(AsiaGameHub) – Leading Macao casino share prices are falling or stagnating after operators posted disappointing first-quarter earnings.
Galaxy Entertainment Group’s pre-audit report revealed an 11% net revenue year-on-year increase to just under $1.6 billion, the Japanese-language media outlet Macau Shimbun reported. However, the firm also saw its revenues drop by 10% from Q4 FY2025.
Gross gaming revenue rose year-on-year, but the firm also experienced a 9% quarter-on-quarter decline.
While the firm reported year-on-year rises in mass gaming, VIP room, and slots revenues, these also fell in the past quarter. Most notably, VIP revenues dropped by 25% since the start of the calendar year.
Galaxy’s net liabilities were $345 million, leaving the operator with pre-audit cash and liquid investments worth around $4.7 billion.
The firm is currently developing a range of new dining, lifestyle, leisure, and retail facilities at its Galaxy Macau resort. This project will see it open new casino facilities and add a new 1,350-room hotel.
It has also begun renovating its StarWorld Hotel on the Macao Peninsula. The work includes remodeling two casino floors. The company stated that its StarWorld renovation would be completed by the end of the first quarter of 2027.
Macao Casino Earnings: SJM Holdings Revenues Drop 21%
Earlier this month, the same media outlet reported that SJM Holdings, another Hong Kong-listed firm with a Macao casino management concession, also posted quarter-on-quarter revenue declines.
SJM operates a range of casino facilities under the Lisboa brand.
Company documents reveal the operator’s net revenues for the first quarter of this year were $754 million, down 21.1% year-on-year. Gross gambling revenue also fell by nearly 19%.
Profits attributable to parent company shareholders decreased from a surplus of $4 million to a deficit of almost $8 million.
The company’s share of Macao’s total casino revenue declined by 3.9 percentage points to just under 10%.
Rival operator MGM China earlier reported a 10% year-on-year rise in revenues in Q1, along with a drop in VIP spending.
Gaming shares are also down elsewhere in the world, despite a global stock market boom.
While sky-high tech shares drove the S&P 500 Index to new record highs, popular gambling-focused exchange-traded funds fell by more than 3%.
Back in Hong Kong, MGM China share prices dropped by 1.6% on May 12, while Wynn Macau fell 0.7%.
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