Core Viewpoint - The report from Credit Lyonnais indicates that Macau experienced a 7.4% year-on-year increase in visitor numbers during the first five days of the Lunar New Year holiday period, with a total of 779,300 visitors [1] Group 1: Visitor Statistics - Macau welcomed 779,300 visitors from February 15 to 19, representing a 7.4% increase compared to the same period last year [1] - Even if the remaining period of the holiday sees no increase in visitor numbers, the total is projected to reach 1.486 million, exceeding government forecasts by 6% [1] Group 2: Casino Performance - On-site observations on February 20 revealed a strong crowd in casino halls and stable minimum betting amounts [1] - The forecast for February's gaming revenue is a 7.4% year-on-year increase, with a median market expectation of 10.5%, suggesting an average daily gaming revenue of 954 million Macau Patacas from February 16 to 28 [1] Group 3: Preferred Companies - Galaxy Entertainment (00027) and MGM China (02282) are identified as the preferred companies by Credit Lyonnais [1]

Core Viewpoint - The Macau government has announced that it will allow Galaxy Entertainment, Melco Resorts & Entertainment, and SJM Holdings to conduct currency exchange operations at designated gaming locations under a risk-bearing model, effective the following day [1] Group 1 - The decision is aimed at enhancing the operational capabilities of the gaming companies in Macau [1] - The approval is significant as it marks a shift in regulatory policy regarding currency exchange in the gaming sector [1] - This move may potentially increase the revenue streams for the involved companies by attracting more customers [1]

Core Viewpoint - Galaxy Entertainment (00027) has seen a stock price increase of over 3%, currently trading at 43.7 HKD, with a transaction volume of 206 million HKD, driven by positive expectations for the upcoming Lunar New Year holiday in Macau [1] Group 1: Industry Insights - The Chairman of the Macau Tourism Industry Council, Hu Jingguang, anticipates that the average daily visitor count during the nine-day Lunar New Year holiday will be around 160,000 to 170,000 [1] - Current hotel booking rates in Macau have exceeded 90%, with room prices ranging from approximately 1,000 to 2,000 MOP per night, and international star-rated hotels in Cotai commanding prices between 3,000 to 4,000 MOP [1] Group 2: Company Performance - Galaxy Entertainment reported strong demand for its resorts during the holiday period, with hotel room bookings nearly full and significant demand for dining reservations [1] - The company expects hotel room rates and overall customer spending to show steady growth compared to the same period last year, benefiting from the holiday and increased visitor numbers [1] - The group is optimistic that the Lunar New Year holiday and rising visitor numbers will contribute positively to stable growth in gaming revenue and overall business performance [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first fifteen days of February reached 8.8 billion MOP, indicating an average daily revenue of approximately 587 million MOP, with a recent decline to 543 million MOP in the past week compared to 625 million MOP in the first week of February and 730 million MOP in January [1][2] Group 1: Revenue Analysis - The slowdown in gaming revenue is attributed to seasonal factors related to the Lunar New Year and lower win rates in VIP rooms, suggesting that the pre-New Year performance does not accurately reflect true demand [1][2] - Future gaming revenue is expected to remain volatile, with average daily revenue projected to range between 850 million to 1 billion MOP and 750 million to 800 million MOP in the third and fourth weeks of February, respectively [1][2] - Total gaming revenue for February is forecasted to grow by 2% to 5% year-on-year, reaching between 20.1 billion to 20.7 billion MOP, translating to an average daily revenue of 720 million to 740 million MOP, with a combined growth of 13% to 14% for the first two months [1][2] Group 2: Stock Recommendations - The company advises investors to focus on individual stocks rather than waiting for an overall industry valuation reassessment, naming Galaxy Entertainment (00027) as the top pick with an 'overweight' rating [1][2] - Other preferred stocks include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts (MLCO.US), Melco International (00200), and SJM Holdings (00880) [1][2]

Group 1 - The core viewpoint of the article is that Morgan Stanley predicts Macau's total gaming revenue in February will see a year-on-year increase of 2% to 5%, reaching between 201 billion and 207 billion Macau Patacas, with an average daily revenue of 7.2 billion to 7.4 billion Macau Patacas [1] - For the first fifteen days of February, Macau's total gaming revenue was recorded at 8.8 billion Macau Patacas, translating to an average daily revenue of approximately 5.87 billion Macau Patacas [1] - The decline in gaming revenue is attributed to seasonal factors related to the Lunar New Year and lower win rates in VIP rooms, indicating that the performance before the Lunar New Year does not reflect true demand [1] Group 2 - The report suggests that investors should focus on individual stocks rather than waiting for an overall industry valuation reassessment, with Galaxy Entertainment (00027) being the top pick and rated as "Overweight" [2] - Other preferred stocks include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts (MLCO.US), Melco International (00200), and SJM Holdings (00880) [2]

Core Viewpoint - The article discusses the significant changes in the Macau gaming industry, particularly focusing on the closure of satellite casinos and the sale of gold by Emperor Entertainment, highlighting the shift in business strategy and market dynamics in the region [5][12]. Group 1: Sale of Gold and Financial Implications - Emperor Entertainment sold 79 kilograms of gold from its "Golden Avenue," generating approximately 99.7 million HKD, which is significant given the company's total market value of around 300 million HKD [5][6][11]. - The sale of gold is attributed to multiple factors, including high gold prices, liquidity issues within the Emperor Group, and the cessation of casino operations at the Emperor Palace [5][12]. Group 2: Closure of Satellite Casinos - The closure of satellite casinos, including the Emperor Palace, marks a pivotal change in Macau's gaming landscape, with the last satellite casino shutting down in December 2022 [12][14]. - Satellite casinos were previously a lucrative business model, but they have become obsolete due to regulatory changes and competition from integrated resorts [12][15]. Group 3: Evolution of Macau's Gaming Industry - The gaming industry in Macau has undergone profound changes over the past five years, particularly following the crackdown on private VIP rooms, which were once a major revenue source [20][21]. - Despite the closure of satellite casinos and VIP rooms, Macau's gaming revenue is on a recovery path, with projections for 2023, 2024, and 2025 being 183 billion MOP, 231.4 billion MOP, and 247.4 billion MOP respectively [22][24]. Group 4: Employee Compensation and Market Recovery - Major gaming companies in Macau have announced bonuses and salary increases for employees, reflecting a recovery in the industry and a return to pre-pandemic levels of visitor traffic [23][24]. - The influx of tourists has returned to pre-pandemic levels, with record daily entries reported, indicating a positive trend for the gaming sector [25].

Core Viewpoint - The sale of 79 kilograms of gold from the "Golden Avenue" at the Emperor Palace Casino in Macau highlights the significant changes in the local gaming industry, particularly the closure of satellite casinos and the shift towards hotel operations [3][4][12]. Group 1: Sale of Gold and Financial Implications - The gold was sold for approximately 99.7 million HKD, which is significant given that Emperor Entertainment's total market value is around 300 million HKD [4][26]. - The sale is attributed to multiple factors, including high gold prices, liquidity issues within the Emperor Group, and the transformation of Macau's gaming industry [4][26]. - The Emperor Palace Casino has ceased operations, leaving only hotel services, indicating a strategic shift in business focus [4][12]. Group 2: Changes in Macau's Gaming Industry - The Emperor Palace is classified as a "satellite casino," which operates under a model where the casino is not owned by the gaming company but is licensed to operate by them [6][28]. - The closure of satellite casinos has been mandated by changes in Macau's gaming laws, with a deadline set for 2025 for either cessation of operations or acquisition by gaming companies [30][41]. - The last satellite casino, the Land Casino, closed on December 30, marking the end of an era for this type of gaming establishment in Macau [33][34]. Group 3: Financial Performance and Market Trends - Prior to the closure of satellite casinos, Emperor Entertainment reported stable profits of around 300 million HKD annually from VIP rooms, but has since faced significant losses, reporting a loss of 73.1 million HKD in a recent half-year report [21][43]. - Despite the closures, Macau's gaming industry is showing signs of recovery, with projected revenues for 2023, 2024, and 2025 estimated at 183 billion MOP, 231.4 billion MOP, and 247.4 billion MOP respectively [45]. - The shift in revenue generation is moving from older districts to the Cotai area, which is becoming the primary hub for gaming in Macau [24][45]. Group 4: Employee Compensation and Visitor Trends - Major gaming companies in Macau have announced bonuses and salary increases for employees, reflecting a recovery in the industry [46]. - Visitor numbers to Macau have rebounded to pre-pandemic levels, with a record of 867,000 entries on February 7, indicating a strong return of tourism [47].

Core Viewpoint - Citic Lyon has upgraded the weighting of the Hong Kong market to overweight by 20%, citing reduced correlation with the Chinese market and allowing for differentiated allocation [1] Group 1: Market Performance - The Hong Kong IPO market is expected to surpass its performance in 2025, with total IPO and placement fundraising amounting to $82.3 billion last year [1] - The Hong Kong property market has recorded its first annual increase since 2021, which is anticipated to boost the stock market [1] Group 2: Earnings and Valuation - Earnings forecasts for Hong Kong companies are projected to turn positive starting July 2025, ranking second in the Asia-Pacific region after Japan, South Korea, and Taiwan [1] - The valuation of the Hong Kong stock market is attractive relative to regional peers, with a price-to-earnings ratio of 16.7 times, slightly below the 35-year average of 17.2 times [1] - The Hong Kong market is the furthest from its historical highs, indicating potential for catch-up [1] Group 3: Stock Recommendations - Preferred stocks include WH Group (00288), AIA (01299), Hong Kong Exchanges and Clearing (00388), Sun Hung Kai Properties (00016), CK Hutchison Holdings (00001), Techtronic Industries (00669), and Galaxy Entertainment Group (00027), all rated as "outperform" [1] - WH Group is highlighted as a stock with "high confidence" by the firm [1]

Core Viewpoint - Galaxy Entertainment (00027.HK) will hold a board meeting on February 26, 2026, to approve the release of its annual results for the year ending December 31, 2025, and to consider the declaration, recommendation, or payment of dividends, among other matters [1] Group 1 - The board meeting is scheduled for February 26, 2026 [1] - The meeting will focus on approving the annual results for the fiscal year ending December 31, 2025 [1] - The agenda includes considerations for dividends and other related matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 銀河娛樂集團有限公司（「銀娛」）之董事會（「董事會」）謹此宣佈，銀娛將於二零二 六年二月二十六日（星期四）舉行董事會會議，藉以（其中包括）批准刊發銀娛及其 附屬公司截至二零二五年十二月三十一日止年度之全年業績公佈，考慮宣派、建議或 支付股息（如有）及處理任何其他事項。 承董事會命 銀河娛樂集團有限公司 公司秘書 莊惠生 香港，二零二六年二月九日 於本公佈日期，銀娛之執行董事為呂耀東先生（主席）、徐應強先生、鄧呂慧瑜女士及 呂慧玲女士；銀娛之非執行董事為張惠彬博士；以及銀娛之獨立非執行董事為顏志宏 先生、葉樹林博士、黃龍德教授及萬卓祺先生。 網址： www.galaxyentertainment.com （於香港註冊成立之有限公司） （股份代號：27） 董事會會議召開日期 ...