TLDR S&P Global expects moderate demand for Asia-Pacific gaming over the next 12 months due to fuel costs and regional tensions. Wynn Resorts may see delays at its Wynn Al Marjan Island project in the UAE tied to conflict in the Middle East. Capital spending is expected to rise in 2026 for MGM Resorts, Wynn Resorts, Genting Bhd, and Las Vegas Sands. Las Vegas Sands received a credit rating downgrade linked to its Marina Bay Sands expansion in Singapore. Macau’s gaming revenue is still forecast to grow 5% to 7%, supported by strong visitor numbers.
Casino operators across Asia-Pacific are bracing for a mixed year ahead. S&P Global released its third-quarter industry roundup this week, pointing to several cost pressures that could weigh on the sector.
The credit rating agency said demand will likely stay moderate over the next 12 months. Fuel prices, higher operating costs, and regional tensions were named as the main factors.
Hong Kong based analyst Flora Chang said high oil prices could reduce travel demand. She noted that consumers may cut back on discretionary leisure spending.
Price-sensitive mass market players are expected to feel this more than premium mass or VIP customers. Those wealthier segments tend to spend regardless of fuel costs.
Energy costs were also flagged as a concern for casino operations. This applies mostly to markets that import fuel, such as the Philippines and South Korea.
S&P Global said higher energy prices could force some casinos to reduce operating hours. Energy-saving rules in those markets may add to the pressure.
Casino Spending Plans Under Pressure
Wynn Resorts was named in the report over its Al Marjan Island casino resort in the United Arab Emirates. The project is worth $5.1 billion and Wynn holds a 40% stake in it.
S&P Global said