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Largest Public Companies in Macau
Benchmark revenue and EBITDA valuation multiples for public comps like
Sands China, MGM China Holdings, Wynn Macau, Melco Resorts and Enter and China Star Entertainment.
 | Sands China operates integrated resorts and casinos in Macao. Its properties include Sands Macao, the Venetian Macao, the Plaza Macao, the Londoner, and the Parisian Macao. It has about 23.5% market share in the Macao gaming sector in terms of gross gaming revenue as of 2025. Las Vegas Sands has a 74.8% stake in Sands China. | $2 | -4% | $16B | $22B | 2.9x | 9.9x | ||
| MGM China is one of six casino license holders in Macao. It operates two integrated resorts: the MGM Macau in the Peninsula and MGM Cotai in Cotai. The company is allowed to operate 750 gaming tables during its new 10-year concession period of 2023-32. | $1 | -11% | $6B | $7B | 1.7x | 6.3x | ||
| Wynn Macau operates two integrated casino resorts in Macao, including Wynn Macau on the peninsula and Wynn Palace in Cotai. These properties feature with high-end hotels and brand-name stores, making Wynn an iconic high-end brand. Wynn Resorts has a 71% stake in Wynn Macau. | $1 | +8% | $4B | $8B | 2.2x | 8.7x | ||
| Melco Resorts & Entertainment is one of only six licensed casino operators in Macao. It operates Altira, a complex focused on premium customers; City of Dreams, an integrated resort in Cotai serving both mass-market and premium patrons; and Mocha Clubs' electronic gaming machines. The company also has a majority interest in Studio City, which opened in 2015. Outside Macao, Melco owns City of Dreams Manila in the Philippines and City of Dreams Mediterranean in Cyprus. The business mix in terms of adjusted EBITDA was about 84% from Macao, with the rest from overseas as of 2025. | $6 | -20% | $2B | $8B | 1.6x | 6.4x | ||
| China Star Entertainment Ltd is an investment holding company. It operates in three segments namely Film related business operations engaged in investment, production, distribution and licensing of films and television drama series and provision of other film related services including artist management services; Property development and investment operations engaged in investment and development of properties; and Multi-media and entertainment business operations engaged in development, promotion and operation in multi-channel network e-commerce platform and development and sales of private label products. Majority of the revenue is derived from Property development and investment operations segment. Geographically, it derives maximum revenue from Macau. | $1 | +212% | $2B | $2B | 47.5x | (47.5x) | ||
| AGTech Holdings Ltd is an investment holding company that operates in three segments namely Digital payment and related businesses, Digital banking business, Lottery business. The business offers digital payment services, including e-wallets, card services, merchant acquiring, and POS terminal sales mainly in Macau. It provides digital banking for individuals and SMEs, covering deposits, loans, remittances, wealth management, and insurance services. It also engages in internet securities investment and cross-border financial services. Additionally, the company operates a lottery business involving hardware sales, leasing, and offline distribution in Mainland China. | $0 | +295% | $1B | $552M | 7.0x | (450.9x) | ||
| Studio City International Holdings Ltd is a gaming, retail, and entertainment resort located in Cotai, Macau. It operates Studio City Casino with around 250 mass-market gaming tables; including tables for VIP rolling chip operations, and 552 gaming machines. Studio City features luxury hotel rooms, diverse food and beverage establishments, and complementary retail space. In addition, the company offers non-gaming attractions, including the world's first figure-8 Ferris wheel, a deluxe nightclub and karaoke venue, a live performance arena, an outdoor and an indoor water park. Geographically, the company derives the majority of its revenue from the Macau region. | $2 | -29% | $437M | $2B | 3.4x | 8.4x | ||
| Epsium Enterprise Ltd is a holding company and conducts business through its subsidiaries. It is engaged in import trading and wholesale selling of beverages in Macau. The company imports and sells a range of beverages, alcoholic beverages, and a small quantity of tea and fruit juice. The alcoholic beverages it sells include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. | $2 | -87% | $22M | $20M | 4.0x | (13.9x) | ||
| Median | $2 | -7% | $2B | $5B | 3.2x | 6.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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