The decline extended Macau's run of year-over-year GGR decreases to five months.
Mass-table gains offset weaker VIP and gaming-machine revenue, while adjusted EBITDA fell 13% as the operator continued to contend with pressure on margins.
The operator’s 52-week report for the period ending 29 March highlights significant financial drops ahead of the UK’s tax levy.
Casino-related crime remained low for 2025, reflecting continued regulatory safeguards.
September casino revenue declined sharply, although year-to-date performance remained ahead of 2025.
The Spanish gaming group reported double-digit EBITDA growth, a sharp increase in net profit and improved leverage ratios for 2025.
Total GGR remained broadly stable, falling 0.1% year-on-year to €1.62bn.
Macau’s gaming sector saw costs increase in 2025, with total expenditure rising 7.5%.
Despite the revenue increase, IEC’s loss widened to HK$486.4m, mainly due to a HK$1.6bn non-cash fair value loss on subscription notes issued to DigiPlus.
Star Entertainment reported an improved FY26 performance, although significant financial and regulatory uncertainties remain.