UBS reduced its 2026 EBITDA forecasts for Macau gaming operators by about 2%, citing higher operating costs in the fourth quarter of 2025, according to the report. The brokerage still expects sector gross gaming revenue to rise 5% in 2026 and luck-adjusted EBITDA to grow 6%.
The lower earnings forecast signals cost pressure for investors assessing Macau casino operators’ 2026 performance.
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SkyCity said its board would seek proposals through a structured process, engaging interested parties and providing due diligence information. The company said it had appointed UBS and Chapman Tripp as advisers, and that there was no certainty the process would lead to a transaction or offer.
UBS estimated that Macau casinos generated average daily gross gaming revenue of approximately MOP729m (US$90.2m) from 5 to 11 October. Based on its channel checks, the bank put the daily average below approximately MOP1.0bn during the first four days of October’s Golden Week holiday.
SkyCity Entertainment Group said it will shortly begin a formal sale process for its Adelaide casino after receiving inquiries from potential buyers. UBS will lead the process; separately, the company is assessing transactions involving the wider group and remains in discussions with two parties that previously made unsolicited takeover approaches.
UBS estimated Macau's daily casino gross gaming revenue at MOP633m for 1–6 September. The daily average increased approximately 4% year-on-year, while UBS described seasonal weakness.
JP Morgan said on 14 July that Macau gaming stocks remained unattractive after a 25% year-to-date decline. It expects second-quarter results to prompt further forecast cuts, while Macau gross gaming revenue reached an estimated MOP7.3 billion in the first 12 days of July. UBS also forecast continued negative sentiment and named Melco Resorts & Entertainment its preferred stock.