Analysts See Potential for Another Macau Casino Stock Rally in 2026 After Strong 2025 Gains

Macau’s casino operators entered the week on a strong note, with shares climbing again Monday as the market reacted to a November gross gaming revenue (GGR) report that surpassed expectations and reinforced the sector’s robust 2025 performance.

Casinos in the special administrative region reported $2.63 billion in revenue last month — a 14.4% increase year over year — extending Macau’s streak of monthly gains to ten consecutive months. The total also exceeded the consensus projection of a 10.5% rise, according to figures from the Gaming Inspection and Coordination Bureau. The better-than-expected result pushed shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) higher, and analysts now argue that Macau casino stocks may be setting the stage for an even stronger 2026.

Jefferies analyst Anne Ling noted that “the upside coupled with the conservative government forecast of 3.5% for 2026 suggest there could be further upside opportunity for GGR to outperform.” Ling added that Macau’s official GGR forecasts have historically been cautious, leaving room for concessionaires to exceed the government’s projections next year.

Macau Casino Stocks Maintain Appeal Despite 2025 Surge

Even after a standout 2025 rally that has seen Macau-focused operators handily outperform their Las Vegas-centric counterparts, valuations remain relatively undemanding. That includes Wynn Macau, despite the considerable year-to-date gains posted by its US-based parent.

Several structural factors continue to support the long-term outlook for Wynn, including the lingering pent-up appetite among Chinese travelers to return to Macau and the company’s strategic pivot toward premium-mass customers. The shift is considered critical, as a substantial recovery in the VIP segment may still be years away.

US-based concessionaires Las Vegas Sands, Wynn Resorts, and MGM Resorts International (NYSE: MGM) collectively operate nine integrated resorts in Macau. Sands and Wynn, which are more heavily exposed to the territory, could extend their out performance in 2026 if GGR data continues to consistently exceed market expectations.

Ling noted, “We have adjusted our US-driven market forecast to 3.6% for 2026, which suggests a meaningful deceleration going forward OR a government estimate that is overly conservative. We lean toward the latter, which is supported by history, although growth visibility remains limited.”

Sands and Wynn Remain Top Picks Among Analysts

Macau casino shares have sharply outpaced Hong Kong’s Hang Seng Index this year, a gap that suggests investors should remain watchful even amid strong momentum. Still, Ling maintains positive ratings on Las Vegas Sands and Wynn Resorts among the US-listed operators, as well as on Galaxy Entertainment and Sands China Limited (SCL) among the Hong Kong-listed group.

“History also suggests that change can be sudden, so we remain bullish but vigilant given the strength in stocks YTD. WYNN, LVS are up 49.4% and 32.9% year to date, while the HK group are up 21.3% on average,” Ling concluded.

By fLEXI tEAM