Macau gaming operator MGM China is likely to be the biggest market share gainer in Macau’s gross gaming revenue (GGR) market, according to an investment memo by UBS, which highlighted a sharp rebound in the operator’s share of industry gaming revenue in March.
Analysts, including Angus Chan, Perry Yeung, Ryan Lau, and Samuel Yip, said MGM China’s share of Macau GGR rose to 18 percent in March 2026, up from 14 percent in February, representing a 4.0 percentage point month-on-month increase.
UBS described MGM as the ‘biggest market share gainer’ for the month, attributing the increase primarily to ‘hold volatility,’ or fluctuations in gaming win rates. The gain helped narrow MGM China’s quarterly market share decline to around 30 basis points quarter-on-quarter in the first quarter of 2026.
The improvement came at the expense of key peers. Galaxy Entertainment saw its share of Macau GGR fall to 19 percent in March from 23 percent in February, a decline of 4 percentage points, while Sands China dropped to 24.5 percent from 26.5 percent, down 2 percentage points over the same period.
Other operators recorded more modest gains. Melco Resorts increased its market share to 15.5 percent in March, up 1 percentage point month-on-month, while SJM Holdings rose to 10.5 percent, also up 1 percentage point, partly offsetting earlier declines linked to satellite casino closures.
UBS noted that some of the monthly fluctuations were driven by short-term factors, including VIP hold normalization, but said MGM China’s rebound highlights its ability to capture a larger share of Macau’s gaming revenue in a volatile operating environment.
