UBS expects Macau's gaming industry EBITDA in the first quarter to increase by 10% year-on-year to USD 2.1 billion

AASTOCKS
2026.04.16 02:19

UBS published a research report indicating that Macau's gaming industry revenue remained flat quarter-on-quarter and grew 14% year-on-year, reaching USD 8.14 billion. This growth was driven by a 1% quarter-on-quarter increase and a 13% year-on-year increase in mass gaming revenue, while VIP room revenue saw a 6% quarter-on-quarter decline but a 23% year-on-year increase.

UBS estimates that Sands China (01928.HK), WYNN MACAU (01128.HK), and Melco Resorts & Entertainment (MLCO.US) saw an increase in mass market share quarter-on-quarter, while SJM HOLDINGS (00880.HK), MGM CHINA (02282.HK), and GALAXY ENT (00027.HK) experienced a loss in market share. Given that there were no one-time operational cost headwinds (such as license-related investments and events like the 2025 National Games) compared to the fourth quarter of last year, and the shift towards mass gaming, it is estimated that Macau's gaming industry EBITDA grew 4% quarter-on-quarter and 10% year-on-year, reaching USD 2.1 billion

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