Macau Gaming Stocks Extend Gains Ahead of Earnings Season, Major Banks Suggest Weakness Priced In

Stock News07-16 13:47

Macau gaming stocks are seeing their gains widen in today's trading session.

Melco International Development Ltd (HKG: 0200) is up 5.66% at HK$3.36.

Shares of Wynn Macau Ltd (HKG: 1128) have risen 5.04% to HK$5.42.

GALAXY ENT (HKG: 0027) has advanced 4.34% to HK$32.72.

MGM China Holdings Ltd (HKG: 2282) is trading 4.08% higher at HK$10.47.

Analysts at Citi noted that Macau's gaming revenue in the second quarter was impacted by the World Cup and an extremely unfavorable VIP win rate, leading to increased operating leverage. The bank forecasts the industry's second-quarter EBITDA will decline to $1.923 billion, down 7% year-on-year and 12% quarter-on-quarter.

However, with the sector's current valuation nearly two standard deviations below its historical average, Citi believes the stock prices have largely factored in these negative elements.

Goldman Sachs highlighted that the earnings season for Macau's gaming operators will commence later this month, covering the second quarter of 2026.

Given that the softening trend in gross gaming revenue has been widely reported, the bank suggests that the anticipated earnings decline is already largely expected by investors.

Key areas of focus for the market are likely to include the extent of the EBITDA decline amid rising competitive concerns, as well as company-specific guidance on costs, capital expenditures, and shareholder returns.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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