Macau gaming operator Sands China continued to expand its market share in August, posting the largest gain among operators, according to an investment memo from UBS.
The operator’s share increased by about 150 basis points month-on-month, supported by summer seasonality, stepped-up marketing campaigns, and the ramp-up of 1,400 additional hotel keys at the Londoner Grand, available since April. As a result, Sands’ market share rose to 23.5 percent in August, up from 22 percent in July, the memo noted.
Other operators reported mixed results. Melco Resorts rebounded, recovering 150 basis points of market share, rising from 13.5 percent in July to 15 percent in August. Galaxy Entertainment gained 50 basis points month-on-month, bringing its share from 21 percent to 21.5 percent. By contrast, MGM China registered the sharpest decline, with its share falling 250 basis points month-on-month to around 15 percent. Despite the drop, UBS noted that MGM maintained a mid-teens market share.
Wynn Macau’s share also slipped by 100 basis points in August to 13 percent, while SJM Holdings’ share remained flat at 12 percent.
Overall, UBS said channel checks indicated that in the current quarter to date, Macau’s gross gaming revenue (GGR) has shown signs of improvement. Daily mass GGR was about 3 percent higher compared with the second quarter, while VIP GGR rose by around 15 percent, partly due to a higher hold rate.
The UBS memo also highlighted strong equity performance among the six gaming operators, with most stocks rallying alongside the broader Hong Kong and China markets. On average, gaming stocks rose about 30 percent year to date. Melco Resorts led the gains with a 68 percent increase, while its parent, Melco International Development, surged 70 percent. MGM China’s stock climbed 59 percent, while Wynn Macau and Galaxy Entertainment each advanced 25 percent.
By contrast, Sands China was the only operator to post a decline, falling 6 percent year to date due to its high comparison base. SJM Holdings’ shares rose 10 percent over the same period.
