Macau Casino Stocks Could Rally Again in 2026

• Macau casino stocks rally following better-than-expected November GGR report
• 2026 could be another good year for the group if GGR estimates prove too conservative

Shares of Macau casino stocks surged Monday, extending what’s been an impressive 2025 rally following an estimate-beating November gross gaming revenue (GGR) report.

Last month, casinos in the special administrative region (SAR) posted $2.63 billion in revenue, a 14.4% gain, extending the streak of year-over-year gains to 10 months while beating the consensus estimate calling for a 10.5% increase. The monthly report, courtesy of the Gaming Inspection and Coordination Bureau, sent shares of Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN) higher. Against the backdrop of conservative estimates, Macau casino stocks could be poised for a strong 2026.

The upside coupled with the conservative government forecast of 3.5% for 2026 suggest there could be further upside opportunity for GGR to outperform,” notes Jefferies analyst Anne Ling.

She adds that Macau government GGR estimates often prove restrained, indicating there’s room for concessionaires to beat those forecasts in 2026.

Macau Casino Stocks Still Attractive

Even with an impressive 2025 resurgence that’s seen Macau casino stocks easily outperform Las Vegas-centric peers, the former still reside at valuations that aren’t demanding. That’s true of Wynn Macau, although shares of the Las Vegas-based parent are soaring year to date.

The US-based Macau concessionaries — Sands, Wynn and MGM Resorts International (NYSE: MGM) — combine to run nine integrated resorts in the Chinese territory. Sands and Wynn are more Macau-heavy and could extend their 2025 rallies next year if GGR there consistently beats estimates.

“We have adjusted our US-driven market forecast to 3.6% for 2026, which suggests a meaningful deceleration going forward OR a government estimate that is overly conservative. We lean toward the latter, which is supported by history, although growth visibility remains limited,” adds Ling.

Sands, Wynn Among Preferred Macau Casino Stocks

Macau casino stocks are easily outpacing Hong Kong’s (HK) Hang Seng Index this year, implying some level of vigilance is warranted with the names. Still, Ling remains constructive on Sands and Wynn among the US-based Macau names and Galaxy Entertainment and Sands China Limited (SCL) among those trading in Hong Kong.

“History also suggests that change can be sudden, so we remain bullish but vigilant given the strength in stocks YTD. WYNN, LVS are up 49.4% and 32.9% year to date, while the HK group are up 21.3% on average,” concludes the analyst.