Investimentos (ver outras entradas, tambem atualizadas por erro)
In the Macau market, MGM China runs the MGM Macau property downtown, and MGM Cotai in the newer casino district.
Jonathan Halkyard, chief financial officer at MGM Resorts, noted during the call that the group had “commenced design work on approximately 100 suites at MGM Macau as part of our ongoing commitment to staying ahead of the evolving consumer tastes and preferences”.
Mr Hornbuckle added that MGM China had “continued to outperform the market in the second quarter while maintaining a solid market share of 16.4 percent, a sequential increase of a full percentage point”.
He further noted: “While the World Cup temporarily impacted June volumes in Macau, this was a transitory event rather than a secular shift. Our confidence is reinforced by the immediate and encouraging rebound in volumes observed post tournament throughout the month of July.”
Kenneth Feng Xiaofeng, CEO and president of MGM China, noted visitor volumes in Macau and “business volumes” had “strongly picked up since even the second week of July, when there were still a few matches remaining before the end of the World Cup”.
MGM China has described its Macau promotional and reinvestment strategy as a “package” approach aimed at optimizing the yield of every square foot of its casino floors.
The question of player reinvestment was raised again during MGM’s 2Q26 earnings call on Thursday morning after the group’s Macau entity saw margins compress to 23.3% from 27.1% a year ago, impacted by a much higher branding fee charged by parent MGM Resorts. Macau revenues were flat year-on-year.
In response, MGM China CEO Kenneth Feng said Macau would continue to be a competitive market but expressed his belief that MGM continues to showcase a deeper understanding of its customers’ expectations.
“We deliver the appropriate offerings, catering to premium demand,” Feng explained. “It’s not purely like a promotional reinvestment – what we are offering is a package. It’s our products, our services, our innovation and then our promotion. It’s really a package.
“For example, during the [June] quarter we completed some meaningful projects including our suite conversions and our premium gaming space at [MGM COTAI]. These projects have been well-received by all premium customers. Moving on, we will continue to renovate 100 suites at MGM MACAU.
“And our strategy is really to focus on optimizing the yield of every table, every slot, every square foot of the casino floor. That’s our strategy. It’s not purely a reinvestment. It’s a package.”
Feng added that MGM China has achieved margins in the mid-to-high 20% range since the COVID-19 pandemic and was confident it would sustain similar levels in the future.
On market performance during and since the recent World Cup – which is known to have impacted premium gaming volumes as players diverted their gaming spend – Feng said volumes had rebounded strongly in recent weeks to exceed even Q1 performance levels.
“We are seeing pent-up demand from the World Cup period,” he explained.
“Both visitations and business volumes have strongly picked up even since the second week of July, when there were still a few matches remaining before the end of the World Cup, and the weekly performance has improved week-over-week. We believe Macau, the entire market, has recovered nearly to Q1 levels, and at MGM the property visitation and normalized GGR have already exceeded the Q1 levels.
“With the events and the concerts in town in this month and next month, we are confident we will see a busy summer in Macau.”
In separate comments, MGM Resorts CEO and President Bill Hornbuckle said development the group’s US$10 billion integrated resort in Japan, MGM Osaka, was on track with over 60% of foundation piles completed and the main structure taking shape above ground.
As such, MGM Osaka – described by Hornbuckle as “the greatest greenfield opportunity in the world” – remains “on time and on budget” for its scheduled 2030 opening.
https://asgam.com/2026/07/30/ceo-kenneth-feng-says-mgm-chinas-reinvestment-package-philosophy-aimed-at-optimizing-casino-yield/
The Macau government has approved public land-concession changes to allow Wynn Resorts (Macau) Ltd to expand its Wynn Palace complex in Cotai, including for the building of a new hotel tower (pictured in an artist’s rendering). That is according to an official dispatch signed by Macau’s Secretary for Transport and Public Works, Raymond Tam Vai Man, and published on Wednesday.
The government has given Palo Real Estate Co Ltd – a Wynn Resorts Ltd unit holding the land concession on behalf of the group’s Macau business – “a maximum of 60 months” from the date of Wednesday’s announcement, to “complete development of the expanded resort” on the Cotai land plot. That is per a separate Wednesday filing to the Hong Kong Stock Exchange by Wynn Macau Ltd.
Wynn Palace and the Wynn Macau property in downtown Macau peninsula are run by Wynn Macau Ltd. Its parent, U.S.-based Wynn Resorts, announced in its first-quarter earnings call in May, that a US$950-million second hotel tower would be developed at Wynn Palace.
The new hotel facility – to be branded “The Enclave at Wynn Palace” – is to feature 432 suites and sit directly adjacent to, and connect with, the east entrance of Wynn Palace. Construction is likely to start in the second half of 2026, and take two-and-a-half years, according to Wynn Resorts’ presentation.
Wynn Resorts (Macau), the casino-concessionaire entity, has already paid the local government an additional land premium of MOP652.31 million (US$80.8 million) for the land-use changes, Wednesday’s government dispatch stated.
The lease period for the Wynn Palace land plot is valid until May 1, 2037.
According to the dispatch, in October 2023, the casino concessionaire had applied for changes in land use as it intended to develop a “theatre” and an “event centre” on the Wynn Palace site.
The casino concessionaire submitted a further plan in January 2025, which included the previously-mentioned elements, plus the building of a new hotel tower, per Wednesday’s dispatch.
The relevant Macau government departments did not raise any objection to the casino concessionaire’s expansion work for Wynn Palace, provided that the complex’s “casino area remains unchanged”, the official document mentioned.
With the government-approved land use changes, the gross floor area to be allocated for Wynn Palace’s five-star hotel would be 534,105 square metres (5.75 million sq. feet). The area for the “International Spectacle Theatre” would be 8,787 sq. metres, and that for the “Event and Entertainment Centre” 23,738 sq. metres, the dispatch stated.
Separately, the Wynn Resorts management said construction of the group’s previously-announced event centre and theatre at Wynn Palace, in Macau’s Cotai district, would begin “in the coming weeks”, following approval in July of revised land-use terms by the Macau government.
The company also expects to commence construction of the US$950-million, 432-suite Enclave at Wynn Palace hotel tower before the end of this year.
“The event centre and theatre are expected to be completed in 2028, and the Enclave is expected to open in 2029,” Mr Billings stated. “Taken together, these projects reflect a clear and confident investment in the future of the Macau market and our commitment to support its diversification efforts.”
Mr Fullalove said spending on the event centre and theatre this year would be limited to piling and early development work.
Wynn Resorts now expects its 2026 expansion-related capital expenditure in Macau to total between US$350 million and US$400 million, he added.
https://www.ggrasia.com/wynn-al-marjan-opening-set-for-sept-2027-macau-expansion-projects-to-begin-this-year?utm_source=rss&utm_medium=rss&utm_campaign=wynn-al-marjan-opening-set-for-sept-2027-macau-expansion-projects-to-begin-this-year
Las Vegas Sands Corp, parent of Macau casino concessionaire Sands China Ltd, says it expects to relaunch in full the renovated rooms of The Venetian Macao (pictured) by Chinese New Year (CNY) 2028. Such investment would help the company meet its goal in terms of earnings before interest, taxation, depreciation, and amortisation (EBITDA).
So said Patrick Dumont, chairman and chief executive of Las Vegas Sands, during Wednesday’s call to discuss the firm’s second-quarter earnings. The group also runs the Marina Bay Sands casino complex in Singapore.
“We retain our goal of reaching US$700 million in quarterly EBITDA and beyond over time, as we fully implement our investment and operating strategies and as the Macau market grows in the future,” Mr Dumont stated.
The CEO said renovation of The Venetian Macao rooms and suites “commenced in March”.
While the group expects some of the inventory to be ready across the work period, the “target is to have all 2,900 rooms and suites completely refurbished and reintroduced by Chinese New Year 2028,” he said.
“We will also introduce new premium focused gaming salons and related amenities as a component of The Venetian [Macao] investment programme,” Mr Dumont added.
The group CEO said, referring to other hotel revamps in other parts of Sands China’s Cotai property portfolio: “The meaningful patron growth we have seen in The Londoner [Macao] and Grand suites of the Four Seasons provides support for these [additional] investments.”
“It’s important to note that the work we envision will not create significant disruption throughout the portfolio,” he added. “The scale of our portfolio will allow us to serve customers and other properties and elsewhere in each resort while work is in progress.”
Mr Dumont said the group would use its “scale advantage and product advantage together with service level improvements and targeted incentives to effectively compete” in the Macau market.
Grant Chum Kwan Lock, chief executive and president of Sands China, stated on the call that “approximately 400 keys” were unavailable from its inventory on average for the second quarter this year.
“You can assume that figure will fluctuate between 400 to 500 [rooms] every quarter, between now and into 2027,” Mr Chum stated.
Investment strategy
Mr Dumont also mentioned a “multiyear investment strategy” as the group updates its Macau portfolio and invests in “the highest value premium-mass segments”.
Mr Chum said that in terms of capital projects, Sands China still had a “long way to go” in terms of opportunity for ramping up business The Londoner Macao.
“As you can see in both The Londoner [Macao] and Four Seasons, we are, even for this quarter, above where we were in 2019 on a normalised basis,” the Sands China CEO noted. “So, that’s very positive evidence of how product upgrades can drive revenue growth and market share gains.”
Regarding The Venetian Macao revamp, Mr Chum said the group “should start to see the benefits of those new suites… throughout 2027”.
Regarding reinvestment strategy in Macau, Mr Dumont noted that the group had been “optimising reinvestment levels since the beginning of the year”.
“Our approach to reinvestment has remained consistent over the last several quarters,” he stressed.
The executive added: “If you look at the metrics, reinvestment as a percentage of revenue did increase during this [second] quarter. The increase as a percentage of revenue was driven by changes in business mix and lower hold percentage on our non-rolling play.”
Mr Dumont said the company’s goal was to “continue to remain consistent” with its reinvestment strategy and to “achieve greater profitability as revenues grow in the future”.
“With respect to operating expenses, we have elected over the last year to invest in additional table operating hours, increase sales, marketing, and customer service personnel and enhanced levels of customer service,” he stated.
According to the executive, the increased investment in operating expenses “should begin to level off in the second half of 2026”.
“These investments are critical to the achievement of our long-term objectives of being able to service our customers to the highest standards,” he added.
Galaxy Macau Phase 4 likely to feature ’boutique’ casino venues in individual hotels: Macquarie Capital
The additional gaming facilities at Galaxy Macau Phase 4, an expansion of the Cotai flagship casino resort (pictured) of Galaxy Entertainment Group Ltd, are likely to be featured in “boutique” venues “attached to individual hotels,” aimed at meeting premium patrons’ “preference for privacy”.
That is according to a memo from Macquarie Capital, citing updates from Galaxy Entertainment management during the recent Macquarie Asia Conference.
“Phase 4 may incorporate boutique casino formats attached to individual hotels rather than a single large centralised floor, reflecting premium customers’ preference for privacy,” Linda Huang, head of consumer research, Asia, at Macquarie Capital, wrote in the report.
The boutique format has already been adopted in high-stakes gaming areas at the luxury hotel towers Raffles at Galaxy Macau, and Capella at Galaxy Macau, both part of the Cotai property’s Phase 3, per GGRAsia observations. The venues are “Horizon” at Raffles, and “Horizon Plus” at Capella, respectively located on upper floors within the hotel towers.
Macquarie Capital said Galaxy Entertainment’s “base case” for Phase 4 assumes the project might not receive additional gaming tables or involve significant new hiring.
Phase 4 of Galaxy Macau is to include additional casino facilities and approximately 1,350 rooms and suites, along with a 5000-seat theatre, a water resort deck, and fresh food-and-beverage and retail offerings, according to Galaxy Entertainment’s first-quarter results filing.
“Table allocation by the [Macau] government is typically announced around six weeks before casino opening. Management is confident in delivering growth without additional tables through reallocation from low-yielding to higher-yielding areas,” the research note suggested.
Galaxy Entertainment Group’s Galaxy Macau Phase 4 is expected to be completed in 2027 and open in 2028, targeting high-value premium consumers from Japan, South Korea, and ASEAN markets.
The details were cited by Hong Kong media outlet Ming Pao, which reported on an HSBC note following the bank’s engagement with Galaxy.
HSBC said the new phase will significantly expand Galaxy’s non-gaming offerings and focus particularly on travelers from Tokyo, Seoul, and Southeast Asia. The report said Galaxy aims to compete through quality and service amid intensifying competition in Macau’s gaming market.
https://agbrief.com/news/macau/27/05/2026/galaxy-macau-phase-4-expected-to-open-in-2028-targeting-premium-asian-travelers/?utm_source=Asia+Gaming+Brief&utm_campaign=1912d2bc6c-AGB%3A+%2302393+Thursday%2C+28th+May%2C+2026&utm_medium=email&utm_term=0_51950b5d21-1912d2bc6c-%5BLIST_EMAIL_ID%5D&ct=t%28AGB%3A+%2302393+Thursday%2C+28th+May%2C+2026%29&goal=0_51950b5d21-1912d2bc6c-%5BLIST_EMAIL_ID%5D&mc_cid=1912d2bc6c&mc_eid=31e20475e6
may26
Casino operator Wynn Resorts Ltd expects the current regional conflict in the Middle East involving the United States and Iran to lead to a “modest delay” in the opening of its Wynn Al Marjan Island project in the United Arab Emirates (UAE). Meanwhile, the company has announced plans to develop a new all-suite hotel tower – with no gaming facilities – next to its existing Wynn Palace casino resort in Macau’s Cotai district.
That is according to Craig Billings, chief executive of Wynn Resorts Ltd, which controls Macau-based casino operator Wynn Macau Ltd.
He was speaking on Thursday during Wynn Resorts’ call to discuss first-quarter earnings.
The new hotel tower (pictured in an artist’s rendering) – branded as ‘The Enclave at Wynn Palace’ – will feature 432 suites and sit directly adjacent to, and connect with, the east entrance of Wynn Palace, Mr Billings said.
Construction is likely to start in the second half of 2026, and take two-and-a-half years, according to a company presentation.
“This is a US$900-million to US$950-million addition that will increase the existing Wynn Palace room count by 25 percent, and our suite count by 50 percent, driving more foot traffic into gaming and our existing food and beverage outlets,” he added.
Wynn Resorts’ management stated during the call that “final government approvals are starting to come together” for the new tower.
It added that capital expenditure on the Enclave tower in 2026 “would be limited to some piling and early development works”.
“Wynn Palace runs at essentially full occupancy every night,” Mr Billings said, explaining the need for additional hotel room capacity. “When you’re at 99-percent occupancy, you’re not making a speculative bet by adding rooms; you’re clearly capturing demand that already exists and that you’re currently turning away.”
He confirmed that the new tower “does not have a gaming element”, and has “very, very modest food and beverage”, because it will be directly attached to the existing Wynn Palace facility.
The executive added that he did not expect the new project to cause significant disruption to the existing property, “because it is a relatively constrained portion of our plot.” He also confirmed that plans for such a tower had existed previously, but had been shelved and were now being revisited and updated.
Mr Billings explained that the base room product at Enclave would be “slightly larger” than the base room product at Wynn Palace.
“The way I would describe it in terms of aesthetic finish is that it is complementary to our existing product,” he said. “It’s not the same, nor is it a radical departure that would feel as though it was off-brand.”
https://www.ggrasia.com/new-us950mln-hotel-tower-at-wynn-palace-in-macau-modest-delay-at-wynn-al-marjan-billings?utm_source=rss&utm_medium=rss&utm_campaign=new-us950mln-hotel-tower-at-wynn-palace-in-macau-modest-delay-at-wynn-al-marjan-billings
ab26
Sands China Ltd is working on refreshing its hotel room product at The Venetian Macao (pictured) and creating “additional luxurious suite product,” with a goal of completing the work by the end of 2027, says Patrick Dumont, chairman and chief executive of the parent, Las Vegas Sands Corp.
He was speaking on Wednesday’s call to discuss first-quarter earnings for the United States-based group, which also runs the Marina Bay Sands (MBS) casino complex in Singapore.
Mr Dumont stated of the Macau operation: “We are focused on the highest return projects to increase cash flow over the next three years.
“We’ll begin with The Venetian [Macao]… work is already in progress with refreshed room product beginning to come into service in the third quarter of 2026. Additional luxurious suite product and a total product refresh is targeted to be completed by the end of 2027.”
The group CEO added, referring to other hotel revamps in other parts of Sands China’s Cotai property portfolio: “The meaningful patron growth we have seen in The Londoner [Macao] and Grand suites of the Four Seasons provides support for these [additional] investments.”
Mr Dumont stated: “It’s important to note that the work we envision will not create significant disruption throughout the portfolio. The scale of our portfolio will allow us to serve customers and other properties and elsewhere in each resort while work is in progress.”
https://www.ggrasia.com/sands-china-refreshing-venetian-macao-room-product-with-end-2027-targeted-completion-date-dumont?utm_source=rss&utm_medium=rss&utm_campaign=sands-china-refreshing-venetian-macao-room-product-with-end-2027-targeted-completion-date-dumont
mar26 SANDS
Sands China and parent company Las Vegas Sands (LVS) have revealed they may need to commit more capital to improve their Macau product offering, with The Venetian Macao likely next on the agenda and The Parisian Macao in the future.
The update was provided by LVS Chairman and CEO Patrick Dumont and SVP of Investor Relations Daniel Briggs during the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum at Wynn Las Vegas late last week, with J.P. Morgan detailing the executives’ comments in a follow-up note.
According to the analysts’ takeaways from their meeting with LVS, the company will continue to focus its promotional reinvestment and its product to attract and retain more high-end players to better align with the Macau market. And while recent upgrades to The Londoner Macao and Four Seasons have provided “bright spots” in this promotional push, in the medium-term it “may need to commit more capital to improve its Macau product offering”, as per J.P. Morgan analysts Daniel Politzer, Samuel Nielson and Michael Hirsch.
They added, “Venetian could be next on the docket for capex improvements, and later Parisian,” with the mooted investment “potentially shrinking [Sands China’s] overall room count and ‘premium-izing’ some properties.”
https://asgam.com/2026/03/17/sands-china-considering-further-investment-to-improve-macau-offering-with-the-venetian-macao-likely-next-on-the-agenda/
mar26 MELCO
Casino operator Melco Resorts & Entertainment Ltd says it plans have a “soft opening” in the “second half of 2026” for what it terms its “new luxury hotel project REM” at the group’s Cotai flagship resort City of Dreams in Macau.
It gave the news in a Tuesday social media posting, which included an artist’s rendering (pictured). The casino firm confirmed to GGRAsia that the new hotel brand resulted from the renovation of the Countdown hotel at the complex. It did not provide further details about the revamped accommodation tower.
In November the firm had said it would invest “about US$125 million” in the remodelling of the 330-room Countdown hotel at City of Dreams. The Countdown had closed for renovation “until further notice” in 2021.
Lawrence Ho Yau Lung, Melco Resorts’ chairman and chief executive, said at the time that the company had already started the renovation of the Countdown hotel, which the group “expected to open in the third quarter of 2026”.
In late July last year, Mr Ho had said that the Countdown would be “newly branded, featuring approximately 150 high-end luxury suites with an average room size exceeding 1,000 square feet [93 sq. metres]”.
An entity called MCO (IP) Holdings Ltd had in 2025 applied in Macau for the rights to the branding REM, encompassing gaming and non-gaming related services within a resort, including casino, hotel, retail, events, and other forms of entertainment as well as transport. The trademark was published on March 4 this year, according to information reviewed by GGRAsia.
Tuesday’s social media posting said that the REM-branded accommodation would be “redefining contemporary luxury through its ultimate suite experience, avant-garde artistic design and innovative service”.
The posting added: “REM marks the start of an unprecedented journey of inspiration, further strengthening City of Dreams’ unique position as an integrated resort.”
The renovation of the Countdown Hotel is part of Melco Resorts’ plans to upgrade its overall offering in the Macau market.
Earlier this month, Melco Resorts announced that Chinese actor Jing Boran had become City of Dreams Macau’s global brand ambassador as the resort launched its ‘Be A Dreamer’ brand campaign.
City of Dreams has positioned itself as a Macau specialist in contemporary-design own-brand hotels. Its distinctive Morpheus hotel with a hole in the centre of the tower structure, designed by Zaha Hadid Archtects, opened in June 2018.
https://www.ggrasia.com/melco-announces-rem-as-new-hotel-brand-for-city-of-dreams-in-macau-eyes-2h-launch?utm_source=rss&utm_medium=rss&utm_campaign=melco-announces-rem-as-new-hotel-brand-for-city-of-dreams-in-macau-eyes-2h-launch
fev26 WYNN
Wynn Macau has managed to secure government approval to unveil the expanded section of its highest-tier lounge at Wynn Palace catering to the premium mass market.
The latest development surrounding Chairman’s Club is according to its recent earnings call where management painted a sanguine picture for the Chinese New Year next week.
EBITDAR for Q4 last year was down 7.5 per cent year over year to US$271 million (MOP2.2 billion).
This figure missed brokerage J.P. Morgan’s projection of US$290 million to US$300 million.
The shortfall was attributed to “weak VIP luck”, which resulted in a loss of US$16 million.
However, when adjusted for hold, EBITDAR would have been US$287 million, up 2 per cent from a year earlier, analysts DS Kim, Selina Li, and Lindsey Qian wrote on Friday, noting that it was actually stable and in line with their estimate of US$285 million.
“While management doesn’t adjust for mass holds, we note mass holds were unusually low at 19.6% (vs. ~21% in the past two years), also weighing on margins,” the analysts wrote in their further explanation for reduced profitability.
https://macaubusiness.com/wynn-palace-lounge-expansion-approved-amid-earnings-shortfall/
WYNN abril26
Wynn Macau Ltd was judged the largest month-on-month gainer in terms of percentage of observed gaming wager in Citigroup’s monthly premium mass table-betting survey of Macau casinos.
The firm was considered by the institution to have a share of total viewed industry wager that was up 13 percentage points sequentially, to 23 percent.
“We suspect that has to do with the ramp-up of the expanded Chairman’s Club in Wynn Palace,” wrote analysts George Choi and Timothy Chau in their April-survey memo, referring to a high-end gaming facility at Wynn Macau Ltd’s Cotai property (pictured).
They added: “This is the first time [of]… a single operator winning ‘gold’, ‘silver’, and ‘bronze’ in our whale watch.” Whales are defined by the institution as high-value players betting HKD100,000 (US$12,768) or above.
https://www.ggrasia.com/wynn-macau-ltd-most-improved-op-in-premium-mass-in-april-amid-chairmans-club-expansion-citi?utm_source=rss&utm_medium=rss&utm_campaign=wynn-macau-ltd-most-improved-op-in-premium-mass-in-april-amid-chairmans-club-expansion-citi
jan26
A single Cotai hotel project accounted for 2,724 guest rooms being built in that district last year, and three further Cotai schemes are at the “design” stage, according to an update from Macau’s Bureau of Land Services and Urban Construction.
The statement didn’t identify any of the projects by name, but Cotai is predominantly a district for large-scale casino resorts.
In terms of new hotel product ready-for-market in 2025, the Capella at Galaxy Macau with 36 villas and 57 “jungle-themed” suites, had a soft launch in May at Galaxy Macau, according to the resort’s operator Galaxy Entertainment Group Ltd. A November note from brokerage Jefferies, citing the casino group, said Phase 4 of Galaxy Macau, would “feature luxury hotels” with about “1,500 rooms”.
The 2,724 Cotai rooms mentioned by the Macau government in its Monday update, involved a gross construction area of 116,743 square metres (1.26 million sq.feet). It was the only Macau hotel project built in 2025, the data indicate.
https://www.ggrasia.com/about-2700-cotai-hotel-rooms-built-in-2025-with-432-more-for-that-district-in-design-stage-govt?utm_source=rss&utm_medium=rss&utm_campaign=about-2700-cotai-hotel-rooms-built-in-2025-with-432-more-for-that-district-in-design-stage-govt
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