Jefferies sees Macau gaming revenue growth amid tough comparisons, favors Wynn Resorts

Investing.com -- Jefferies said Monday that Macau's gross gaming revenue for the seven days ending June 7 averaged around MOP700 million per day, down 11% week-over-week and 4% below the May 2026 average daily rate.

The firm forecast around 4% year-over-year growth for June, with an average daily rate of approximately MOP731 million, compared to market consensus of negative 1% year-over-year growth.

Jefferies noted that year-over-year growth comparisons in June of 18.5% present a difficult context for the market. With year-to-date growth at 1.7% through May, the firm said the debate over whether headlines become negative remains active.

The FIFA World Cup, scheduled from June 11 to July 19, presents uncertainty regarding its impact on gross gaming revenue, according to the firm. Management commentary from Las Vegas Sands suggested minimal impact, while Galaxy Entertainment (HK:0027) plans additional events and promotions to address potential disruption.

Jefferies said the market is becoming more divided, with the premium segment expected to continue as the primary driver of profitability. The firm expressed preference for Wynn Resorts (NASDAQ: WYNN) and Galaxy Entertainment given their position in the premium segment.

The firm said all months for the remainder of the year face double-digit growth comparisons with 2025 except for September.

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