According to Seaport Research Partners, a leading brokerage, major international gaming companies are experiencing a slowdown in Macau and a decline in trends in Las Vegas. This insight follows their annual summer conference, which included discussions with prominent operators like Las Vegas Sands, Melco Resorts, MGM Resorts, and Wynn Resorts.
The report indicates that Macau is becoming increasingly competitive as operators strive to attract high-end customers, although there are signs of fatigue among the ultra-wealthy segment of the market.
Seaport noted, “There is insufficient ultra-high-end demand in the market for all six Macau operators to show outsized growth simultaneously.” As a result, operators are ramping up investments in their properties and services to capture a larger share of the market.
In Las Vegas, while the demand for luxury experiences remains strong, the mid-tier and lower segments are experiencing a downturn.
MGM Resorts is concentrating on optimizing costs and introducing new attractions to encourage long-term visitor growth, including the anticipated arrival of the Major League Baseball’s Oakland Athletics and the potential addition of an NBA team. Meanwhile, Wynn Resorts reported that its upscale clientele “shows no signs of pulling back,” although summer demand was impacted by the World Cup.
Las Vegas Sands reiterated its commitment to being a top operator in Macau, planning to continue enhancing product and service quality despite facing short-term margin pressures, as stated by Seaport.
In Singapore, the situation remains volatile yet profitable for the operator, with quarterly EBITDA fluctuating between approximately $600 million and $1 billion, depending on the volume of high-roller activity.
Melco Resorts mentioned that its Macau operations have stabilized after disruptions caused by the World Cup, with the new REM hotel at City of Dreams expected to bolster its market presence.
Outside of Macau, Cyprus is enjoying strong demand, while Manila remains stable despite rising competition, according to Seaport. Melco’s management also downplayed concerns regarding the impact of Wynn’s upcoming UAE resort, Wynn Al Marjan Island, on its Cyprus operations, which is set to open in September 2027.
Wynn also emphasized its competitive edge in Macau, acknowledging that increased reinvestment across the sector is leading to shifts in market share. In the United States, Wynn’s Las Vegas venues continue to benefit from its fully owned food and beverage establishments, while its Boston operations remain robust.