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.
The findings quantify how regulatory changes have altered Macau casino operators’ intermediary costs.
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Macau gaming revenue rose 14.4% year on year in the first quarter of 2026, while the quarter-on-quarter figure fell 0.3%, according to government data cited in the report. Seaport Research Partners expects growth to slow during the rest of the year and estimates EBITDA growth of 9% alongside a 30-basis-point decline in margins. The brokerage also expects operating expenditure to increase by 6% to 7% in 2026.
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.
MGM chief executive Bill Hornbuckle said the passage of Thailand’s Entertainment Complex bill may take longer than he had expected, citing public opposition. He said he hopes legislation and a defined process will be in place by the first or second quarter of 2026. Prime Minister Paetongtarn Shinawatra suspended the bill’s review after demonstrations, pending further examination.
A Thai committee overseeing proposed entertainment-complex legislation has identified Bangkok, Chon Buri, Chiang Mai and Phuket as possible locations for regulated gaming venues. The Ministry of Finance was still reviewing public comments, and Thailand had not approved integrated resorts; the comment period was due to end that day.