MACAU BUSINESS
stressed that “its massmarket share momentum was even better”, up 1.2 percentage points quarter on quarter to 25.3 per cent. J.P. Morgan analysts DS Kim, Selina Li and Lindsay Qian emphasised Sands China’s “respectable EBITDA momentum”, with 6 per cent sequential growth.
“We’ve adapted to the market and changed our approach in the second quarter of 2025 to enable us to be more competitive,” said Rob Goldstein, chairman and CEO of parent company Las Vegas Sands (LVS), during the earnings call that followed the thirdquarter results announcement. This is reflected not only in an expansion of massmarket revenue share from 23.6 per cent to 25.3 per cent, but also in EBITDA market share, which rose from 27.6 per cent to 29 per cent between the first and third quarters of this year.
Regarding the final three months of 2025, Sands’ leadership is bullish, with outgoing chief executive Rob Goldstein saying he expects additional share gains and EBITDA growth, and his incoming successor, current LVS president and COO Patrick Dumont, adding: “We are focused on delivering revenue and cashflow growth at The Londoner and across the portfolio.”
GALAXY’S STABLE QUARTER While Sands extended its GGR market share lead, Galaxy Entertainment Group (GEG) remains in a comfortable second place, with a stable market share of around 20 per cent. EBITDA was up 14 per cent year on year but down 6 per cent versus the second quarter. J.P. Morgan notes a 10 per cent increase in OPEX, reflecting the opening of the Capella hotel and a higher reinvestment rate, as key factors behind the relative underperformance in EBITDA.
Even so, the company’s massmarket gaming revenue recovered strongly, reaching 129 per cent of 2019 levels. The group’s liquidity is also robust, with HK$36.8 billion in cash and liquid investments and a net cash position of HK$34.8 billion.
In the third quarter, GEG hosted several mega events, including Eason Chan’s concerts and a performance by American comedy star Jimmy O. Yang. Francis Lui, chairman of GEG, stressed that in the first nine months of 2025 Galaxy held approximately 260 entertainment, sports, arts and culture, and MICE events, “which contributed to a 41% yearonyear increase in the foot traffic at Galaxy Macau™ and contributed significantly to our business.” Meanwhile, GEG’s next phase of development continues to progress. With completion scheduled for 2027, Phase 4 is set to feature highend hotel brands new to Macau, along with an approximately 5,000seat theatre, F&B outlets, retail, nongaming amenities, landscaping, a water resort deck and a casino.
MELCO’S PREMIUM DIRECTIVE Upgrading facilities to tap into the premium mass market segment is the talk of the town, and Melco is no exception. Signature Club House at City of Dreams (COD) has been in operation since July and is already yielding results, the group’s management stressed. At Studio City, the company unveiled a newly expanded highlimit gaming area, along with four new private gaming salons at Epic Tower, “to provide an even more refined experience for our premium mass customers.” Grand Dragon, the sole satellite casino operating under Melco’s concession, closed its doors in September, alongside one of the Mocha slot machine parlours. The 15 tables from Grand Dragon were allocated to the new gaming space at COD, while 90 gaming machines from the Mocha closure were shifted to Studio City.
Melco’s groupwide adjusted property EBITDA was up both year on year (18 per cent) and quarter on quarter (1 per cent). However, looking at the Macau operations alone, there was a sequential decline in both
earnings and GGR, even though EBITDA still grew 21 per cent year on year. By property, COD remains the group’s crown jewel. The property’s thirdquarter US$207 million adjusted property EBITDA – up 27 per cent year on year – accounted for 58.8 per cent of Melco’s groupwide earnings (including operations in Macau, the Philippines, Cyprus and now Sri Lanka). In Macau, Melco holds a GGR market share of around 15 per cent, a slight drop from the previous quarter. In the earnings call following the quarterly results release, Lawrence Ho, Melco’s chairman and CEO, noted that there has been a tendency to focus primarily on market share instead of EBITDA. While Ho believes the industry’s “peak competitiveness in terms of the intensity in the market” has passed, “everybody’s still thinking of ways to try to grab share.”
Looking ahead, the group has started renovation works at Countdown Hotel, which it currently expects to reopen in the third quarter of 2026.
JANUARY 2026 33
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120
