Restaurants, Travel and Leisure
Restaurants, Travel and Leisure Cruise and Gaming
Three cruise owner-operators
Carnival FY2025 $26.62B. Royal Caribbean $17.94B. Norwegian $9.83B. Ticket versus onboard mix is in the tooltips where the 10-K published it.
Ships ran above 100% occupancy
Carnival 13.6 million passengers at 105%. Royal Caribbean 9.45 million at 109.7%. Norwegian 3.00 million at 103.5%. Occupancy above 100% means some cabins held more than two guests.
Three integrated-resort companies
MGM $17.54B, Las Vegas Sands $13.02B, Wynn $7.14B. LVS has no Las Vegas operations. Macau market gaming revenue was $30.9B in 2025.
Macau and Singapore versus the Strip
LVS is Macao plus Singapore. Wynn Macau $3.72B out-earned Las Vegas $2.57B. MGM still prints more on the Strip ($8.44B) than at MGM China ($4.46B), and Strip revenue fell 4%.
Macau / Singapore / ChinaLas VegasRegional / Boston / digital
