Major global gaming operators are facing a slowdown in Macau and softer trends in Las Vegas, according to brokerage Seaport Research Partners, following its annual summer conference with Las Vegas Sands, Melco Resorts, MGM Resorts, and Wynn Resorts.
The report said Macau remains highly competitive as operators vie for premium customers amid signs of fatigue at the ultra-high end of the market.
“There is insufficient ultra-high-end demand in the market for all six Macau operators to show outsized growth simultaneously,” the brokerage said. Operators are increasingly investing heavily in their properties and offerings to gain market share.
In Las Vegas, luxury demand remains resilient, while mid-tier and lower-end segments have softened.
MGM Resorts is focusing on cost optimisation and new attractions to support long-term visitation, including the arrival of Major League Baseball’s A’s and the potential addition of an NBA franchise. Wynn Resorts said its high-end clientele “shows no signs of pulling back,” although summer demand was affected by the World Cup.
Las Vegas Sands reaffirmed its ambition to remain a leading operator in Macau, with plans to continue investing in product and service quality despite near-term margin pressure, according to Seaport.
Singapore remains volatile but profitable for the operator, with quarterly EBITDA ranging from about $600m to $1b depending on high-roller volumes.
Melco Resorts said Macau business has normalised following disruption from the World Cup. Its new REM hotel at City of Dreams is expected to help strengthen its market share.
Outside Macau, Cyprus continues to benefit from strong demand, while Manila remains stable despite increasing competition, Seaport said. Melco management also dismissed concerns that Wynn’s planned UAE resort, Wynn Al Marjan Island, would affect its Cyprus business. The UAE integrated resort is scheduled to open in September 2027.
Wynn also highlighted its competitive position in Macau, while acknowledging that increased reinvestment across the market is contributing to shifts in market share.
In the US, Wynn’s Las Vegas operations continue to benefit from its wholly owned food and beverage outlets, while its Boston operations remain steady.