Macau Gaming Jun‘26 GGR -12% YoY & at 78% of Jun‘19, partly dragged by World Cup

Research evidence excerpt

Macau Gaming Jun‘26 GGR -12% YoY & at 78% of Jun‘19, partly dragged by World Cup

the DICJ since May’25. Mr. Tai sirius.chan@bofa.com

Kin Ip stepped down from the role in Apr’26 and was subsequently appointed to the

board director of Macau International Airport Co Ltd for a three-year term in Jun’26.

ADR: average daily revenueSeparately, local media Tribuna de Macau reported that the government is preparing to

overhaul its anti-money laundering framework, including tighter regulation of virtual NBFC: Non-bank financial company

assets and enhanced powers for judges to suspend suspicious financial transactions.

Ind.: Industrials

Acquisition offer by People Inc. for MGM Resorts

YTM: yield to maturityPeople Inc. (PI), which owns ~26% of MGM and is its largest shareholder, announced on

Jun 1 that it had submitted a non-binding proposal to acquire MGM shares it does not DICJ: Gaming Inspection and

already own for $48.30/share. The potential transaction raises more questions than Coordination Bureau of Macau

answers for MGM China, given the complex regulatory nature of the gaming industry and

uncertainties around MGM China’s financial strategy going forward (see equity report: GSEF: Office of the Secretary for

Initial thoughts on potential implications of takeover offer for MGM Resorts). Pansy Ho Economy and Finance

had sold her entire remaining stake in MGM Resorts by early Jun.

AML: anti-money laundering

SJM new CFO; Wynn outlook to Sta. from Pos. by Moody’s CCDO: Chief Corporate Development

SJM appointed Tan Sean Czoon as CFO following the resignation of Christopher Ip, who Officer

left to pursue personal interests. Mr. Tan spent nearly 13 years at NagaCorp since Jul’13

and most recently served as CCDO and previously as CFO.