A widely followed gauge of Macau casino shares had climbed almost 60% from its April low by 28 July 2025, as gaming revenue improved. Jefferies analyst Anne Ling said June revenue exceeded expectations and identified Sands and Galaxy Entertainment as her preferred stocks among Macau operators.
The reported share-price gains and analyst views may shape investor expectations for Macau casino operators’ earnings.
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Casino companies at the Jefferies Nantucket Consumer Conference on 16–17 June described trading as broadly stable, according to a 18 June investor note by Jefferies analyst David Katz. MGM Resorts cited cash-flow growth, while Boyd Gaming expected leisure-traveller softness alongside strength in regional casinos and Las Vegas locals’ play; Light & Wonder also reported stable revenue trends.
J.P. Morgan analyst Daniel Politzer favoured Las Vegas Sands and DraftKings ahead of fourth-quarter earnings, while taking a cautious view of the wider gaming sector. He forecast $626 million in fourth-quarter Macau cash flow for Sands and $723 million in Singapore, and said comparisons would become harder in the second half of 2026.
J.P. Morgan analysts raised their price target for Wynn Resorts by $13 to $136 per share ahead of third-quarter earnings, according to the report. They also lifted targets for Las Vegas Sands, Boyd Gaming and Rush Street Interactive, while reducing targets for Caesars Entertainment, Churchill Downs and MGM Resorts International. The analysts forecast third-quarter sports betting handle growth of up to 17% and igaming handle growth of 12.5%.
A Jefferies analyst said Macau casino shares could rise further as gross gaming revenue strengthened. Channel checks cited by Anne Ling put revenue for the week ending 24 August 25% above a year earlier and 9% above the prior week; Ling forecast August growth in the low to mid teens and named Galaxy Entertainment, Las Vegas Sands and Wynn Resorts as preferred stocks.
Jefferies analyst Anne Ling forecast Macau gambling revenue growth of 9% to 14% in June in an investor note published on 16 June. She attributed the outlook partly to temporary events and estimated monthly gross gaming revenue would reach at least $2.4 billion, while noting uncertainty about premium-mass demand.