Macquarie analysts have named Wynn as their name of preference in Macau this year, insisting valuations remain overly conservative and pointing to the concessionaire’s luxury focus as providing added benefit moving forward.
The financial services giant also expressed sustained confidence in Macau’s market trends given recent revenue performance while suggesting now represents a perfect entry point for Macau names.
The analysis follows Macau’s impressive GGR numbers for January, which comfortably beat consensus, and the looming Chinese New Year holiday which is expected to maintain the city’s momentum.
This, explained analysts Chad Beynon, Aaron Lee and Sam Ghafir, provides “further confidence that Macau will be able to generate growth well into the double-digits during that period and for 1Q26 against an easy comp.”
“Based on this and historical trends showing +300 to +500bps of sector outperformance during the two-week period prior to opening day of CNY, we think today is an interesting entry point/trade for Macau names.”
Macquarie ranked Macau as its No.2 gaming sub-sector for 2026 and expects GGR to grow by around 8%, slightly above consensus, with expect market share gains for Wynn and Sands China.
“Overall, we believe consensus remains conservative, particularly for Wynn, which we believe can gain share,” the analysts wrote.
“We continue to prefer Wynn’s luxury/premium exposure both domestically and in Macau where growth remains driven by the upper tiers of the customer segments. We have more comfort with the underlying Macau trends given the recent GGR data and expect Wynn will be able to take share in 2026.”
Macquarie also expects parent company Wynn Resorts to gain between US$25 to US$50 of value per share from the Al Marjan project.
On Las Vegas Sands (LVS), the parent company of Sands China in Macau, they wrote, “Despite the 4Q Macau miss, the LVS story remains largely unchanged. Singapore, which is on pace to generate ~US$2.8 billion EBITDA, continues to be a bright spot even as the property undergoes a multi-billion-dollar expansion project.
“In Macau, LVS is well positioned given recent investments that should drive share gains in 2026, industry market share (~25%) and industry leading margins.”
