Industry data compiled from operator disclosures indicated mass-table and slot GGR rose 11.9 percent year-on-year in the first quarter of 2026, representing circa 127 percent of 2019 levels, while overall market GGR recovered to 87 percent of pre-Covid performance. 

Hold-adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the sector reached 92 percent of 2019 levels, suggesting profitability is recovering faster than headline gaming revenue, according to JP Morgan’s memo.

VIP GGR grew 19.7 percent year-on-year in the first quarter but was still only 31 percent of 2019 levels, JP Morgan said based on operators’ data. Lower VIP hold rates also weighed on the quarter’s performance, the brokerage noted.

Official data from Macau’s casino regulator, the Gaming Inspection and Coordination Bureau, showed that the VIP segment produced 29.7 percent of all first-quarter GGR, compared to 25.1 percent of GGR in the first three months of 2025.

Sands China Ltd, a unit of Las Vegas Sands Corp, strengthened its position during the January to March period, posting the largest gain in market share among the city’s six concessionaires, JP Morgan stated. 

The firm’s GGR share rose to 26.2 percent in the three months to March 31, up 1.5 percentage points sequentially, supported by “an all-time high” contribution from its VIP business, at circa 28 percent, according to the brokerage.

However, the stronger VIP mix translated into only modest EBITDA-share gains because of lower margins than mass gaming, the institution added.

Galaxy Entertainment Group Ltd recorded a market share of 20.3 percent in the first quarter; while MGM China Holdings Ltd held a 15.8-percent share at third place, per JP Morgan’s memo.

At property level, Sands China’s The Londoner Macao emerged as one of the quarter’s winners. The complex reached a record 9.9-percent GGR market share and moved into third place among Macau properties, behind Galaxy Macau, run by Galaxy Entertainment, and City of Dreams, a property of Melco Resorts & Entertainment Ltd. 

The Londoner Macao was also identified as the biggest sequential share gainer among individual properties, alongside Wynn Palace, a Cotai property controlled by Wynn Macau Ltd. Wynn Palace saw its market share grow to 8.6 percent in the opening quarter of 2026, up 0.9 percentage points from a year ago.

JP Morgan forecasts casino GGR of MOP21.96 billion (US$2.72 billion) for May, representing 4-percent year-on-year growth, while full-year 2026 GGR growth is expected at around 5 percent.

The institution noted the Macau unit’s capital expenditure “appetite” remains “high” for 2026, adding that such appetite was “expected to increase following the company’s recently-announced new US$900 million to US$950 million all-suite luxury hotel project, The Enclave”.

On the first-quarter earnings call of the United States-based parent Wynn Resorts Ltd on Thursday, there was news of an up-to US$950-million new hotel tower for the group’s Wynn Palace property in the Cotai district of Macau, with construction likely to start in the second half this year.

The name mentioned for the 432-suite facility was “The Enclave at Wynn Palace”. The firm also runs the Wynn Macau property in downtown Macau.

As of March 31, Wynn Macau Ltd’s long-term debt stood at just over US$5.85 billion, and it held US$95.7 million in restricted cash. That is according to the first-quarter results filing of the parent.

CreditSights analysts Nicholas Chen and David Bussey stated in a memo on the Macau unit, after the earnings call, that “the company expects capex [outlay] on the recently-announced The Enclave project to be limited to piling and early development works in 2026.”

But the institution noted the Macau unit’s existing capital commitments for 2026 were “almost double” 2025’s, at US$400-million to US$450-million, “along with” US$70-million to US$80-million of maintenance spending.

CreditSights stated, commenting on the underlying trends in the Macau business that will help service its capital outlay: “For fiscal year 2026, we still project a low-single-digit year-on-year-increase in the company’s overall top line, based on an assumed low-single-digit year-on-year-increase in the overall market GGR [gross gaming revenue] and steady market share.”

Vitaly Umansky, senior analyst at Seaport Research Partners said in a Friday memo that Wynn Macau Ltd’s first-quarter GGR share had been “as expected, 13.8 percent, with strong mass play,” that was “better than the market” overall.

CreditSights observed: “While management acknowledged the competitive environment, as premium demand continues to drive the Macau gaming market, the company aims to stay disciplined with its reinvestment.

“As such, we anticipate margins to remain steady, and for EBITDA to grow by a low-single-digit year-on-year in 2026.”

The Macau unit’s free cash flow was likely “to remain positive, albeit weaker year-on-year due to the higher expected capex,” added the institution.

But CreditSights further noted: “For 2026, we do not envisage significant debt reduction by Wynn Macau [Ltd], as the company has no debt maturing in 2026 with its next debt instrument due being the US$750-million, 5.5-percent bond maturing in October 2027.

“As such, any improvement to its leverage is likely to be only marginal from the incremental EBITDAR [EBITDA plus rental and other costs],” the credit research house added.

Seaport stated that while the new Cotai hotel tower (pictured above, in an artist’s rendering), would result in “increasing capex over the next few years”, the project would likely to be funded with the casino operator’s “operating cash flow” and “potentially liquidity from the Macau credit facility”.

Mr Umansky added: “Management estimates that Enclave can drive an incremental US$150-million to US$175-million of EBITDA: a return-on-investment in the high teens percentage.

“There is no fear of cannibalisation – as may have happened with some other Macau properties that have seen expanded hotel capacity,” he stated.

“The key for Wynn will be to remain an operator of choice for the luxury end of the market in light of increased competition in the market.

Seaport added: “This will be Wynn’s biggest challenge as other operators improve product quality and service offerings, but it has shown its ability to do so in the past and should continue to be able to effectively compete for high-end business.”

The firm’s adjusted property earnings before interest, taxation, depreciation, amortisation, and rents (EBITDAR) for the three months to March 31 were US$279.4 million, a 10.9-percent increase from the prior-year period.

Craig Billings, chief executive of the parent Wynn Resorts Ltd, said in prepared remarks for the group results: “In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share, and we were pleased to increase the dividend from Wynn Macau Ltd – a reflection of the strong free cash flow the business is generating.”

The news came as the parent announced, during the first-quarter earnings call, a US$950-million second tower at Wynn Palace. It is due to open well before the end of the current Macau casino concession period in December 2032.

In March, Wynn Macau Ltd had announced a final dividend of HKD0.223 (US$0.028) per share for the year ended December 31, 2025. That compared with a final dividend of HKD0.185 per share paid for full-year 2024. The dividend is due to be ratified at the Macau unit’s annual general meeting on May 28.

Wynn Macau Ltd operates the resorts Wynn Macau, on the city’s peninsula, and Wynn Palace in the Cotai district.

Brokerage Jefferies said in a Thursday note that Wynn Macau Ltd’s  first-quarter sales and EBITDA “were in line” with its estimates, “while top line slightly missed consensus estimates by 4 percent”.

The Wynn Macau property recorded operating revenue of nearly US$329.9 million in the first three months of 2026, down slightly on the nearly US$330.0 million a year ago. The property’s adjusted EBITDAR were US$75.6 million, down 16.2 percent from first-quarter 2025.

The parent said VIP table games win at the Wynn Macau venue as a percentage of turnover was 0.39 percent, “below the property’s expected range of 3.1 percent to 3.4 percent and below the 1.09 percent experienced in the first quarter of 2025”.

The Wynn Macau complex recorded casino operating revenue of US$276.7 million for the three months to March 31, up 0.4 percent from a year ago.

Wynn Palace saw first-quarter 2026 operating revenue jump 23.0 percent year-on-year to US$659.3 million. Adjusted EBITDAR for the property stood at US$203.8 million, up 25.9 percent from a year ago. The complex recorded casino operatimg revenue of US$564.9 million for the quarter, up 27.1 percent from the prior-year period.

Wynn Macau Ltd’s long-term debt stood at just over US$5.85 billion at the close of the first quarter. It held US$95.7 million in restricted cash.

The Wynn Resorts parent – which controls Wynn Las Vegas and Encore in Las Vegas, Nevada, as well as Encore Boston Harbor in Massachusetts in the U.S. – reported consolidated operating revenues of US$1.86 billion for the first quarter of 2026.

That was an increase from US$1.70 billion for the first quarter 2025. For the three months to March 31, net income attributable to Wynn Resorts was US$120.5 million for the first quarter of 2026, versus US$72.7 million in the prior-year period.

The Scope categories are under the GHG Protocol, said to be the world’s most widely-used greenhouse gas accounting standard.

The Macau casino firm gave the update about its work on moderating emission intensity in a press release about publication of its ‘2025 Sustainability Report’.

The group runs two Macau casino properties: Wynn Macau (pictured) on the city’s peninsula, and Wynn Palace, in the Cotai district.

“Over the past year, we have further integrated operational efficiency, corporate governance and climate resilience into our development blueprint, actively supporting the decarbonisation vision of Macau and China,” as a whole, “while also backing local economy and talent cultivation with concrete actions,” said Linda Chen, president, vice chairman and executive director at Wynn Macau Ltd, in prepared remarks.

The firm said that in 2025, 84.2 percent of its total procurement spend came from local Macau suppliers.

Wynn Macau Ltd added that during the 12 months, it delivered “over 360,000” training hours to its employees through a total of 3,956 classroom and online training courses.

Ms Chen noted: “We will continue to pursue responsible operations, strengthen community investment, and prioritise talent development.”

The firm said that in 2025 it became “the first and only” Macau resort operator to have “all its properties” holding international certifications from the Marine Stewardship Council – a body promoting sustainable fishing – for ‘chain of custody’ practices and from the Aquaculture Stewardship Council, under the equivalent protocol.

Wynn Macau Ltd stated that last year the ‘Wynn Employee Volunteer Team’ marked its 15th anniversary. During 2025, a total of 3,310 staff volunteers “dedicated 10,221 hours to community services, transforming corporate resources into a driving force for social development and creating a lasting and positive impact in the community that Wynn serves”.

The bets had been approved for the market by Macau’s regulator the Gaming Inspection and Coordination Bureau, per a memo issued in March.

Friday checks showed both the bets being offered at Wynn Macau and Wynn Palace, the properties of Wynn Macau Ltd. At Grand Lisboa and Grand Lisboa Palace, flagship venues of SJM Holdings Ltd, the ‘Pairs+’ side bet was observed as a player option.

Deployment of the bets coincides with the run-up to the Labour Day holiday season.

As of Friday, ‘Monkey no Monkey’ and ‘Pairs+’ were on many operating gaming tables on main floors – and the high-limit “Diamond Club” – at respectively Wynn Macau, on the city’s peninsula, and Wynn Palace on Cotai.

Per GGRAsia’s Friday checks, at the Wynn Macau site, wagers on either ‘Monkey no Monkey’ or ‘Pairs+’ were starting at HKD100 (US$12.8) for both main-floor and high-limit live baccarat play. By comparison, the Wynn Macau minimum bets on main-wager options for mass baccarat were ranging between HKD500 and HKD3,000. High-limit main bets there mostly ranged between HKD2,000 and HKD5,000.

That day at Wynn Palace, bets on either ‘Monkey no Monkey’ or ‘Pairs+’ were starting at HKD100 or HKD300 across the main floor and high-limit play zone. Minimum bets on main-wager options on the main floor at that Cotai property ranged on Friday between HKD1,000 and HKD3,000, while those in the high-limit area ranged between HKD2,000 to HKD5,000.

On Friday, the ‘Pairs+’ option was also available in a live baccarat play zone – featuring exclusively minimum bets of HKD500 on the main-wager options – at level one of Grand Lisboa, the Macau-peninsula flagship of SJM Holdings. Available wagers on ‘Pairs+’ started at HKD100 there.

At SJM Holdings’ Cotai resort Grand Lisboa Palace, patrons could also access ‘Pairs+’ at a live baccarat play area that also featured main-wager options priced at either HKD500 or HKD800. The wagers on ‘Pairs+’ there started at HKD100.

The ‘Monkey no Monkey’ wager option was not observed at either of those SJM Holdings properties, though onsite staff indicated it might be added in coming days.

At the properties of Sands China, Wynn Macau Ltd, and SJM Holdings, the freshly introduced “Pairs+” – which offers up to 300 to 1 in terms of payout – has replaced the traditional baccarat ‘pairs’ bet, the latter offering an 11 to 1 payout.

Neither “Monkey no Monkey” nor “Pairs+” were observed as of Friday, at either MGM Macau or MGM Cotai – the properties of MGM China Holdings Ltd – nor at City of Dreams, the Cotai flagship of Melco Resorts & Entertainment Ltd. The two bets were not observed on Friday at StarWorld Hotel on the city’s peninsula, or at Galaxy Macau, the Cotai flagship of Galaxy Entertainment Group Ltd.

The rise of Macau-baccarat side bet options has coincided with the market-wide rollout of ‘smart’ table technology. The city’s side bet options have gradually expanded in scope since ‘Small 6/Big 6’ and ‘Lucky 7’ and ‘Super Lucky 7’ were introduced to the market in 2024.

Sands China has been utilising casino equipment supplier Angel Group’s smart table system across its Macau properties; while the other five operators in Macau have been using Walker Digital Table Systems’ offering, according to various statements by involved parties.

The firm was considered by the institution to have a share of total viewed industry wager that was up 13 percentage points sequentially, to 23 percent.

“We suspect that has to do with the ramp-up of the expanded Chairman’s Club in Wynn Palace,” wrote analysts George Choi and Timothy Chau in their April-survey memo, referring to a high-end gaming facility at Wynn Macau Ltd’s Cotai property (pictured).

They added: “This is the first time [of]… a single operator winning ‘gold’, ‘silver’, and ‘bronze’ in our whale watch.” Whales are defined by the institution as high-value players betting HKD100,000 (US$12,768) or above.

“We saw our player of the month at Wynn’s Encore wagering HKD400,000. Honourable mentions go to the two whales at the Chairman’s Club at Wynn Palace wagering HKD330,000 and HKD300,000 respectively,” the analysts stated.

Total wager observed in the April 2026 survey amounted to HKD13.0 million, which the institution said was 17-percent higher than the prior-year period.

The number of premium mass players seen this month amounted to 644, 5-percent up on April 2025, per the report.

“This implies that average wager per player grew 11 percent year-on-year to HKD20,203 versus HKD18,139 in April 20205,” Citi stated.

The institution said it witnessed a 63.2 percent year-on-year increase in “whales” this month: to 31 from 19 in April last year.

The Citi team said the “most surprising takeaways” from its April survey “were the whales and their wagering we witnessed at Wynn’s casinos”.  

The analysts added the nine whales seen in aggregate at Wynn Macau downtown and Wynn Palace – “including the three largest whales… on survey day – wagered a total of HKD1.72 million”.

They further noted: “We believe the novelty effect of the recently-opened expanded area of the Chairman’s Club in Wynn Palace plays a role in the observed volume improvement. It looks like ‘Build it and they will come’ still holds in Macau.”

Galaxy Entertainment Group Ltd, which is still expanding its Galaxy Macau flagship in Cotai, continued to rank number one in Citi’s premium mass survey with a 27-percent share in total wager observed, though that was 4 percentage points down on March’s observed 31 percent.

The Citi analysts observed, referring to MGM China Holdings Ltd, which runs MGM Macau on the city’s peninsula and MGM Cotai in the Cotai district: “We would keep an eye on MGM, as it has recently opened a new premium mass room at MGM Cotai.”

The analysts stated: “We visited the recently opened Masters Club at MGM Cotai for the first time. The room is beautifully decorated and contains 17 baccarat tables – with minimum bets between HKD3,000 and HKD10,000 – in the open area plus a number of private salons.”

They added: “When we were there, we saw a handful of players, each with chip stacks exceeding HKD1 million.”

The Citi team also mentioned that MGM China was offering to players special FIFA World Cup editions of the popular Chinese collectable Labubu dolls, via “point redemptions”.

Citi said that “impressively”, this was “only a couple of weeks after the newest plush dolls were launched on April 2.”

The analysts also mentioned that coinciding with a mainland China holiday season surrounding Labour Day on May 1, three of Macau’s operators had major music stars due to perform. Citi mentioned Hai Lai A Mu at Galaxy Arena; Kelly Chen at The Venetian Arena, at Sands China Ltd’s The Venetian Macao; and Na Ying at MGM Fantasy Box located at MGM Macau.

The firm said it expects to pay the 2025 dividend – which is subject to shareholders’ approval – on June 16, according to a filing to the Hong Kong Stock Exchange.

Wynn Macau Ltd operates the Wynn Palace resort on Cotai, and also runs the Wynn Macau resort (pictured) on the city’s peninsula. The company is a unit of U.S.-based casino developer Wynn Resorts Ltd.

In September, Wynn Macau Ltd paid a dividend of HKD0.185 per share – amounting to HKD972.5 million in aggregate – in respect of the six months to June 30, 2025.

The Macau unit reported a net profit attributable to its owners of nearly HKD1.63 billion for full-year 2025, compared to a HKD3.20-billion profit in 2024. That was on operating revenues of about HKD28.99 billion, up 0.9 percent from a year ago.

Wynn Macau Ltd recorded 2025 adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD7.48 billion, compared with HKD8.21 billion a year earlier.

Banking group JP Morgan stated in a Friday note that Wynn Macau Ltd “dropped a dividend surprise”, with the final dividend for 2025 representing “a 20-percent beat versus the base case”. 

“The full-year yield lands at 7.7 percent for financial-year 2025 (HKD0.185 + HKD0.223), but there is probably more to this, in our view,” wrote analysts DS Kim, Selina Li and Lindsey Qian.

The analysts stated: “While Wynn does not have a formal dividend policy, management anchors dividend per share in absolute terms, versus the payout ratio, which was 132 percent in financial-year 2025).”

They added: “So, we believe we could see a HKD0.446 per annum dividend per share (run-rating second-half 2025) going forward, which would translate into an impressive 8.4-percent yield and be the highest among listed casinos globally, per our analysis.”

In February, the Wynn group said capital expenditure in Macau in 2026 would be in the range of US$400 million to US$450 million, subject to Macau government approvals for the relevant projects. For 2027, capital expenditure is estimated at between US$425 million and US$475 million.

The figures cover several investments at the two Macau properties, including an event and entertainment centre, and a theatre and resident show at Wynn Palace.

(Updated 8.55pm, March 22)

The company said the programme offers management and leadership-skills courses to over 80 local staff, to “continually nurture local management professionals and create more opportunities for career advancement”.

Concurrently at its downtown property, Wynn Macau, the firm also held a commencement ceremony to mark its “Wynn Local Development Program 2026”. It is a collaboration with Macau’s Labour Affairs Bureau (DSAL), and covers 13 sub-programmes.

Among the guests for both ceremonies were government officials including DSAL director, Chan Un Tong.

Wynn Macau Ltd said that over the past two years, the local-development programme has recruited a total of 169 local trainees and achieved an overall retention rate of over 80 percent, which it stated, “reflects the programme’s appeal and stability”.

It added that to date, “40 trainees have successfully graduated and received a promotion, while others are undergoing structured on-the-job training and are expected to complete the programme starting this year”.

According to the firm, the Wynn Local Development Program not only adopts a ‘hire and train’ approach but also sets out “diverse and trainee-friendly” admission requirements, “waiving relevant job experience or bachelor’s degree requirements for certain fields to broaden career options and advancement opportunities for local talent”.

Participants get specialised training for 12 to 36 months across departments such as hotel services, food and beverage services, security and facilities, “gaining professional expertise through systematic training for gradual career promotion”.

This year, the talent-development programme has added two fields of training: information technology and customer relationship management, offering courses on data analysis, system management and ‘smart’ operations, as well as membership management, ‘big data’ application, and customer experience strategy”.

Stephanie So, senior vice president of human resources for Wynn Macau, and for Wynn Palace – the firm’s resort in the city’s Cotai district – noted in a speech at the gathering, that the company has been dedicated to local talent development over the years.

The firm noted: “The launch of the specialised recruitment programmes with DSAL allows the company to attract young people to the hospitality industry with a more targeted approach.”

It added: “This has broadened the company’s reach and made the talent training programmes more focused and effective, thus helping to inject fresh and sustained momentum into Macau’s future development.”

The company noted that since 2015, it had introduced “structured training programmes, successfully fostering a new generation of hospitality professionals in areas such as food and beverage, hotel operations, and facilities management”.

That is based on a GGRAsia tour of downtown and Cotai properties. China’s State Council has designated the festive break as running from February 15 to February 23.

GGRAsia’s review was for main floors, and high-limit areas publicly accessible either on the main floor or adjacent places. GGRAsia was not able to inspect invitation-only gaming areas of any of the properties.

At just after 11am at Grand Lisboa (lobby pictured, above), SJM Holdings Ltd’s main peninsula venue, the ground-floor baccarat zone had most live-dealer tables staffed. Minimum bets there ranged from HKD1,000 (US$128) to HKD2,000, with the lower end being the tables most-frequented by players.

On the first floor – recognised as the property’s main gaming floor – most baccarat tables were open, but with moderate player traffic. There, minimums ranged from HKD500, up to HKD2,000, though most players were to be found at HKD1,000 tables.

Half a level up, on the mezzanine floor, foot traffic was sparse for the HKD2,000 to HKD5,000-minimum high-limits baccarat offered there, notably at the Phoenix Pavilion on one end of the mezzanine. On the other side of the mezzanine level, nearest to the Crystal Tea House food and drink outlet, only one table with a HKD3,000-minimum bet size, was completely populated with players.  

The second-floor main-gaming area at Grand Lisboa had live baccarat from HKD300 to HKD1,000, though traffic was moderate, and the most popular tables being at HKD500, the commonest denomination.

A side area at the second floor, had cheaper live baccarat, at HKD300 or HKD500, with most tables open, and about half of them occupied by players.

At about noon at Wynn Macau (pictured above), the downtown venue of Wynn Macau Ltd, main-floor baccarat was from HKD500 up to HKD3,000. Again, traffic was modest, and the busiest tables were at HKD500 and HKD1,000.

At the Diamond Club high-limit area, tables were at HKD2,000, HKD3,000 and HKD10,000. While all tables were open, most were at the lowest pricing. A single HKD10,000 table had three patrons.

At the property’s Encore Casino, baccarat minimum bets were HKD2,000, up to HKD10,000. The busy tables were at either HKD2,000 or HKD3,000.

At 12.20pm at MGM Macau (pictured above), the downtown venue of MGM China Holdings Ltd, the main floor was observed to have a linked jackpot for – relatively niche games in the Macau market – stud poker and three-card poker. The linked jackpot was in the manner GGRAsia recently observed at Sands China Ltd’s Cotai properties. At the time of Friday’s visit to MGM Macau, the stud poker and three-card poker jackpot stood at HKD8.67 million.

Mostly, the main floor was modestly populated, with live baccarat at HKD1,000 to HKD3,000, and the busiest being at the bottom end of the pricing range.

The high limit area had sparse patronage, with HKD3,000 baccarat tables being the best-used out of the HKD2,000 to HKD5,000 selection on offer.

At 12.43pm at StarWorld Hotel (pictured above), Galaxy Entertainment Group Ltd’s Macau-peninsula casino-hotel, the main gaming floor on the first storey, traffic was moderate, with the busiest live-baccarat tables at HKD1,000, among the HKD1,000 up to HKD3,000 range.

Level three at StarWorld was quite well populated. A zone in the middle the promoter had HKD300 to HKD1,000 live-baccarat on offer, with the busiest being at either HKD500 or HKD1,000.

At level five of the property, the Horizon high-limit zone had light traffic, with minimums from HKD2,000 to HKD10,000, the most common being at HKD3,000.

In the afternoon on Friday, the city’s Cotai casinos had moderate to good foot traffic, with high-limit areas generally more lightly populated.

At 2.20pm at Galaxy Entertainment’s Galaxy Macau (pictured above), main-floor live-baccarat minimums were from HKD500, all the way to HKD5,000, with the HKD2,000 tables seeing most use.

At the property’s Pavilion North high-limit area, business was moderate, with minimum bets extended to HKD10,000. The relatively-busy tables were at either HKD3,000 or HKD5,000.

At Pavilion South, the busiest tables were at either HKD2,000 or HKD3,000. That zone also had two blackjack tables, each with HKD1,000 minimums.

At 3.20pm, The Venetian Macao property of Sands China (pictured above) had a live-table zone – next door to a Live Multi Game stadium and slot machine area – that had baccarat games at  HKD800 and HKD1,000, and many tables were packed with players.

Near the Red Dragon Noodle site on the main floor, live baccarat up to HKD2,000 was far from crowded. The relatively busy tables were at HKD1,000.

Another portion of the Venetian Macao’s main floor – near to the property’s Phoenix Area – principally had baccarat at HKD1,000 and HKD2,000. It had only light traffic, with the populated tables at HKD1,000.

A high-limit zone on the main floor had moderate traffic, with the HKD3,000 tables more utilised than the HKD5,000 ones.

A poker club on the main floor, was packed with players.

From 4.05pm the two casinos at Sands China’s The Londoner Macao (pictured above) – The Londoner Grand and The Londoner Casino – had moderate traffic. The top bets at the former, were HKD3,000, while at The Londoner Casino, they extended to HKD5,000. Londoner Grand’s busiest were at either HKD1,000 or HKD2,000. At Londoner Casino, the most prevalent denominations were either HKD2,000 or HKD3,000.

At 4.30pm on Friday at City of Dreams (pictured above) –  the Cotai flagship of Melco Resorts & Entertainment Ltd – the main floor was moderately busy. The most popular live-baccarat tables were the HKD1,500 or HKD2,000 ones.

High-limit area bets ranged from HKD3,000 to as much as HKD20,000, though the busiest tables were at the lower end of the range.

On the baccarat play zone nearest to the Grand Hyatt Macau side of the property, the circa one-dozen tables included some as low as HKD500, though most were set at either HKD1,000 or HKD1,500, and traffic was light.

At 4.56pm, MGM China’s MGM Cotai complex (pictured above) was offering on its main floor, a linked -progressive jackpot for stud poker and three-card poker. A Texas Hold’em poker zone was packed with players.

The property’s main-floor live-baccarat product was generally busy with players. Bets offered, ranged from HKD1,000 up to HKD5,000, with the most popular being HKD1,000 and HKD2,000.

High-limit areas – with tables at HKD2,000 to HKD5,000 – were overall, not busy. The most common were are HKD3,000.

By 5.17pm at Wynn Macau Ltd’s Wynn Palace (pictured above) on Cotai, the main floor had a buzz of energy, with many tables busy – especially those at either HKD1,000 or HKD2,000.

At the high-limit Diamond Club, most of the tables were busy with players, though not packed. The best-patronised were at HKD3,000.

An hour later at SJM Holdings’ Grand Lisboa Palace (pictured above), the busiest main-floor tables were at HKD1,000. The floor was moderately busy, with bets ranging from HKD500, up to HKD2,000.

A zone of lower-priced tables in front of Phoenix Pavilion – a VIP slot zone – was offering bets at HKD300, HKD500, and HKD800, and was quite popular.

Dragon Pavilion, a high-limit live-baccarat zone, featured HKD2,000 and HKD3,000 tables, and had moderate traffic.

A Texas Hold’em poker zone at the property was in use, having reopened in mid-December, according to floor staff.

That is according to Craig Billings, chairman and chief executive of the parent firm Wynn Resorts Ltd. The latter controls Macau-based casino operator Wynn Macau Ltd.

Besides the Cotai casino resort Wynn Palace, Wynn Macau Ltd also runs the Wynn Macau property in downtown Macau.

“This is a significant expansion of the Chairman’s Club,” a space dedicated to the casino firm’s “highest-value customers,” Mr Billings said.

“This expansion triples the size of the Chairman’s Club to nearly 100,000 square feet [9,290 sq. metres]. The space includes gaming areas, along with a range of amenities, including several boutique food and beverage outlets, entertainment areas, a cigar lounge and a bar,” the CEO said.

“We honestly believe it will set a new standard for premium gaming space in Macau, in an area that already feels very, very comfortable to our best customers,” Mr Billings added.

He was speaking on Thursday during the call for the fourth-quarter earnings of Wynn Resorts.

The casino group’s management confirmed during the call that it had received final approval on Thursday to open the Chairman’s Club expansion at Wynn Palace.

Chinese New Year falls on February 17 (Tuesday) and is usually a peak business period for the tourism and gaming industries in Macau. On the Chinese mainland – Macau’s main feeder market – the festival will be marked by a nine-day holiday starting on February 15.

During the call, Mr Billings said the “booking pace” at the Wynn Macau Ltd properties for the Chinese New Year period was “good”.

“With the opening of the Chairman’s Club [expansion] at Wynn Palace, we feel we have something new and shiny that will delight our best customers,” the executive added.

He, however, noted that the firm would usually “run into capacity constraints around these peak periods, based on table count – that doesn’t affect our best customers, obviously”.

Mr Billings also mentioned the “refresh” of the Wynn Tower rooms at the Wynn Macau complex. He said that project, alongside the expansion of the Chairman’s Club at Wynn Palace, would “further strengthen” the firm’s ability to capture premium clientele demand in 2026.

The revamp of these venues was first discussed on the group’s second-quarter call in August, and again on the third-quarter call in November.

Mr Billings stated in the latest call that fourth-quarter results at Wynn Macau Ltd were “all about significant volume growth, but unusually low hold in both VIP and mass”.

The firm delivered earnings before interest, taxation, depreciation and amortisation (EBITDA) of around US$271 million, “with low VIP hold costing us a little over US$16 million in EBITDA in the quarter,” the executive stated.

Positive early signs in 2026

Providing some colour on performance so far in the first quarter of 2026, Mr Billings said “momentum in Macau has persisted,” with business volumes in January “just above” those recorded by Wynn Macau Ltd in the fourth quarter.

“Looking ahead to the rest of 2026, following sustained double-digit market-wide gross gaming revenue growth in the back half of 2025, we remain optimistic about the future of Macau,” Mr Billings stated. “The premium segment continues to lead the market, and that is a segment where we are always well positioned.”

During the fourth-quarter call, the Wynn group management said it expected 2026 capital expenditure in Macau in a range of between US$400 million and US$450 million, “with several concession-related projects awaiting government approval”.

It added that operational expenses per day at the Macau unit were within the range of US$2.7 million to US$2.9 million, as previously announced.

Questioned by analysts about a potential player reinvestment contest taking place in the Macau market, Mr Billings dismissed those concerns – at least regarding Wynn Macau Ltd.

“It’s a very short booking window in Macau, and so it’s daily hand-to-hand combat for customers. And we’ll adjust reinvestment up or down in any given period to make sure that we achieve our business goals,” he said. “I can’t say that our quarter was unusually impacted by a significant jump in [player] reinvestment.”

Mr Billings also said Wynn Macau Ltd was not driving growth in the VIP gaming segment on the back of incremental player credit.

“We have been making very specific investments in our VIP hosting teams and in our VIP player development, and we saw the benefit of that this quarter,” he said.

The executive also mentioned during the call the use of artificial intelligence by the Wynn group to optimise business performance, including regarding player reinvestment, also in the Macau market.