Macau’s recovery from the pandemic has favored smaller casino operators like MGM China and Wynn Macau, thanks to a shift towards affluent premium mass customers. The high roller VIP segment has declined due to strict regulations, and lower-end mass market traffic hasn’t returned to 2019 levels. Despite Macau’s projected 14% GDP growth, Sands China and Galaxy Entertainment shares have fallen, while MGM China and Wynn Macau have seen gains. Visitor numbers are at 75% of pre-pandemic levels, with gambling revenues expected to reach 80% of pre-Covid figures.

MGM China and Wynn Macau are leveraging their focus on premium mass markets for better efficiency and market share. Meanwhile, Sands China and Galaxy are poised to catch up with new high-end projects. Diversification into non-gaming amenities is aiding recovery, with non-gaming spending up 11% in 2023. Chinese authorities are promoting Macau’s appeal, and there’s a growing focus on attracting visitors from outside mainland China, particularly from South Korea.