Operating leverage across the Macau casino industry would have been much improved in the December 2025 quarter were it not for increased operating costs linked to the NBA China Games, 15th national Games and the closure of satellite casinos, said Citigroup in its latest research note.
With 4Q25 earnings season just around the corner, Citi analysts said it forecasts industry EBITDA for the quarter to have risen by 13% year-on-year to US$2.25 billion based on reported GGR growth of 15%.
However, “we do anticipate incremental opex arisen from the NBA China Games and the 15th National Games plus some costs related to SJM’s satellite casino closure to offset some of the resulting operating leverage,” said analysts George Choi and Timothy Chau.
