The recent World Cup negatively impacted Macau’s gross gaming revenue (GGR) for June, prompting an analyst to modestly adjust price targets for Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN).
In a recent client report, Macquarie analyst Chad Beynon pointed out that although visitor numbers to the Chinese gaming hub remained strong—exceeding 20 million visits this year 18 days earlier than in 2025—this influx did not translate into better GGR. Specifically, Macau’s gaming revenue in June dropped by 12% year-over-year and saw an 18% decrease compared to the previous month.
“June is typically a slower month, and while we anticipate a rebound in demand post-World Cup, we predict adjustments to near-term GGR forecasts and increased attention on second-half growth,” notes the analyst.
Macau’s GGR showed a 5.5% year-over-year increase in April and a 6.7% rise in May. However, the June figures were stagnant compared to the same month last year and down 7% sequentially, effectively eliminating hopes for second-quarter gains.
Positive Outlook for Sands
Las Vegas Sands operates five casino hotels in Macau, making it the largest gaming operator in the region. These properties include five of the company’s six establishments, which means the stock is susceptible to fluctuations in Macau’s GGR.
Beynon has adjusted his price target for the Venetian operator from $68 to $66, with this new target indicating an approximately 40% upside from current levels. He maintains an “outperform” rating on the stock, reflecting a generally optimistic outlook.
“We see LVS as a well-placed large-cap investment due to its insulation from recent risks (such as predictions markets and gas price impacts), the advantages gained from global wealth and experiential trends, along with a sensible valuation,” commented the analyst.
Beynon also emphasized Marina Bay Sands in Singapore, recognized as the world’s most profitable casino, highlighting its status as a “trophy asset” that generates growth justifying the operator’s $8 billion expansion project.
Wynn Experiences Minor Price Target Decrease
Wynn Resorts operates two casinos in Macau; however, the region significantly contributes to the company’s revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA), making it susceptible to weak GGR figures.
Beynon keeps an “outperform” rating on Wynn but has slightly lowered his price target from $145 to $143, suggesting 49% potential upside. He noted that Wynn is benefiting from several tailwinds, including pricing power in Las Vegas and the upcoming Wynn Al Marjan Island casino hotel in the United Arab Emirates (UAE).
“We observe multiple structural tailwinds, including: (1) growth in Macau driven by premium mass; (2) ongoing Las Vegas outperformance backed by luxury pricing power; (3) significant long-term growth potential from Al Marjan; and (4) a capital-efficient allocation strategy supported by solid liquidity,” concludes the Macquarie analyst.