TLDR Pzena Investment Management spent US$112.22 million buying Galaxy Entertainment shares in two separate transactions The first purchase on May 14 raised Pzena’s stake from 4.89% to 5.01%; the second on June 16 pushed it to 6.27% Galaxy Entertainment shares closed at a year-to-date low of HKD29.82 following the purchases Morgan Stanley cut its 2026 growth forecasts for Macau gaming revenue and EBITDA Macau casino stocks have underperformed the Hang Seng Index this year, with weak revenue outlook for June and July Pzena Buys US$112M in Galaxy Entertainment Shares as Macau Casino Stocks Slide
US-based Pzena Investment Management LLC has increased its stake in Galaxy Entertainment Group, a casino company listed on the Hong Kong Stock Exchange.
The firm made two separate share purchases totalling HKD879.77 million, or approximately US$112.22 million. The filings with the Hong Kong Stock Exchange now classify Pzena as a substantial shareholder of Galaxy Entertainment.
The first transaction took place on May 14. Pzena spent HKD184.16 million, moving its long position from 4.89% to 5.01%. The average price paid per share was HKD33.81.
The second and larger purchase happened on June 16. Pzena spent HKD695.61 million, lifting its stake from 5.75% to 6.27%. The average price per share for that transaction was HKD30.51.
Together, the two deals raised Pzena’s holding in Galaxy Entertainment over the course of about a month.
Galaxy Entertainment Shares Hit Calendar-Year Low
Despite the buying activity, Galaxy Entertainment’s share price closed at HKD29.82 at the end of Monday trading on the Hong Kong bourse. That price is the company’s lowest point so far this calendar year.
Galaxy Entertainment is one of the largest casino operators in Macau. The drop in its share price reflects broader pressure on Macau gaming stocks in 2026.
Analysts Cut Macau Gaming Forecasts
In a