Sands China gained the most overall GGR market share of all Macau concessionaires in the March 2026 quarter, aided by improved VIP gaming performance and a new GGR share high by The Londoner Macao.
This was enough to move The Londoner into third place on the SAR’s property GGR list behind Galaxy Macau and City of Dreams, pushing past MGM Cotai for the first time since 4Q19 (when The Londoner was known as Sands Cotai Central), according to a 1Q26 breakdown by investment bank J.P. Morgan.
With all six concessionaires having now reported their Q1 results, the breakdown shows Sands China having gained 1.5 percentage points quarter-on-quarter to 26.2% as its VIP share surged to 28%. The Londoner’s GGR share reached a new high of 9.9%, up from 9.0% in 4Q25.
However, J.P. Morgan noted that Sands China’s EBITDA share only grew by 0.3% quarter-on-quarter because VIP is a lower margin business, while The Venetian Macao continued to lose market share, down from 8.8% to 8.3%.
Other property movers included Wynn Palace, gaining 0.9%, while Galaxy Macau lost 1.8% and MGM Cotai lost 1.2%.
Market-wide, company-reported mass table and slot GGR grew 12% year-on-year – higher than the DICJ’s reported 7% which is based on a different method of segmenting tables – while VIP grew by 20% versus the DICJ’s 35%.
Hold-adjusted EBITDA of US$2.1 billion was up 10% year-on-year and reached 92% of 2019, while overall GGR was 87% of 2019.
J.P. Morgan is forecasting a 4% year-on-year and 10% month-on-month rise Macau industry GGR to MOP$22.0 billion in May, with 2Q26 GGR expected to rise 4% year-on-year and FY26 by 5%.
