Shares of Macau gaming operators are trading lower. At the time of writing, MGM China (02282) is down 5.17% at HK$10.83. SJM Holdings (00880) has fallen 4.28% to HK$1.79. Sands China Ltd (01928) declined by 3.55% to HK$14.67, while Wynn Macau (01128) dropped 3.47% to HK$5.57.

This movement comes despite Macau's May gross gaming revenue rising 7% year-on-year to MOP 22.6 billion, exceeding market expectations.

Analyst Views on Near-Term Pressure

One major investment bank noted that while May's data beat expectations, it remains difficult to fully escape the impact of a growth lull in the short term. As the base for comparison becomes higher, future gross revenue comparisons will be more challenging. Furthermore, the World Cup taking place from June 11 to July 19 may temporarily divert the time and funds of high-end players, potentially putting pressure on gaming revenue data for the next two months.

Longer-Term Confidence Maintained

Another major financial institution expressed confidence in the sustainability of Macau's gaming revenue growth into 2026, citing the sector's robust demand momentum so far this year. This bank anticipates that the growth momentum in gaming revenue is likely to rebound in August, following a potential modest slowdown in June and July due to the one-off headwind from the World Cup.