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MACAU BUSINESS By Paolo A. Azevedo
Trends amid a steady quarter
P
erformance in the first quarter of 2026 yielded a stabilisation of both gross gaming revenue and adjusted property EBITDA levels, with a very minor quarter-to-quarter decline. In terms of GGR, it was indeed the first sequential drop since the third quarter of 2024.
Market leader Sands China opened a near six percentage point GGR share lead over Galaxy Entertainment Group (GEG). The operator, controlled by the family of the late Sheldon Adelson, managed to grow GGR and EBITDA both year-on-year and compared with the last quarter of 2025. In terms of GGR market share, Sands managed to steadily expand its position, from 22.5 per cent in the January to March three- month period to 26.1 per cent in the first quarter of 2026.
GEG’s GGR and EBITDA were down from the fourth quarter, but up year-on-year, with earnings’ “sequential momentum being distorted by an exceptional luck impact last quarter,” as noted by brokerage JP Morgan
26 JULY 2026
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
For the industry at large, the fi rst quarter delivered a stable performance compared with the last three-month period of 2025. Sands, Melco and Wynn stood out among the ‘Big Six’ gaming concessionaires by securing both GGR and EBITDA expansions in the fi rst quarter of 2026, both year-on-year and sequentially.
analysts DS Kim, Selina Li and Lindsey Qian. Galaxy meanwhile is progressing with developing its Phase 4 project, due to be completed in 2027 and in operation the following year.
MGM China maintained its third place in the city’s GGR rank, but lost 0.8 percentage points compared with the fourth quarter of 2025, with fourth-placed Melco closing the gap to just 0.4 percentage points. MGM’s adjusted property EBITDA expanded four per cent year-on-year, but was down eleven per cent quarter to quarter from “a very high base,” JP Morgan noted.
Jeju – the new Singapore
previous three-month period. It was also a rosy quarter for Wynn Macau, with the US operator posting EBITDA and GGR growth both year-on- year and over the fourth quarter of 2025. Its total GGR market share expanded 0.5 percentage points, with a notable expansion in the mass segment clearly offsetting a drop in VIP share.
M
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
The Macau operations of Melco Resorts & Entertainment yielded sound results for the group, accounting for 87 per cent of the group’s GGR and 75 per cent of its EBITDA, with the remainder coming from businesses in the Philippines, Cyprus and Sri Lanka. In the fi rst quarter, like Sands and Wynn, Melco saw annual and sequential expansion of both key indicators and pulled out a 1.3 percentage point GGR market share expansion over the
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
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.
SJM Resorts’ market share fell below ten per cent, impacted by this being the first full quarter with the satellite casinos affiliated with the gaming operator controlled by the late Stanley Ho’s family no longer operating. In the first quarter of 2025, satellite casinos accounted for one-third of all GGR reported by SJM, including at the time both self-promoted and satellite casinos. Adjusted EBITDA recovered to a level just above a year earlier. It “could have been better given the closure of low-margin satellite casinos, but the trajectory is encouraging,” noted DS Kim, Selina Li and Lindsey Qian.
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