Good Morning. The only way is up. Citigroup’s 4Q25 preview highlights that increased operating expenses from events and satellite casino closures slightly offset Macau casino operators‘ operating leverage, yet they forecast 7% GGR growth and 9% EBITDA growth. Meanwhile, CIMB Securities upgraded Genting Malaysia Bhd’s rating, expecting a strong recovery in earnings by FY27 due to a new casino license for its US subsidiary. In India, gaming and hospitality group Delta Corp has announced that it will discontinue operations at The Zuri White Sands Goa Resort & Casino following the government’s increase in the Goods and Services Tax on casinos.
What you need to know
- Operating leverage at Macau casinos in 4Q25 is expected to be dampened by sports event costs and casino closures, Citigroup says.
- Genting Malaysia earns Buy upgrade from CIMB as RWNYC license underpins expectations of a strong earnings rebound in FY27.
- Delta discontinues operations at The Zuri White Sands Goa, Resort and Casino, amongst GST increase.
On the radar
- Craig Fullalove departing Macau to serve as Wynn Resorts CFO.
- INSPIRE registers $183.4M in GGR for fiscal year ending Sept. 2025.
- SJM issues $540M in 6.5% senior notes due 2031 to improve ‘financial flexibility’.
- Macau’s Tourist Price Index rose 1.71% in 2025 as hotel rates eased.
AGB Intelligence
MACAU
Macau casinos resilience with promising earnings outlook
In its 4Q25 earnings preview, Citigroup noted that while Macau casino operators faced increased operating expenses from events such as the NBA China Games and the 15th National Games, along with costs associated with satellite casino closures, the overall operating leverage was slightly mitigated. Despite these challenges, Citigroup predicts growth in gross gaming revenue (GGR) by 7% year-over-year and EBITDA by 9%, with industry EBITDA expected to reach approximately $2.25 billion, reflecting a modest increase margin to 27.5%.
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