Macquarie Names Wynn Top Macau Gaming Pick for 2026
Macau’s competitive casino market has received a fresh investor signal, with Macquarie analysts naming Wynn as their top pick in the city for 2026. The investment bank said current forecasts for the operator remain too conservative and do not fully reflect the advantages of its premium-focused positioning as Macau’s recovery continues.
Macquarie also expressed a broader positive view on Macau-linked gaming stocks, arguing that recent performance data and still-cautious projections create a favorable entry point for investors reviewing exposure to the market.
Macau Momentum and Holiday Boost
The updated outlook follows stronger-than-expected January gross gaming revenue results in Macau, which exceeded many market forecasts. Analysts expect that momentum to continue through the upcoming Chinese New Year period, typically one of the busiest stretches for the city’s casinos.
Macquarie analysts Chad Beynon, Aaron Lee, and Sam Ghafir said the current setup supports the possibility of double-digit year-on-year growth across the holiday window and the full first quarter, helped by softer comparison figures from the prior year. They also noted that Macau gaming stocks have historically outperformed in the two weeks leading into the holiday period, often beating the market by several hundred basis points.
Wynn and Sands China Positioned for Share Gains
In Macquarie’s sector view, Macau ranks as its second-favorite gaming sub-sector for 2026. The firm projects about 8% GGR growth for the year, slightly above general consensus. Within that expansion, Wynn and Sands China are both expected to increase their market share.
The analysts highlighted Wynn’s concentration in the luxury and premium customer segments as a key differentiator. They argue that higher-end play continues to be a primary driver of Macau’s rebound, putting Wynn in a strong competitive position. Based on recent revenue trends, Macquarie believes the company is well placed to capture additional share next year.
Additional Value From Al Marjan Project
Beyond Macau operations, Macquarie also pointed to Wynn Resorts’ Al Marjan development as a further source of potential upside. The analysts estimate that, once fully reflected in valuations, the project could contribute an additional $25 to $50 per share for the parent company.
This expected uplift, combined with projected Macau share gains, reinforces Wynn’s standing as Macquarie’s preferred name in the sector.
Las Vegas Sands Still Favored
Macquarie also maintained a constructive stance on Las Vegas Sands, parent company of Sands China. While the group posted weaker-than-expected fourth-quarter Macau results, analysts said the broader investment case remains intact.
They cited Singapore as a major earnings contributor, with EBITDA projected around $2.8 billion despite ongoing expansion works. In Macau, Sands’ recent capital investments, roughly 25% market share, and strong margins are expected to support further gains in 2026, keeping it among the leading operators in the region.
