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MACAU BUSINESS By Jose Carlos Matias By Paolo A. Azevedo
Catching up
benchmark can still be regarded as a useful yardstick, despite structural changes arising from the end of the junket era, the new regulatory landscape and evolving market trends.
W
Even when comparing this year’s third quarter with the July–September period of
32 JANUARY 2026
hile the city’s gaming industry is now well into a postpandemic “new normal”, the 2019
M
Jeju – the new Singapore
The city’s core industry moved closer to prepandemic levels in the third quarter of 2025, with total EBITDA reaching 91.5 per cent of the figure recorded six years ago. Sands, which extended its lead in GGR market share, and Wynn stood out among the “Big Six” as the only operators to deliver growth in both EBITDA and GGR, year on year and quarter on quarter.
natural evolution? Lawrence Teo – Business is the same. But building
a landmark. M. B. – The group [Lotte] has created other landmarks in different types of business. Why would this be different?
2019, it is clear that industrywide EBITDA recovery is catching up faster – reaching 91.5 per cent – than total gross gaming revenue (GGR), which stands at 88.5 per cent. It should be noted that thirdquarter performance would almost certainly have been stronger without the 33hour casino shutdown resulting from the passage of Super Typhoon Ragasa, which severely impacted the city in September.
acau Business – From Lotte World, a major recreational complex [with the world’s largest indoor theme park, in Seoul] to an integrated resort with casino in Jeju. A different beast. A
SANDS ‘VERY RESPECTABLE MOMENTUM’
to do the Dream Tower in Jeju. Lotte here is being just a family company; we’re a different company [Lotte Tour]. It’s not going to be [just] the tallest and the largest building in Jeju, that’s just the hardware. We say that a landmark should be the most visited destination, where tourists will go to eat, shop and maybe [visit] our observation deck. A must-visit point destination. Because of the hardware, and also the software.
Unsurprisingly, Sands China remains the top player among the six casino concessionaires in both EBITDA and GGR, with a 29 per cent and 23.8 per cent share of the total respectively. The third quarter signalled a
onepercentagepoint sequential rebound in market share for Sands, taking it to the highest level in five quarters. Brokerage J.P. Morgan
M. B. – What are the main goals that you definitely
Jeju will be as big as Singapore in terms of Gross Gaming Revenue, predicts Lawrence Teo. The Chief Operations Officer and Vice President of Dream Tower, the tallest Integrated Resort under construction on the Korean destination island, explains to Macau Business why Lotte Tour decided to enter the casino business and create a landmark. All bets are on making the casino resort the crown of the tourism jewel the company has been dominating for four decades
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