Asia Q2 round-up: Macau hit by reduced visitation but Singapore powers ahead

The region’s three major operators – Las Vegas Sands, MGM China and Wynn Resorts – saw Macau’s visitation and gaming activity briefly dampened in Q2 by the Fifa World Cup.

The world’s focus on football dented rolling volumes and mass-market play, but in their earnings calls in July and August operators observed setback had begun to rebound in July with momentum strengthening into August.

An important revelation from the period is that continued investment in luxury accommodation, premium gaming, hospitality and entertainment is emerging as a key engine of growth, driving new customer acquisition, longer dwell times, VIP rolling volumes and ultimately player hold.

The various projects in motion reflect not only confidence in Macau’s long-term prospects, but also a strategy to deepen and upgrade the region’s high-value customer base.

Elsewhere in Asia and the wider region, Singapore remained notably resilient during the quarter, with Marina Bay Sands delivering robust earnings despite softer regional visitation.

At the same time Wynn’s UAE development has added another significant growth catalyst to the Asian gaming portfolio and growth story.

Singapore remains attractive for Las Vegas Sands

Marina Bay Sands in Singapore posted strong results in the second quarter, reinforcing Las Vegas Sands’ conviction that Singapore remains one of the most attractive markets for high-value tourism and premium consumer spending.

EBITDA for its Singapore operations hit $689 million, exceeding expectations by $37 million, while mass gaming revenue increased 5% year-on-year compared with the second quarter of 2025.

It is worth noting that this growth was achieved despite headwinds from reduced visitation associated with the Fifa World Cup, underscoring the resilience of the property’s operating model and its ability to sustain strong earnings even amid softer tourism flows.

“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 emphasised that the company would continue investing in products and services to further elevate its high-value hospitality and entertainment offerings, while optimising its reinvestment strategy.

Falling short of expectations, Macau reported $430 million in EBITDA, which would have been $87 million higher had rolling play held at the expected level. GGR for the business hit $1.79 billion, slightly down (0.4%) on the previous year,

This performance was largely attributed to the low VIP rolling hold of 1.35% for the quarter. That said, the underlying trends were otherwise encouraging, with rolling table volumes rising 73% YoY, non-rolling table volumes up 15%, slot handle increasing 30% and mass GGR growing 8%.

Dumont remained upbeat about the operator’s gaming volumes across all segments, with rolling volume, non-rolling drop, slot and ETG handle all surging year-over-year.

MGM bullish on Japan opportuntiy

Macau continued to demonstrate robust underlying demand during the quarter, despite a temporary disruption to visitation caused by the football tournament.

Net revenue for the group reached a historical high at HK$17.4 billion ($2.21 billion) for the period, while adjusted EBITDA was down slightly to HK$4.8 billion ($612 million).

According to its Q2 earnings, April and May delivered strong gaming volumes, while June saw a slowdown in volumes as the tournament affected visitation patterns. The blip is seen as transitory as performance rebounded notably throughout July.

Operating trends improved steadily throughout July, with normalised GGR and property visitation surpassing first-quarter 2026 levels by late July. Visitation is expected to be boosted by upcoming concerts and events throughout the remaining summer.

Management said its outlook for the business was supported by the strong yields from its premium-property investments. In April, MGM China opened a new 40,000-square-foot premium gaming area at its Cotai property and unveiled 63 newly renovated suites. Further upgrades are in motion, with approximately 100 suites at MGM Macau scheduled for redesign and refurbishment.

Beyond Macau, MGM’s long-term growth story will be expectedly derived from Japan. MGM Osaka is in the pipeline for its opening in autumn 2030 furthering enriching the group’s Asian portfolio.

President and CEO Bill Hornbuckle struck an emphatically optimistic tone about MGM’s Asian operations during the operator’s Q2 earnings call in July. “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,” he said.

That upbeat sentiment was echoed by Deutsche Bank analyst Steve Pizzella, who argued that MGM continued to offer an attractive portfolio of assets for long-term investors, supported by the strength of its Macau operations and the significant growth potential of its Japan business.

Wynn Resorts Macau outperforms Vegas in Q2

Wynn’s Q2 performance was driven largely by Macau, as Wynn Palace in Cotai’s revenue soared 21% YoY to $653.4 million. In contrast its Las Vegas results came in broadly flat.

Meanwhile, additional developments in Cotai have reinforced management and analysts’ confidence in the sustained growth of the Macau market.

The solid performance of Wynn’s Macau operations was reflected in rising volumes and $306 million in VIP adjusted EBITDA, although the benefit was partly dented by a weaker VIP hold, which reduced EBITDA by nearly $9 million.

Overall volumes increased during the quarter, with mass-market drop up 5%.

Asked why there was a discrepancy between the decline in rolling-chip volumes and the gain in mass-market drop share, and whether the two represented separate trends, Craig Fullalove, Wynn’s CFO, said they were “separate in the sense that it’s driven by the value of the customer”.

He explained that performance was also influenced by “the type of reinvestment that that customer gets”, which plays a significant role in determining customer segmentation. While Wynn had seen some tapering in its VIP business, Fullalove noted that the company was seeing the strength “come back through on the mass side”, which he described as encouraging for the company overall.

Forward into the third quarter, rolling chip volumes and mass drop were down slightly year-on-year, which the management put down to the impacts of World Cup and normal seasonality. Signs of recovery emerged in the second half of July and strengthened into August.

Adding to its outlook Wynn revealed its Al Marjan Island in the UAE is expected to open its doors in 2027 following delays related to the conflict.

The total project budget has been increased by approximately $600 million, reflecting higher costs associated with the project’s development and disruption-related delays.