In the second quarter, Macau's three leading operators—Las Vegas Sands, MGM China, and Wynn Resorts—faced a decline in visitation and gaming activity, impacted by the heightened global attention on the FIFA World Cup. This event temporarily slowed down rolling volumes and mass-market play. However, operators noted a rebound in their earnings calls during July and August, indicating a strengthening trend as the summer progressed.
Investments in luxury accommodations, premium gaming, hospitality, and entertainment are proving to be vital for growth, attracting new customers and increasing engagement among existing high-value players. The ongoing projects highlight both a confidence in Macau's future and a strategic effort to enhance the region's affluent customer base.
In contrast, Singapore maintained a robust momentum, with Marina Bay Sands reporting strong earnings despite regional visitation challenges. Wynn's developments in the UAE have also played a significant role in enhancing the overall growth narrative in the Asian gaming landscape.
During the quarter, Marina Bay Sands generated an EBITDA of $689 million, surpassing expectations by $37 million, and showing a 5% year-on-year increase in mass gaming revenue compared to the same quarter in 2025. This growth occurred despite reduced visitation tied to the FIFA World Cup, showcasing the property’s resilience amidst fluctuating tourism trends. "Our results this quarter reinforce our view that Marina Bay Sands’ structural earnings power has been elevated following our significant product investments, suite renovations, service enhancements, and the successful execution of our premium customer strategy," stated Patrick Dumont, chairman and CEO, on the July earnings call.
While Macau's EBITDA reached $430 million, missing forecasts due to a rolling play hold that fell short by $87 million, underlying trends showed promise with a 73% year-on-year increase in rolling table volumes and a 30% rise in slot handle.
MGM China reported a record high net revenue of HK$17.4 billion ($2.21 billion) for the quarter, even as adjusted EBITDA dipped to HK$4.8 billion ($612 million). The initial months of the quarter reported strong gaming numbers, but June saw a decline influenced by the World Cup. Yet, July showed a notable rebound in visitation supported by upcoming summer events.
MGM’s premium-property investments, including a newly opened 40,000-square-foot gaming area at its Cotai location and renovated suites, contributed to this positive outlook. The company is also eyeing growth opportunities in Japan, with the MGM Osaka project set for a 2030 opening, a prospect that excites President and CEO Bill Hornbuckle, who expressed optimism about the future of Asian operations during the earnings call.
In the meantime, Wynn's Q2 performance was anchored by its Macau operations, particularly with Wynn Palace in Cotai achieving a 21% increase in revenue to $653.4 million, contrasting with stagnant results from Las Vegas. Other developments in Cotai bolster market confidence.
Wynn’s Macau operations reported a VIP adjusted EBITDA of $306 million, despite being slightly impacted due to a weaker VIP hold affecting numbers. Mass-market drop increased by 5%. CFO Craig Fullalove noted a divergence between the decline in VIP volumes and the growth in mass-market share, attributing it to customer value and reinvestment strategies. While experiencing some tapering in VIP play, Wynn observed a recovery in mass-market performance, signaling potential for overall growth.
Looking ahead, Wynn anticipates recovery signs. Its Al Marjan Island project in the UAE is expected to launch in 2027, although costs have increased by approximately $600 million due to development delays.
