Goldman Sachs: Macau gambling revenue meets expectations in June, maintains "buy" ratings on GALAXY ENT (00027), MGM CHINA (02282), and Sands China (01928).

09:52 03/07/2026

Macau's gambling revenue in June fell by 12% year-on-year to 18.5 billion Macau patacas, reaching 78% of the pre-epidemic level in 2019, in line with market expectations.

Goldman Sachs released a research report stating that Macau's gambling revenue in June dropped by 12% year-on-year to 18.5 billion Macau dollars, reaching 78% of the pre-epidemic level in 2019, which is in line with the lower end of market expectations. The bank maintains a "buy" rating on several Macau gambling stocks, including GALAXY ENT (00027), MGM CHINA (02282), and Sands China (01928), with target prices of HK$53.2, HK$19.5, and HK$23.2, respectively. The bank believes that once factors such as high base and the diversion effect of the World Cup that have dragged down gambling revenue are eliminated, the performance of the Macau gaming industry will improve. However, the bank also expects that Sands China's market share of gambling revenue in the second quarter will be lost to MGM CHINA and WYNN MACAU (01128).

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