller properties (Broadway, StarWorld) underperformed. Galaxy Promenade Phase 1 contributed full-quarter revenue for the first time. Galaxy publishes selected unaudited Q1 and Q3 data only — net profit and full segment detail come at the half-year and full-year reports — so attribute-to-shareholder profit is not available until August 2026.

For the Macau market-share picture, Galaxy's Q1 read combined with the other five operator prints settles the Q1 league table: Sands China at 25.7% (+1.3pp QoQ), Galaxy approximately 18.8% (-0.4pp), Melco approximately 14.4% (+0.3pp), Wynn Macau Ltd approximately 14.2% (+0.6pp), MGM China approximately 16.0% (-0.2pp), and SJM at 9.6% (-1.4pp). Sands and Wynn are the share-gain stories of the quarter.

Genting Singapore: profit halves on transformation and macro drag

Genting Singapore reported Q1 2026 results to SGX on May 12, with a starkly different picture from Marina Bay Sands across the road. Revenue dropped 3% to S$607.6 million (US$477.6 million). Gaming revenue fell 7.8% YoY to S$403.4 million (US$317.4 million). Non-gaming revenue rose 8.3% YoY to S$204.1 million (US$160.6 million), supported by higher visitor numbers at Universal Studios Singapore and the Singapore Oceanarium at Resorts World Sentosa. Adjusted EBITDA dropped 24.1% to S$179 million (US$140.8 million). Net profit fell 55% to S$65.2 million (US$51.2 million).

Management attributed the deterioration to three factors: ongoing transformation costs (the RWS 2.0 expansion is in its highest-capex phase), elevated energy and freight costs linked to Middle East tensions, and a VIP segment slump. Nomura noted that RWS's VIP rolling market share fell to "an all-time low of 20%" against rival Marina Bay Sands, where the same metric is at multi-year highs. The Singapore duopoly is now decisively split: MBS is taking share and printing record EBITDA; RWS is in transition. Nomura downgraded Genting Singapore to Reduce.

Macau Q1 earnings round wrap

The full Q1 2026 Macau earnings round is now complete. Three operators (Sands, Melco, Wynn) printed strongly on revenue and earnings. Two (Galaxy, MGM China) printed solidly on revenue but with margin compression flagged in commentary. One (SJM) printed a net loss with the satellite cleanup mechanically driving the contraction. The pattern is a clear consolidation signal: capital is flowing toward operators with disciplined reinvestment plus premium-mass strength, away from operators carrying legacy structural drag. Sands China at 25.7% market share is the high-water mark of the post-COVID era for any single operator.

Macau GDP confirms gaming spillover

The Macau Statistics and Census Service confirmed on April 30 (formal release) that Q1 2026 GDP grew 7.1% YoY — the third-strongest quarterly print since 2020. Tourism receipts +14% YoY, retail +12%, hotel ADR at MOP$2,100 (+9%). Macau's economic-diversification mandate from the 2022 concession renewals is moving the non-gaming spend numbers, though gaming remains the structurally dominant contributor.

Cambodia: enforcement continues post-law

The Anti-Technology Fraud Law took force April 17 with King Norodom Sihamoni's Royal Assent. Between April 17 and May 12, eight additional casino licences were revoked across Sihanoukville and Bavet, with detentions totalling over 1,100 in that window alone. Total deportations since June 2025 now exceed 30,000. The Cambodian government's May 5 formal designation of scam-combat as a top national priority has triggered cross-agency operational coordination protocols.

Sources

Galaxy Entertainment Group HKEX Selected Unaudited Q1 2026 Financial Data (12 May 2026); Genting Singapore SGX Q1 2026 results (12 May 2026); Macau DSEC Q1 2026 GDP release (30 April 2026); Cambodia Ministry of Interior enforcement updates (April-May 2026); Nomura Equity Research note on Genting Singapore (May 2026).