Macquarie: Macau's gaming revenue slows due to seasonal factors, optimistic about Galaxy Entertainment, Sands China, and MGM China

AASTOCKS
2026.02.20 04:14

Macquarie published a research report indicating that Macau's average daily gaming revenue last week is expected to be MOP 543 million, a further decrease of 13%, reflecting seasonal slowdown before the Lunar New Year and lower win rates in VIP rooms. The firm is optimistic about Galaxy Entertainment (00027.HK), followed by Sands China (01928.HK) and MGM China (02282.HK).

The firm cited third-party data indicating that Melco Resorts & Entertainment (MLCO.US) gained the most market share in January, with a month-on-month increase of 2 percentage points. Additionally, Sands China's market share has risen to a two-year high.

The firm stated that Sands China recently declared a dividend of 50 cents, up from 25 cents in the same period of 2024. Assuming the dividend per share remains at the same level in 2026, this implies a dividend yield of 4%. The firm believes that the higher payout ratio reflects the company's healthy cash flow generation ability and that management is optimistic about business growth prospects

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