Published on: December 1, 2025, 01:13h.
Updated on: December 1, 2025, 01:13h.
- Macau casino stocks surge after surpassing November GGR expectations
- 2026 could prove to be another prosperous year for the sector if GGR projections are underestimated
On Monday, shares of Macau casino stocks experienced a significant increase, continuing a remarkable rally from 2025, following a November gross gaming revenue (GGR) report that exceeded expectations.
In the preceding month, casinos in the Special Administrative Region (SAR) reported $2.63 billion in revenue, marking a 14.4% increase, and extending the streak of year-over-year growth to 10 consecutive months, surpassing the consensus expectation of a 10.5% rise. This report, provided by the Gaming Inspection and Coordination Bureau, has positively influenced shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN). Given the conservative estimates, Macau casino stocks appear well-positioned for a robust performance in 2026.
“The growth, alongside the government’s conservative forecast of 3.5% for 2026, suggests potential for GGR to surpass expectations,” mentions Anne Ling, a Jefferies analyst.
Ling further notes that the Macau government’s GGR projections are often conservative, indicating there is scope for operators to exceed these forecasts in 2026.
Appeal of Macau Casino Stocks
Despite a strong resurgence in 2025, which has seen Macau casino stocks outperform their Las Vegas-focused counterparts, valuations remain attractive. This holds true for Wynn Macau, although the stock of its Las Vegas-based parent company has soared significantly year-to-date.
Factors indicating long-term potential for Wynn shares include the persistently high demand for Chinese nationals traveling to Macau, and Wynn’s strategic pivot towards premium mass clients, especially as a full recovery among VIPs may take longer.
The US-based operators in Macau — Sands, Wynn, and MGM Resorts International (NYSE: MGM) — collectively manage nine integrated resorts in the region. Sands and Wynn have a stronger focus on Macau and could continue their 2025 rally into next year if GGR consistently surpasses estimates.
“We have revised our US market growth forecast to 3.6% for 2026, indicating a potential significant deceleration ahead, or an overly conservative government estimate. We tend to lean towards the latter, given historical trends, though growth visibility remains limited,” adds Ling.
Preferred Stocks: Sands and Wynn
Macau casino stocks are significantly outperforming Hong Kong’s Hang Seng Index this year, suggesting a need for cautious observation. Nonetheless, Ling maintains a positive outlook on Sands and Wynn among US-based operators, as well as on Galaxy Entertainment and Sands China Limited (SCL) among their Hong Kong counterparts.
“History indicates that market changes can occur suddenly, prompting us to remain optimistic yet cautious given the strong stock performance this year. WYNN and LVS have risen by 49.4% and 32.9% year-to-date, respectively, while the Hong Kong sector increased by an average of 21.3%,” concludes the analyst.