CLSA estimated that Galaxy Entertainment, Sands China and MGM China increased their overall and table gross gaming revenue shares in Macau in 4Q25 compared with a year earlier. It estimated total quarterly GGR at about MOP66 billion, up 15%, and said satellite casino closures helped shift demand towards larger resorts.
The reported share shifts and closures indicate changing competitive conditions for Macau casino operators.
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CLSA and Citigroup analysts estimated that Macau casino industry EBITDA rose 7% to 8% year on year in the first quarter, behind the 14.3% increase in gross gaming revenue. Citigroup put industry EBITDA margin at about 27%, while CLSA estimated 25.3%.
CreditSights maintained its tactical outperform recommendation on Wynn Macau’s US-dollar bonds despite weaker third-quarter earnings. It cited leverage of 5.3 times gross and 4.3 times net as of September, and expected higher capital expenditure in financial year 2027 to weigh on cash flow.
Wynn Macau Ltd's U.S. dollar bonds remain a tactical outperform recommendation at CreditSights Inc, even after weaker third-quarter earnings and with capital spending expected to rise in 2027. The analysts said the anticipated capital spending pressure in financial year 2027 was a key reason for the tactical qualification.
Citigroup’s monthly survey of Macau table games reported that average premium mass wagers rose 17% year on year to HK$20,689 per hand, while the number of players fell 16%. It also found mass baccarat minimum bets increased 3% to HK$2,028 across Macau, with Cotai up 6% and the peninsula down 7%; these are survey findings and analyst views.
Sands China will appoint former MGM China executive Hubert Wang as chief operating officer from 1 June 2026, the company said in an internal memo. Wang will join its executive committee and oversee gaming and resort operations, market development, marketing, strategic analysis and property operations.
All six Macau gaming concessionaires are offering at least some recently approved baccarat side bets, according to a Citigroup survey conducted on 1 May. Citi said Melco Resorts, Sands China, SJM and Wynn offered “Monkey no Monkey” and “Pairs+”; MGM China also offered “Banker 4” and “Player 4”, while Galaxy offered “Monkey no Monkey” at Galaxy Macau.