Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the National Games in November and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year increase in total gaming revenue of 6% and 14%, driven by rising operating expenses and a shift towards lower-margin VIP gaming [1] Company Summaries - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, attributed to a higher VIP win rate [1] - MGM China (02282) is projected to have its EBITDA increase by 8% quarter-on-quarter to $328 million, due to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the firm expects overall gaming revenue to increase by 8% year-on-year and EBITDA to rise by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]