In the second quarter of 2023, the three major operators in Macau – Las Vegas Sands, MGM China, and Wynn Resorts – experienced a temporary decline in visitation and gaming activity, largely due to the focus on the FIFA World Cup. The heightened attention on football had a noticeable impact on rolling volumes and mass-market play; however, operators reported that recovery began in July and accelerated into August.
A key takeaway from this period is the ongoing investment in luxury accommodations and premium gaming, which is becoming vital for growth. This approach is helping to attract new customers, increase their stay duration, enhance VIP rolling volumes, and improve player retention. The array of construction projects underway reflects a strong confidence in Macau’s future and a clear strategy to elevate the high-value customer base.
Meanwhile, Singapore demonstrated remarkable resilience during the quarter. Marina Bay Sands reported impressive earnings, even amid a broader slowdown in regional visitation. Wynn’s development in the UAE added another layer of growth potential to its Asian gaming operations.
Las Vegas Sands is particularly optimistic about Singapore’s market appeal. In the second quarter, Marina Bay Sands achieved an EBITDA of $689 million, which surpassed expectations by $37 million. The mass gaming revenue increased by 5% compared to the second quarter of 2025, showing solid growth despite challenges from foot traffic linked to the FIFA World Cup.
Patrick Dumont, chairman and CEO, noted during the operator's July earnings call that the quarter’s results indicate a strengthened earnings capacity for Marina Bay Sands, attributed to substantial investments in product quality, suite renovations, and enhanced services as part of their strategy aimed at catering to premium customers.
Meanwhile, Macau’s performance fell short of expectations, reporting EBITDA of $430 million, which was $87 million less than anticipated due to lower rolling play. The gross gaming revenue (GGR) reached $1.79 billion, slightly down 0.4% year-on-year. This dip primarily stemmed from a low VIP rolling hold of 1.35%. Encouragingly, other metrics showed positive trends, with rolling table volumes up 73% year-on-year and non-rolling table volumes increasing by 15%.
MGM China reported a historic high in net revenue at HK$17.4 billion ($2.21 billion) for the quarter, although adjusted EBITDA dipped slightly to HK$4.8 billion ($612 million). April and May showed strong gaming volumes, but June’s performance dipped due to the World Cup's effect on visitation patterns. Management anticipated a rebound in July, supported by forthcoming concerts and events.
In April, MGM China opened a new 40,000-square-foot premium gaming area at its Cotai property and introduced 63 renovated suites, with plans underway for further suite upgrades.
Looking beyond Macau, MGM’s long-term growth strategy includes a focus on Japan, with MGM Osaka set to open in autumn 2030. Bill Hornbuckle, President and CEO, expressed strong optimism for MGM’s future prospects in Asia during the July earnings call.
Wynn Resorts experienced marked success in Macau, with Wynn Palace’s revenue climbing 21% year-on-year to $653.4 million, contrasting with flat results from Las Vegas. The solid performance in Macau was reflected by rising volumes, though overall gains were slightly tempered by a weaker VIP hold, resulting in a decrease of nearly $9 million in adjusted EBITDA.
Wynn's CFO, Craig Fullalove, addressed the contrasting trends in rolling-chip and mass-market volumes, emphasizing the influence of customer value and reinvestment on performance. While the VIP segment has experienced some reduction, the mass side is showing promising strength, which is encouraging for overall business.
In the third quarter, both rolling chip volumes and mass drop saw slight year-on-year declines due to World Cup effects and typical seasonality, but signs of recovery emerged by late July.
Looking ahead, Wynn’s Al Marjan Island in the UAE is anticipated to open in 2027, with a budget increase of approximately $600 million attributed to higher development costs and project-related delays.
