The World Cup was a drag on Macau’s June gross gaming revenue (GGR) and as a result, an analyst modestly reduced price targets on Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN).
In a new report to clients, Macquarie analyst Chad Beynon notes that while visitation to the Chinese casino center was sturdy last month, surpassing 20 million visits for the year 18 days sooner than in 2025, that increased visitation didn’t pay off in the form of improved GGR. In fact, Macau’s June gaming revenue slumped 12% year-over-year and 18% on a sequential basis.
“While June is seasonally one of the softer months of the year, and we expect a rebound in demand after the World Cup is over, we do expect downward revisions to near-term GGR forecasts and heightened focus on second-half acceleration,” observes the analyst.
Macau GGR rose 5.5% year-over-year in April and 6.7% in May, respectively, but the June number was flat compared to the year-earlier period and 7% lower on a sequential basis, effectively wiping out any hope of second-quarter upside.
Still Bullish on Sands
Las Vegas Sands’ Sands China runs five Macau casino hotels, making it the largest operator in the special administrative region (SAR). Those venues represent five of the company’s six properties. As such, the stock is vulnerable to Macau GGR compression.
Beynon lowered his price target on the Venetian Macau operator to $66 from $68 with the new price objective implying upside of about 40% from current levels. He rates the stock “outperform,” signaling a mostly constructive view on the name.
“We believe LVS remains a well-positioned large-cap investment given insulation from recent risks (predictions markets, gas price inputs, etc.), benefits from global wealth and experiential trends, and reasonable valuation,” notes the analyst.
He also highlighted Marina Bay Sands in Singapore, the world’s most profitable casino, as a “trophy asset” and one that’s delivering growth that justifies the operator’s $8 billion expansion.
Wynn Hit With Slight PT Cut, Too
Wynn Resorts runs two Macau casino resorts, but the SAR accounts for significant portions of the operator’s revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA), meaning it too can be susceptible to weak GGR readings there.
Beynon maintains an “outperform” rating on Wynn, but slightly pared his price target on the name to $143 from $145. That implies upside of 49%. He said Wynn has some tailwinds, including pricing power in Las Vegas and the upcoming Wynn Al Marjan Island casino hotel in the United Arab Emirates (UAE).
“We see several structural tailwinds including: (1) MSD+ Macau growth driven by premium mass; (2) continued Las Vegas outperformance supported by luxury pricing power; (3) a meaningful long-dated inflection from Al Marjan; and (4) a capital-friendly allocation strategy supported by strong liquidity,” concludes the Macquarie analyst.
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