Sands China held the largest share of Macau’s mass and slot gaming market in 2Q25, at 24%, according to UBS figures cited in a media report. Galaxy Entertainment recorded the strongest non-gaming revenue growth, up 8% year on year, while sector-wide non-gaming revenue rose 4% to $1.19 billion.
The figures show differing performance across Macau operators’ gaming shares and non-gaming businesses.
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A peer-reviewed study found Macau concessionaires’ commissions, incentives, discounts and rebates totalled MOP39.507bn in 2024 and MOP31.762bn in 2023, below MOP62.608bn in 2019. The study said these costs fell more sharply than gross gaming revenue, as revised rules restricted junkets’ operating models.
Macao casinos recorded GGR of $2.76bn in August, taking revenue for the first eight months of the year to MOP163.05bn, reportedly. Jefferies raised its 2025 forecast to MOP248bn from MOP237bn, citing the revenue performance; the year-to-date total was 7.2% above the same period in 2024.
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.
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.
JPMorgan lowered its forecast for Macau gross gaming revenue growth in October 2025 to 3%-6% year on year, from more than 11%. Its analysts described weaker-than-expected Golden Week sales as a temporary setback and cited weather disruption and softer mass-market activity as possible factors. The bank also cut its fourth-quarter growth estimate to 9%, from 13%.