Wynn Macau submitted its application for a 10-year casino concession to the Macau government on Tuesday, the report said. It was the first operator to file, one day before the deadline; the other five operators were expected to submit applications with a MOP10m deposit, the report said.
Wynn Macau’s filing begins the concession process, while other operators must submit applications to seek continued casino operations.
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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.
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.
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.
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.