While Las Vegas continues to struggle, Asia’s gaming markets – particularly Macau and Singapore – are proving that the post-pandemic growth story in the region is far from over.
The latest industry preview from Seaport Research Partners shows that operators with Asian exposure are not only outperforming their US peers but are also trading at what analysts consider deeply undervalued levels.
Macau, still the epicenter of Asian gaming, has once again exceeded expectations in the third quarter of 2025. Gross gaming revenue (GGR) for the quarter rose 13 percent year-on-year in USD terms, with continued momentum expected into the fourth quarter at around 12 percent. Full-year growth is now forecast at 8.6 percent in USD, moderating to 7 percent annually in 2026 and 2027.
Those are robust numbers for a market still finding its post-COVID equilibrium, and they come despite typhoon disruptions in September and a soft start to the Golden Week in early October.
Seaport’s analysts believe that investors have been overly cautious about Macau’s prospects, noting that the sector’s average forward EV/EBITDA multiple sits at just 9.0x, around 24 percent below pre-COVID levels. ‘At current valuation levels, we believe investors are being well compensated to take on China-related risk,’ the report states, calling the recent selloff ‘not warranted.’
Among the standout performers in the region are Wynn Macau, Sands China, and Galaxy Entertainment, each capitalizing on distinct strengths.
Wynn Macau delivered the most impressive quarter, gaining roughly 230 basis points of market share and posting a 24 percent year-on-year increase in property EBITDA to about $327 million. The company’s high-end positioning and aggressive reinvestment strategy have paid off, with analysts forecasting continued share expansion in 2026 alongside Wynn’s global story, which includes its upcoming UAE project.
Sands China, meanwhile, remains the mass-market powerhouse. The operator reclaimed share sequentially, with revenue up 8.6 percent year-on-year and EBITDA up 1.9 percent to roughly $596 million. Its parent company, Las Vegas Sands (LVS), also continues to shine thanks to Singapore’s Marina Bay Sands, where EBITDA surged over 60 percent to around $670 million. Seaport calls Singapore ‘undervalued by investors’ and expects it to keep beating market expectations through the remainder of 2025. With LVS focusing on share buybacks and dividend growth rather than new US expansion – its bids for New York and Thailand now off the table – the company’s Asian assets are clearly its engine of earnings.
Galaxy Entertainment remains a long-term favorite, with Phase 3 of Galaxy Macau ramping up and Phase 4 scheduled to open in 2027. Its balance sheet strength, almost no net debt, and an enviable pipeline of luxury developments make it the most financially flexible of the concessionaires. Analysts expect Galaxy’s EBITDA to grow around 12 percent year-on-year for the quarter, with property EBITDA estimated at HKD3.3 billion ($425 million). The company’s ability to self-fund new projects while maintaining dividends puts it in a strong competitive position as Macau’s market matures.
In contrast, SJM Holdings continues to struggle. Once a dominant force, SJM has been steadily losing ground, with market share down 210 basis points year-on-year. Its property EBITDA fell nearly 20 percent to HKD800 million ($103 million), and analysts see little chance of a near-term turnaround given its aging properties, high leverage, and the phase-out of satellite casinos. ‘We see no compelling reasons to own SJM at this time,’ the report bluntly concludes.
Melco Resorts & Entertainment sits somewhere in between the growth stories and the laggards. While its 3Q25 Macau EBITDA came in at a solid $302 million – up over 15 percent year-on-year – its international portfolio remains a drag. The company’s properties in Cyprus and the Philippines have yet to deliver meaningful growth, and iGaming competition in Manila is intensifying. Analysts suggest Melco may eventually divest its non-Macau assets to pay down debt and refocus on its core markets.
As for MGM China, it remains a victim of its own success. The operator gained more than 600 basis points of market share since 2019, but Seaport now sees its position as ‘fully valued’, with potential headwinds in 2026 as rivals step up their premium mass offerings. MGM’s performance in Macau remains strong. EBITDA rose nearly 14 percent year-on-year to $290 million, but its parent’s heavy reliance on the softening Las Vegas market continues to weigh on sentiment.
Looking ahead, the broader Asian gaming narrative remains tied to the fortunes of China’s affluent middle and upper classes. Seaport attributes much of Macau’s ongoing growth to more relaxed visa procedures, improved liquidity for high-end players, and a steady recovery in visitation.
The increasing adoption of “smart digital tables” – which boost efficiency and eliminate revenue leakage – is also expected to lift margins across the industry in the coming years.
Interestingly, analysts note a surge in side betting on baccarat, now accounting for over 3 percent of total game volume in Macau. While this may reduce average play duration, it increases GGR per player thanks to higher house advantages – an important structural tailwind for operators.
Risks remain, of course. China’s macroeconomic fragility, currency volatility, and potential policy tightening on money movement all hover as potential dampers on sentiment.
But even with those caveats, Seaport’s message is clear: the Asian gaming recovery is intact, and the current market pessimism is misplaced. With valuations still well below historical norms and most operators reporting double-digit earnings growth, the region continues to offer compelling upside.
As Las Vegas struggles to fill mid-tier hotel rooms and absorb convention shortfalls, Asia’s gaming capitals – Macau and Singapore – are showing that the center of gravity for global gaming remains firmly in the East. For investors willing to ride out volatility, the risk/reward ratio in Asian gaming looks as attractive as it has been since the pre-pandemic boom.
