MGM: Sands China (01928) and GALAXY ENT (00027) had the fastest market share growth in May, the preferred entertainment industry leader.

Macquarie released a research report stating that the Secretary for Administration and Justice of Macau, Zhang Yongchun, announced that the SAR government has received formal notifications from 3 gaming concessionaires under SJM Holdings (00880), Melco Int'l Dev (00200) and Galaxy Ent (00027), which operate satellite and moka gaming venues, to cease operations of 11 satellite and 3 moka gaming venues by the end of this year. The government has requested proper arrangements for the employees affected by the closure of these venues. According to the report released by Macquarie, based on third-party data, Sands China (01928) and Galaxy Ent were the two companies with the fastest market share growth in May, which aligns with the bank's expectations. Sands China and Wynn were up by 2.0 and 1.0 percentage points respectively from the same period last year, taking market share from Wynn Macau (down by 2.0 percentage points) and MGM (down by 1.0 percentage points). Historically, Wynn Macau has been more focused on the high-end market, but since May, the soft opening of the Grand Lisboa Palace under Galaxy Ent and the full reopening of The Londoner Macao under Sands China have attracted some high-end customers, eroding Wynn Macau's market share. Macquarie pointed out that their preferred stock in the Macau gaming industry is Galaxy Ent, as they have strong property reserves and sufficient hotel room inventory. The bank believes that the Grand Lisboa Palace will be fully operational by the end of 2025, driving Galaxy Ent's market share growth in the high-end mass market.