First Read: Macau Gaming "Key takeaways from Macau Gaming Tour" Chan

Research evidence excerpt

First Read: Macau Gaming "Key takeaways from Macau Gaming Tour" Chan

Global Research

8 June 2026ab

First Read

EquitiesMacau Gaming

Key takeaways from Macau Gaming Tour Asia Pacific

Casinos

Angus Chan

No impact from the new outbound investment regulation so far Analyst

We just returned from a Macau tour, meeting management from all six operators, and angus.chan@ubs.com

discussed demand trends, competition dynamics and shareholder return. Management +852-2971 7530

teams indicated that QTD gaming revenue has been impacted by low VIP hold, as a Perry Yeung

handful of large customers skewed the hold rate. There were questions related to the Analyst

new outbound investment regulation (Decree No. 837), but its potential impact is too perry.yeung@ubs.com

early to tell, with no discernable changes to demand so far. Operators are seeing growth +852-2971 6349

in their customer databases since post-Covid, supported by positive wealth effects, a Ryan Lau

younger customer base, the adoption of smart table technology, and the event pipeline. Analyst

Strategically, operators remain focused on enhancing product and service ryan-za.lau@ubs.com

competitiveness rather than competing on price. This is evidenced by Sands’ Venetian +852-2971 7954

renovation and new developments across the market, including Melco’s REM Hotel (150 Samuel Yip

suites), Galaxy Macau Phase 4 (1,350 rooms), and Wynn’s Enclave Hotel (432 suites). Associate Analyst

Operators commented that there's been an uptick in base mass reinvestments, while samuel.yip@ubs.com

+852-3712 2727premium mass reinvestments are broadly stable.

Robin M. Farley

Operators reiterated their commitment to shareholder return Analyst

robin.farley@ubs.com

Managements reiterated their commitment to shareholder return, supported by steady