Posted on: February 5, 2026, 12:49h.
Last updated on: February 5, 2026, 12:49h.
- Macau casino stocks often rally ahead of Chinese Lunar New Year
- Analyst believes Las Vegas Sands and Wynn can add market share in Macau
- Macau GGR estimates seen as conservative
Ahead of Chinese Lunar New Year festivities, which often bring upside for Macau casino stocks, two of the biggest names in the group are the subject of bullish commentary from a sell-side analyst.
In a Thursday report to clients, Macquarie analyst Chad Beynon reiterated the view that Macau is the second-best gaming segment for investors to own this year, noting that gross gaming revenue (GGR) estimates in the lone Chinese territory where wagering is legal are likely to prove too conservative.
2025 revenue of +9% year-over-year was above original GGR expectations of +6% with a strong 2H (+13%),” observes the analyst. “We now expect ’26E GGR of +8% (-9% vs ’19), slightly above consensus, and expect market share gains for Las Vegas Sands (NYSE: LVS) and Wynn Resorts (NASDAQ: WYNN).”
Those companies are the parents of Sands China and Wynn Macau, which combine to run seven casino hotels in the special administrative region (SAR). Beynon rates both names “outperform” with a price target of $70 on Sands and a $155 price forecast on Wynn.
Sands Thesis Unchanged
Last week, shares of Las Vegas Sands were punished after the Sands China parent delivered disappointing fourth-quarter Macau results, which overshadowed what was likely the best quarter in gaming industry history at Marina Bay Sands in Singapore.
Beynon believes that Sands can find its groove in Macau, where it runs five integrated resorts. Sands China is the largest operator there and largely focuses on the mass and premium masses, indicating it has some leverage to increased visitation by way of the Lunar New Year celebration. That’s a temporary event, but there are longer-ranging reasons for investors to evaluate the stock.
“In Macau, LVS is well positioned given recent investments that should drive share gains in ’26, industry market share (~25%) and industry leading margins,” adds Beynon. “Capital returns through dividends and buybacks also remain a solid pillar of the LVS story.”
The gaming company repurchased $500 million worth of its equity during the fourth quarter, and a previously announced dividend increase goes into effect this month.
Wynn Looks Like a Winner
Wynn is thriving in Las Vegas and Beynon expects the operator to take share in Macau this year. If that outlook is validated, it’d likely be efficacious for the shares because Wynn Macau focuses on higher-end patrons and VIPs.
“We continue to prefer Wynn’s luxury/premium exposure both domestically and in Macau where growth remains driven by the upper tiers of the customer segments,” says Beynon. “We have more comfort with the underlying Macau trends given the recent GGR data and expect Wynn will be able to take share in ’26.”
The analyst also said Wynn’s United Arab Emirates (UAE) casino, which is scheduled to open next year, remains underappreciated by many in the investment community and could be worth $25 to $50 to the share price.
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