Macau Gaming Weekly June is expected to slow down on World Cup

Research evidence excerpt

Macau Gaming Weekly June is expected to slow down on World Cup

8 June 2026

Macau Gaming Weekly EquitiesHotels Restaurants & Leisure

June is expected to slow down on World Cup Hong Kong

◆ First week of June generated an ADR of MOP700m, -4% vs Charlene Liu*

May level, supported by more normalised luck HeadThe Hongkongof InternetandandShanghaiGamingBankingResearch,CorporationAsia Pacific

Limited, Singapore Branch

◆ June GGR may track +1% to -4% y-o-y; FIFA World Cup charlene.r.liu@hsbc.com.sg

+65 6658 0615

matches starting in mid-June may divert players’ demand

Jessie Lu*, CFA

Analyst, Internet and Gaming Research

◆ Retain Buy ratings on Sands China, Galaxy and MGM China The Hongkong and Shanghai Banking Corporation Limited

jessie.x.lu@hsbc.com.hk

Early June run rate supported by luck normalisation: Macau’s gross gaming +852 2996 6570

revenue (GGR) reached MOP4.9bn in the first seven days of June, implying a month- Lauren Cai*

to-date average daily run rate (ADR) of cMOP700m, c4% below May’s MOP729m, this Associate Guangzhou

is tracking in line with seasonality despite a more normalised VIP win rate of 2.9-3.1%

(vs c2-3% during most of May), which provided support. By segment, mass ADR was * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

down 3-5% m-o-m versus May, while VIP rolling volume fell 5-8% m-o-m. not registered/ qualified pursuant to FINRA regulations

June GGR could track +1 to -4% y-o-y: In prior FIFA World Cup years (2014 and

2018), the June run rate declined by c13%/9% m-o-m, compared with an average

decline of c9% in non-World Cup years between 2014 and 2019. The m-o-m trend

was more resilient in recent years 2023-25 at -2%. While the 2026 World Cup will

feature more matches (104 vs 64 previously), including a substantially expanded