Citigroup forecasts 8% Macau gaming EBITDA growth in Q1 2026
Macau’s gaming sector is expected to grow EBITDA by about 8% year on year in Q1 2026, according to Citigroup analysts George Choi and Timothy Chau. Gross gaming revenue reached MOP65.87 billion, up 14%, while VIP performance and hold rates weighed on margins. Citigroup expects Sands China to record the strongest operator EBITDA growth, at about 20%.
Operators’ earnings growth is forecast to trail revenue growth as player mix and hold rates pressure margins.