Sands China Ltd. increased its market share more than any other Macau casino operator in the first quarter of 2026, according to analysts at JP Morgan, with growth largely driven by strong performance at The Londoner Macao.
The company’s share of gross gaming revenue (GGR) rose to 26.2% in the three months ended March 31, up 1.5 percentage points from the previous quarter.
Sands China’s improved position was supported in part by higher contribution from VIP play, which accounted for about 28% of its GGR.
JP Morgan also noted that The Londoner Macao accounted for 9.9% of industry GGR, surpassing MGM Cotai for the first time since 2019.
The property, formerly Sands Cotai Central, moved into third place in Macau’s GGR rankings, behind Galaxy Macau and Melco’s City of Dreams.
Despite the gains, the brokerage noted that GGR growth across Macau continues to be driven by premium mass table play rather than VIP gaming, although VIP revenue showed stronger year-on-year gains.
Across the broader market, mass and slot revenues rose 12% year on year, while VIP revenue increased 20%.
Combined profits for Macau’s six casino operators reached nearly MOP 17 billion, up 10% from 2025 and equivalent to about 92% of 2019 levels.
Among competitors, Wynn Palace also posted gains, increasing its market share to 8.6%, up 0.9 percentage points from a year earlier. Galaxy Entertainment Group’s share declined to 20.3%, while MGM China Holdings fell to 15.8%.
Within Sands China’s portfolio, The Venetian Macao lost share, slipping to 8.3% from 8.8% previously.
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