Galaxy, Sands, MGM China lead Macau’s Q4 GGR growth, CLSA

The growth in the market during the period was driven by structural changes, such as satellite casino closures, which drove demand to large integrated resorts.

Macau.- Asian capital markets company CLSA has released its January industry report on the Macau gambling market, revealing that the big three concessionaires in the city captured more GGR in the fourth quarter of 2025, as the industry undergoes structural changes.

According to the outlook, Macau’s total GGR hit MOP66bn (US$8.23bn) in Q4, a 15 per cent rise, while sector EBITDA climbed 16 per cent to roughly US$2.2bn. CLSA analyst Jeffrey Kiang noted that Galaxy Entertainment, Sands China, and MGM China boosted their GGR market share and table GGR share in Q4 2025, however smaller operators struggled.

Of the concessionaires, Sands China experienced the most notable recovery, with GGR share in the fourth quarter rising to 24-24.5 per cent from 21-24 per cent in the previous year.

The growth in the market during the period was driven by structural changes, such as satellite casino closures, which drove demand to large integrated resorts, as per the CLSA report. The broker noted that the quarter demonstrated “healthy signs” of consolidation benefiting operators with scale, diversified portfolios, and robust balance sheets.

CLSA also flagged a growing gap in dividend prospects among Macau’s concessionaires. It expects Galaxy Entertainment, MGM China, Sands China, and Wynn Macau to declare 2025 final dividends due to their strong cash positions and limited near-term capex.

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The growth in the market during the period was driven by structural changes, such as satellite casino closures, which drove demand to large integrated resorts. Macau.- Asian capital markets company…