UBS: Q3 Market Share for WYNN MACAU (01128) and GALAXY ENT (00027) Above Expectations

Stock News
Oct 10, 2025

UBS released a research report stating that WYNN MACAU (01128) saw its gaming revenue market share rise approximately 200 basis points month-over-month in September, bringing its third-quarter market share up 150 basis points quarter-over-quarter, marking the largest increase during the period.

The report noted that SJM HOLDINGS (00880) recorded a month-over-month market share increase of approximately 50 basis points in September, though its overall third-quarter performance still declined 30 basis points quarter-over-quarter.

Major gaming operators appeared to lose market share in September due to seasonal factors, with SANDS CHINA LTD (01928) and GALAXY ENT (00027) experiencing market share declines of approximately 100 and 150 basis points month-over-month respectively. However, both companies still recorded quarter-over-quarter increases of 70 and 40 basis points respectively for the overall third quarter.

MELCO INT'L DEV (00200) and MGM CHINA (02282) maintained flat market share month-over-month in September, but saw quarter-over-quarter declines of 120 and 100 basis points respectively for the third quarter.

Compared to market expectations for the third quarter, GALAXY ENT and WYNN MACAU delivered market share above expectations, while MGM CHINA, SANDS CHINA LTD, and SJM HOLDINGS fell short of expectations.

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