In the second quarter of 2026, Macau's major gaming operators, including Las Vegas Sands, MGM China, and Wynn Resorts, faced a temporary decline in visitor numbers and gaming activity, largely attributed to the attention drawn by the FIFA World Cup. During their earnings calls held in July and August, the operators reported a rebound in performance starting in July, with improvement carrying into August.
A significant theme that emerged during this period is the continued investment in luxury accommodations, premium gaming experiences, and entertainment, all of which are seen as crucial for attracting new customers and enhancing overall player engagement. These initiatives indicate confidence in Macau’s long-term market viability and aim to upgrade the high-value clientele.
In contrast to the turbulence in Macau, Singapore displayed remarkable resilience in the same quarter. Marina Bay Sands generated strong results, showcasing the market's ability to thrive despite a decline in regional tourism.
Las Vegas Sands reaffirmed its positive outlook in Singapore as Marina Bay Sands reported an EBITDA of $689 million, surpassing projections by $37 million. The mass gaming revenue also grew by 5% year-on-year from the same period in 2025, despite challenges posed by reduced visitor numbers due to the World Cup. "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," said Patrick Dumont, Chairman and CEO, during the operator's July earnings call. He stated that ongoing investments will continue to enhance the high-value hospitality and entertainment experience at the property.
In Macau, the operators reported EBITDA of $430 million, falling short of expectations due to lower-than-anticipated gaming volumes. The gross gaming revenue (GGR) for the region stood at $1.79 billion, a slight decrease of 0.4% from the previous year, heavily influenced by a low VIP rolling hold of just 1.35% for the quarter. However, promising underlying trends were also present, with a 73% increase in rolling table volumes, a 15% rise in non-rolling table volumes, a 30% increase in slot handle, and an 8% growth in mass GGR.
MGM China demonstrated strong underlying demand despite the short-lived visitation disruptions due to the football tournament. The company's net revenue reached HK$17.4 billion ($2.21 billion) for the quarter, while adjusted EBITDA dipped slightly to HK$4.8 billion ($612 million). April and May brought robust gaming volumes, although June saw a drop in activity. The company anticipates revved-up visitation from upcoming summer events, bolstered by investments in premium properties, including a newly opened 40,000-square-foot gaming area and renovated suites at its Cotai property.
Looking further ahead, MGM’s expansion into Japan is set to begin with MGM Osaka slated to open in autumn 2030. During the company’s Q2 earnings call, President and CEO Bill Hornbuckle expressed optimism about MGM's future, stating, "MGM Osaka forges ahead with its 2030 opening, which has me, despite my many years in this company and this industry, pleased to say our future has never looked brighter."
Wynn Resorts also saw better performance from its Macau operations compared to Las Vegas, with Wynn Palace reporting a 21% revenue increase year-on-year, totaling $653.4 million. The VIP adjusted EBITDA stood at $306 million, though the weaker VIP hold reduced overall EBITDA by nearly $9 million. Overall gaming volumes improved, with mass-market drop increasing by 5%. CFO Craig Fullalove highlighted the separation of trends between rolling-chip volumes and mass-market gains, attributing performance variability to customer value and reinvestment types. As the third quarter progresses, slight decreases are expected due to World Cup impacts and seasonal trends, yet signs of recovery were noted from late July into August.
In addition, Wynn revealed updates on its Al Marjan Island project in the UAE, now anticipated to open in 2027 due to delays linked to ongoing conflicts. The project budget has increased by around $600 million, reflecting escalated development costs and delay-related expenses.
