澳门银河及星际酒店业绩概况 第一上海发布研报称，维持银河娱乐(00027)"买入"评级，目标价50.06港元，集团拥有良好的产品和服 务，资产负债状况在行业里最稳健，未来银河还有路凼第四期项目、横琴项目及潜在海外项目的推出， 随着更多产品的推出和优化(尤其是嘉佩乐酒店及度假村的投入)，该行相信集团的市场份额将能继续提 升。 期内澳门银河和星际酒店的净收益分别同比增长20%及减少6%，环比增长1%和增长8%到101亿和13亿 港元(分别恢复到2019年同期的108%及50%);经调整EBITDA分别为30.7和3.7亿港元(分别同比增长20%和 减少7%，环比减少8%及增长22%，恢复到2019年同期的97%及45%)。EBITDA率分别为30.4%及 29.2%，澳门银河及星际酒店的酒店入住率分别为98%和99%。 第一上海主要观点如下： 澳门银河第三和四期的更新 25年第三季度业绩概况 澳门银河的第十个酒店品牌—嘉佩乐酒店及度假村大部分的设施均已开放，客户的反应良好;剩下的设 施包括一间特色餐厅预计在明年初会投入服务。集团也在继续推进;澳门银河第四期的建筑工程，预计 在2027年完工。此项目发展面积约为60 ...

澳门银河的第十个酒店品牌—嘉佩乐酒店及度假村大部分的设施均已开放，客户的反应良好;剩下的设 施包括一间特色餐厅预计在明年初会投入服务。集团也在继续推进;澳门银河第四期的建筑工程，预计 在2027年完工。此项目发展面积约为60万平方米，将引入多间高端并首度进驻澳门的酒店品牌，拥有 5,000个座位的剧院、多元化的餐饮、零售、非博彩设施、绿化园林和水上玩乐园区。全年的资本开支 预计会大幅少于之前70亿元的预算，期内投入了6.3亿元，而明年的预算约为70亿元。 近期表现 第一上海主要观点如下： 第三季度零售的表现也有环比改善。于2025年1-9月，集团举办了约260场娱乐、体育、艺术与文化、以 及会展活动，促进澳门银河的客流量同比增长41%。行业的竞争维持在可控范围。华都娱乐场已于2025 年10月31日终止营运。期内每天的经营开支环比增加了8%到37百万元。第三季度的市场占有率维持稳 定(约19.6%)，短期预期能维持在20%+左右。百老汇项目的改造将在稍后的时间。 25年第三季度业绩概况 银河净收益同比增长14.0%，环比增长1.0%到121.6亿港元(恢复到2019年同期的95.7%)。贵宾赌枱转码 数同比增 ...

Core Viewpoint - The Hong Kong gaming stocks are experiencing a rebound, with significant increases in share prices for major companies in the sector [1] Company Performance - Wynn Macau (01128.HK) has risen by 4.31%, reaching HKD 6.53 [1] - MGM China (02282.HK) has increased by 3.96%, now priced at HKD 15.74 [1] - Melco International Development (00200.HK) has seen a rise of 3.68%, trading at HKD 4.79 [1] - Galaxy Entertainment (00027.HK) has grown by 2.71%, with a current price of HKD 39.44 [1]

Group 1 - The gaming stocks have rebounded today, with Wynn Macau rising by 4.31% to HKD 6.53, MGM China up by 3.96% to HKD 15.74, Melco International Development increasing by 3.68% to HKD 4.79, and Galaxy Entertainment gaining 2.71% to HKD 39.44 [1] - The Macau government estimates the total gross gaming revenue for next year to be MOP 236 billion [1] - Jefferies has adjusted its revenue outlook for the remainder of this year and next year to year-on-year growth rates of 9.1% and 3.6%, respectively [1] Group 2 - Jefferies raised its Macau gaming revenue forecast for this year from USD 28.217 billion to USD 30.777 billion [1] - The forecast for next year's revenue was lowered from USD 32.917 billion to USD 31.878 billion, with the year-on-year growth rate revised down from 5% to 3.6% [1]

Core Viewpoint - The gaming stocks in Macau have shown a rebound, with notable increases in share prices for major companies such as Wynn Macau, MGM China, Melco International Development, and Galaxy Entertainment, following the government's revenue forecast for the gaming industry in 2024 [1] Group 1: Stock Performance - Wynn Macau (01128) increased by 4.31%, trading at HKD 6.53 [1] - MGM China (02282) rose by 3.96%, trading at HKD 15.74 [1] - Melco International Development (00200) saw a 3.68% increase, trading at HKD 4.79 [1] - Galaxy Entertainment (00027) grew by 2.71%, trading at HKD 39.44 [1] Group 2: Revenue Forecasts - The Macau government estimates the total gross gaming revenue for next year to be MOP 236 billion [1] - Jefferies adjusted its revenue outlook for the remainder of this year and next year to year-on-year growth rates of 9.1% and 3.6%, respectively [1] - Jefferies raised its forecast for Macau's gaming revenue this year from USD 28.217 billion to USD 30.777 billion [1] - The forecast for next year's revenue was revised down from USD 32.917 billion to USD 31.878 billion, with the year-on-year growth rate adjusted from 5% to 3.6% [1]

Core Viewpoint - The gaming stocks in Macau experienced a significant decline in early trading, with major companies like Sands China, Wynn Macau, MGM China, and Galaxy Entertainment all reporting losses. The Macau government anticipates a stable growth in the tourism sector, projecting a gross gaming revenue of 236 billion MOP for the next year, despite uncertainties in the external environment and economic conditions [1]. Group 1: Stock Performance - Sands China (01928) fell by 5.33%, trading at 19.2 HKD [1] - Wynn Macau (01128) decreased by 5.12%, trading at 6.3 HKD [1] - MGM China (02282) dropped by 3.67%, trading at 15.47 HKD [1] - Galaxy Entertainment (00027) declined by 3.15%, trading at 38.76 HKD [1] Group 2: Gaming Revenue Insights - The total gaming revenue for the first ten months of this year reached 2,054.27 million MOP, reflecting an 8% year-on-year increase [1] - Morgan Stanley reported that the gaming revenue for October was 240 million MOP, marking a 16% year-on-year growth and a 32% month-on-month increase, the strongest performance in six years [1] - The bank forecasts a slowdown in growth for November, estimating an increase of 8% to 10%, but expects a rebound in December with growth accelerating to 15% to 17% [1]

Group 1 - The Hong Kong gaming stocks experienced a collective decline, with specific companies like Galaxy Entertainment and Sands China seeing drops of over 5% [1][2] - The Macau government anticipates that the tourism industry will continue to develop in the next fiscal year (2026), estimating the total gaming revenue for next year to be 236 billion MOP [1] - Earlier, the government had revised its gaming revenue forecast for 2025 from 240 billion MOP down to 228 billion MOP [1] Group 2 - Morgan Stanley's report indicates that the growth rate for November may slow down to between 8% and 10% compared to October due to a more challenging base [1]

摩根大通此前发布研报称，澳门10月博彩总收入为240亿澳门元，同比增长16%，环比增长32%，是六 年以来最强劲的博彩表现。展望近期，该行认为11月面临的基数较10月更严峻，增长幅度可能放缓至 8%至10%。不过，12月起基数将转趋宽松，预期博彩收入增长将加速至15%至17%，而明年首季亦至少 有低十位数增长。 智通财经APP获悉，博彩股早盘普跌，截至发稿，金沙中国(01928)跌5.33%，报19.2港元；永利澳门 (01128)跌5.12%，报6.3港元；美高梅中国(02282)跌3.67%，报15.47港元；银河娱乐(00027)跌3.15%，报 38.76港元。 消息面上，澳门特区政府预期2026年度在各项利好因素下，澳门旅游业可望延续发展。因应须考虑外部 环境及经济形势的不确定性，并综合考量各项因素，以及建基于审慎理财的原则，估算明年全年博彩毛 收入为2,360亿澳门元。数据显示，今年首10个月赌收累计达2054.27亿澳门元，同比增长8%。 ...

Core Insights - UBS report indicates new customer segments emerging in Macau's high-end gaming market, including high-income professionals from various industries such as hardware technology and pharmaceuticals [1] - Gamblers report improved financial conditions over the past 12 months, with expectations for further improvement in the next 12 months, supporting resilient gaming demand [1] - The report forecasts a 5% growth in total gaming revenue (GGR) and an 11% increase in EBITDA by 2026 [1] Industry Trends - High-end gamblers prioritize factors such as rebates, membership programs, hotel room quality, and fine dining options [1] - High-end gaming companies are better positioned to capture the demand from this customer segment [1] - Strategies focusing on high-end marketing, customer incentives, and product positioning will enhance the ability of high-end gaming companies to stand out and increase market share [1] Stock Recommendations - UBS's top stock picks include Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) with target prices of HKD 46.9, HKD 8.4, and HKD 19.8 respectively, all rated as "Buy" [1]

瑞银一项针对澳门博彩高端中场赌客的调查发现，业内正有新的客源出现，包括高收入的专业人士；赌 客亦来自更多不同行业，例如硬件科技及制药行业。虽然宏观经济不利，但有更多赌客表示过去12个月 财务状况有所改善，并预期未来12个月将进一步好转，有助支持博彩需求维持韧性。该行现料2026年博 彩行业总收入(GGR)及EBITDA将分别增长5%及11%。 选股方面，该行首选为银河娱乐、永利澳门及美高梅中国，目标价分别为46.9港元、8.4港元及19.8港 元，均获"买入"评级。 ...