This report does not constitute a rating action. Macao's gaming boom is fading. The sector will be moving from a post-pandemic rebound to a more maturity driven-phase, as capacity limits and potentially softer mass demand temper growth. We think 2026 revenue growth will slow, but steady operations, selective share gains, and deleveraging still support modest upside. Deleveraging will be especially important for four of the Macao operators we rate: Wynn Resorts Ltd., MGM Resorts International, Melco Resorts (Macau) Ltd and Studio City Co. Ltd.. Efforts on this front will help determine if and when they can return to pre-pandemic rating levels. We project Macao's 2026 GGR to increase 3%-7% year on year, slowing from 9.1% in 2025, given near-full hotel
