Macau gaming operators have begun reporting their 2026 interim results, with Sands China, MGM China and Melco Resorts & Entertainment taking different approaches to shareholder returns.
Sands China announced an interim dividend of HK0.50pershare,wortharoundHK4.05 billion, or approximately $516 million. For the six months ended 30 June, net revenue rose 11.1% year on year to $3.88 billion. However, profit attributable to shareholders fell 3.6% to $398 million.
The company said higher marketing spending, together with increased salary costs, weighed on profitability. Adjusted property EBITDA was approximately $1.07 billion, down 3.4% year on year.
MGM China reduces payout as profit declines sharply
MGM China declared an interim dividend of HK0.25pershare,equivalenttoaroundHK950 million, or $121 million. The payout was 20.1% lower than the HK$0.313 per share distributed for the same period in 2025.
Operating revenue for the first half reached approximately HK$17.392 billion, or $2.22 billion, up 4.39 per cent year on year. Profit attributable to shareholders fell 20.24% to around HK$1.9 billion, or $242 million.
The interim dividend represented 50% of first-half profit attributable to shareholders. Melco, by contrast, has delayed its planned return to dividend payments until 2027 and will continue its share buyback programme this year.
The company also extended the maturity of a revolving credit facility to 2031 in June.
Macau growth continues alongside higher investment pressure
The different dividend policies come as Macau’s gaming market continues to expand. Gross gaming revenue for the first five months of 2026 reached $13.44 billion, up 10.9% year on year. May revenue alone increased 6.7% to around $2.8 billion.
Operators are also facing higher capital expenditure and non-gaming investment requirements. In June, CLSA reduced its 2026 Macau gross gaming revenue growth forecast to 4%, warning that rising capital expenditure could limit earnings growth.
Sands China is maintaining a sizable cash return despite weaker profit, MGM China has reduced its dividend alongside a steeper earnings decline, while Melco is prioritising buybacks and balance-sheet flexibility ahead of a possible dividend resumption in 2027.
The different dividend decisions from Sands China, MGM China and Melco show that Macau’s recovery is not translating into identical capital strategies. Rising revenue is encouraging, but higher investment requirements and weaker profitability in some areas mean operators still have to balance shareholder returns against the cost of competing for future growth.
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