Macau Gaming: 2Q26 preview; Cashflow analysis to gauge dividend sustainability and upside; Upgrade Wynn Macau to Buy

研报英文原文证据摘录

Macau Gaming: 2Q26 preview; Cashflow analysis to gauge dividend sustainability and upside; Upgrade Wynn Macau to Buy

Equity Research

14 July 2026 | 6:31PM HKT

Macau Gaming: 2Q26 preview; Cashflow analysis to gauge dividend

sustainability and upside; Upgrade Wynn Macau to Buy

Simon Cheung, CFA

+852-2978-6102 |

simon.cheung@gs.com

Goldman Sachs (Asia) L.L.C.

Alpha Wang

+852-2978-1984 | alpha.wang@gs.com

Sands China, MLCO and MGM will kick off the Macau casino operators’ 2Q26 results Zhaoheng Chen

reporting season later this month (MGM on Jul 30), followed by Wynn (Aug 5), Galaxy +852-2978-0901zhaoheng.chen@gs.com|

(Aug 12) and SJM. We believe investors had generally expected a setback given the Goldman Sachs (Asia) L.L.C.

well-reported softer GGR trend, especially in May-June. Key focus would likely be on Leah+852-2978-6972Pan | leah.pan@gs.com

(1) the magnitude of EBITDA decline amid concern over ongoing intensive Goldman Sachs (Asia) L.L.C.

competition; (2) their cost, capital investment and shareholder return guidance. We

highlight our expectations below (Exhibit 1 - Exhibit 2):

n 2Q26 GGR slowdown after 3-4 quarters of strength - Macau’s headline GGR

growth slowed to -1% yoy in 2Q26 from +15%/+13% yoy in 4Q25/1Q26. Other

than higher base effect as gaming demand started to pick up in 2Q last year amid

the high-end consumption recovery in HK/mainland China and casinos hosting

more popular concerts/events (e.g., Jacky Cheung concert in Jun), as discussed in

our prior report (Jul 2), this could also be attributed to other factors including

the World Cup, travel slowdown amid heightened international airfare, poor

weather and fading wealth effect after recent stock market correction.

Specifically, we estimate the FIFA Worldcup may divert ~10% of gaming spending