Goldman Sachs Slightly Downgrades 2023 Gaming Revenue Forecast to 8% YoY Increase, Remains Optimistic on Sands China (01928) and Galaxy Entertainment (00027)

Stock News
Oct 15, 2025

Goldman Sachs has released a research report indicating that total gaming revenue for the first 12 days of October decreased by 5% year-on-year, which was lower than expected. In contrast, gaming revenue for the first five days of this month increased by 3% compared to the same period last year. The firm suggests that it is premature to state that the recent positive trend has reversed, taking into account factors such as typhoons and international travel. Goldman Sachs believes that the year-on-year comparison basis from November and December through February next year remains quite favorable. The firm has slightly reduced its gaming revenue forecast for this year to an 8% year-on-year increase, while maintaining its "Buy" rating on Sands China (01928) and Galaxy Entertainment (00027). Additionally, they expect Wynn Macau (01128) to exceed expectations in its third-quarter performance, which may provide positive momentum for its stock price in the short term.

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