Date: March 4, 2026
Category: Market Analysis & Industry
Summary:
A major power realignment is underway in Macau’s gambling industry. The “old guard” of the industry, represented by the family of the late Stanley Ho, is losing its “absolute home field advantage” to new market forces. This shift comes despite a strong industry recovery, with Macau’s gross gambling revenue (GGR) reaching a record 247.4 billion MOP in 2025, an 18.7% year-on-year increase. The city also saw a historic high of 40.1 million visitors. The industry’s health is further evidenced by a recent industry-wide pay raise, with over 100,000 employees receiving salary increases of 500 MOP for those earning under 16,000 MOP or a 2% raise for higher earners. However, the traditional dominance of Sociedade de Jogos de Macau (SJM) is being challenged by more modern players like Galaxy Entertainment, which has become the top performer among local companies. The closure of 11 satellite casinos in 2025 also signals the end of a more fragmented, old-style business model, consolidating power in the hands of the major integrated resort operators.
Key Insight:
- New Leadership: Galaxy Entertainment has taken the lead in terms of revenue and profit, while SJM is facing net losses, indicating a significant change in the industry’s competitive landscape.
