Casino-International-Add-202x66.pdf 1 12. 09. 2025 12:16:34 CASINO OCT17 P_Layout 1 20/10/2017 08:35 Page 1
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Sep_Oct25.indd 1 12/9/25 12:40 MACAU BUSINESS Piece of pie
The industry’s better-than-expected performance in the second quarter saw all but one of the ‘Big Six’ casino operators record improvements in both gaming revenue and EBITDA compared with the previous three-month period. Business is gradually approaching pre-pandemic levels, with industry-wide total EBITDA at 87 per cent of the second quarter of 2019, outperforming GGR’s rebound to 84 per cent.
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ompetition among Macau’s six gaming operators is intensifying, but Sands China has held its ground as market leader, even as second-placed Galaxy Entertainment Group (GEG) further closed the gap. This applies to both GGR market share and adjusted property EBITDA performance. Londoner high-time
Sands maintained essentially the same GGR market share in the second quarter as in the January-to-March period, at 22.7 per cent. Brokerage J.P. Morgan analysts DS Kim and Selina Li noted that Sands’ second-quarter results were “pretty solid”, highlighting that the US operator expanded its mass gaming revenue market share to 24 per cent while achieving its first above-seasonal EBITDA growth in two years – with a quarter-on-quarter increase of more than 9 per cent.
The newly renovated Londoner casino-resort – fully reopened by mid-second quarter – “performed very strongly”, with EBITDA reaching USD 205 million. The property alone accounted for 36 per cent of Sands China’s total second-quarter earnings, falling just USD 31 million short of the group’s top property, The Venetian Macao. In fact, in terms of GGR, the Londoner has already surpassed The Venetian.
GALAXY’S STAR, MGM STELLAR GEG’s star continues to rise, standing above 20 per cent of GGR market share – its best
28 SEPTEMBER 2025
post-pandemic level – in a comfortable second place, supported by strong momentum at its flagship casino Galaxy Macau. The property saw gaming revenue grow by 12 per cent over the previous quarter, remaining by far the SAR’s largest gambling venue, further boosted by the newly opened Capella hotel, soft-opened in May. GEG’s group-wide GGR and adjusted EBITDA are now at 82 per cent of 2019 levels (second quarter).
With a 12 per cent year-on-year and 8 per cent quarter-on-quarter EBITDA increase in the second quarter, Galaxy’s net cash rose by HKD 1.3 billion to HKD 30.3 billion (USD 3.9 billion). As emphasised by DS Kim and Selina Li, “this alone is more than enough to fund the remaining capex for the group’s Phase IV development in Cotai.”
MGM China extended its strong post- pandemic performance in the second quarter of 2025, reaching an EBITDA level 72 per cent above the same quarter of 2019, with gross gaming revenue (GGR) 1.5 times higher than six years ago. It was “a very clean quarter for MGM across the board”, according to DS Kim and Selina Li.
MELCO CLIMBING BACK The 11 per cent GGR surge compared with the first quarter of 2025 lifted MGM to third place in the city’s market share ranking, overtaking Melco. Improved operational
results allowed Lawrence Ho’s company to edge past MGM in adjusted property EBITDA, the result of an 11 per cent quarter-on-quarter increase and a 35 per cent year-on-year expansion in earnings, reaching USD 332 million in EBITDA – already 92.5 per cent of the group’s second-quarter 2019 performance in the SAR. Kim and Li highlighted that Melco’s Macau margin “was particularly impressive” thanks to “strong improvement at their flagship City of Dreams property – which saw a 15 per cent increase in adjusted property EBITDA compared with the first three months of 2025 – cost optimisation and stabilising reinvestment rates.” In contrast, Melco’s operations in the Philippines faced headwinds, with its City of Dreams Manila property seeing GGR and adjusted EBITDA declines, while business in Cyprus was comparatively stronger.
BELOW EXPECTATIONS
Wynn’s second-quarter performance fell below market expectations. Adjusted property EBITDA was essentially flat, showing a 1 per cent growth over the previous quarter, but declined by 10 per cent year-on-year, “primarily due to unfavourable holds (in both mass and VIP) that led to weaker market share and margins,” as highlighted by J.P. Morgan. Considering that the quarter-to-quarter share loss in the mass market segment was “purely driven by lower holds,” DS Kim and Selina Li believe “it’s likely a blip.”
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