The investment bank still expects moderate growth as operators focus on cost optimisation and premium segments.
Macau.- UBS has slightly lowered its EBITDA outlook for the Macau gaming industry in 2026, citing higher operating expenses. In a research note published on March 9, the bank said it had reduced its forecasts for Macau casino operators by about 2 per cent.
The adjustment follows higher-than-expected operating costs during the fourth quarter of 2025. Despite the revision, UBS estimates that Macau’s Gross Gaming Revenue will increase by around 5 per cent year-on-year in 2026, with growth expected to be stronger in the first half of the year.
According to the report, GGR could rise approximately 8 per cent year-on-year during the first six months of 2026 due to favourable comparison bases, before moderating to roughly 3 per cent in the second half.
UBS forecasts that sector-wide luck-adjusted EBITDA will increase by about 6 per cent year-on-year in 2026 following largely flat performance in 2025. The bank said margins are likely to remain broadly stable as operators shift their strategy from property upgrades to cost control and reinvestment optimisation.
The report noted that demand has remained solid so far this year, with combined gaming revenue for January and February up around 14 per cent compared with the same period in 2025, slightly exceeding market expectations.
UBS expects revenue growth to be driven primarily by premium gaming segments, supported by expanded marketing initiatives, upgraded suite offerings and additional hotel capacity across several integrated resorts in Macau.
The investment bank still expects moderate growth as operators focus on cost optimisation and premium segments. Macau.- UBS has slightly lowered its EBITDA outlook for the Macau gaming industry in 2026, citing higher operating expenses. In a research note published on March 9, the bank said it had reduced its forecasts for Macau casino operators…
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