Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong gaming stocks, with notable increases in share prices for companies such as Melco International Development, Galaxy Entertainment, and MGM China [1] - According to a report by Jefferies, Macau's gaming revenue is expected to show strong growth, with an average daily revenue of MOP 693 million for the first seven days of January, representing an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue for January could achieve a year-on-year growth of 15% to 21% [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Brothers Media increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]

Group 1 - The core viewpoint of the report is that Aubo Holdings (00880) is expected to have weak performance in the fourth quarter of last year, with revenue market share and profit margins under pressure, potentially dragging down profitability [1][4] - The adjusted EBITDA for the quarter is forecasted to decline by 30% year-on-year to HKD 696 million [1][4] - Investors are likely to focus on the company's market share performance, the robustness of its balance sheet, and when it will resume dividend payments after the acquisition of the Macau Legend [1][4] Group 2 - The overall performance for the last quarter is expected to be mediocre, with a projected net loss of HKD 187 million for the full year [1][6] - The target price has been slightly adjusted down from HKD 3 to HKD 2.9, while maintaining an "outperform" rating [1][6] - Net profit forecasts for the next two years have been revised down by 6% to 8% [1][6]

Core Viewpoint - The report from Credit Lyonnais indicates that Aubo Holdings (00880) is expected to show weak performance in the fourth quarter of last year, with revenue market share and profit margins under pressure, potentially dragging down profitability [1] Financial Performance - The adjusted EBITDA for the quarter is forecasted to decline by 30% year-on-year to HKD 696 million [1] - The company is predicted to record a net loss of HKD 187 million for the entire year [1] Market Position and Outlook - Investors are likely to focus on the company's market share performance, the robustness of its balance sheet, and the timeline for resuming dividends after the acquisition of the Macau Venetian [1] - Credit Lyonnais has slightly lowered the target price from HKD 3 to HKD 2.9 while maintaining an "outperform" rating [1] - Net profit forecasts for the next two years have been reduced by 6% to 8% [1]

Group 1 - The core announcement is regarding the results of the tender offer for the 2026 notes by the issuer, which was set to expire on January 12, 2026, at 4 PM London time [1] - A total principal amount of $170,115,000 of the 2026 notes was validly delivered under the tender offer [1] - The issuer has accepted all 2026 notes delivered under the tender offer, with accrued interest of $21.125 per $1,000 principal amount of the issued 2026 notes [1] Group 2 - The payment for the accepted 2026 notes and the accrued interest is expected to be made on or around January 16, 2026 [1] - After the cancellation of the accepted 2026 notes, the total principal amount of the issued 2026 notes will be $329,885,000 [1]

Core Viewpoint - The company, 澳博控股 (00880.HK), has successfully completed a cash offer to purchase all issued 4.500% senior notes maturing in 2026, totaling $170 million [1] Group 1: Offer Details - The offer expired on January 12, 2026, at 4:00 PM (London time) [1] - A total principal amount of $170 million of the 2026 notes was validly delivered under the offer [1] - The issuer of the 2026 notes announced that it will accept all 2026 notes delivered under the offer [1] Group 2: Financial Implications - The total principal amount accepted for purchase is $170 million, with accrued interest of $21.125 per $1,000 of issued principal amount [1] - Payment for the accepted 2026 notes and the accrued interest is expected to be made on or around January 16, 2026 [1] - After the cancellation of the accepted 2026 notes, the remaining issued principal amount will be $329,885,000 [1]

Core Viewpoint - The announcement from 澳博控股 (00880) indicates the successful acceptance of a total principal amount of $170,115,000 in 2026 notes as part of a tender offer, which is set to enhance the company's financial position and liquidity [1] Group 1 - The tender offer for the 2026 notes was set to expire on January 12, 2026, at 4 PM London time [1] - A total principal amount of $170,115,000 in 2026 notes was effectively delivered under the tender offer [1] - The company will accept all 2026 notes delivered under the tender offer, with accrued interest of $21.125 for every $1,000 of issued principal amount [1] Group 2 - The payment for the accepted 2026 notes and the accrued interest is expected to be made on or around January 16, 2026 [1] - After the cancellation of the accepted 2026 notes, the total issued principal amount of the 2026 notes will be $329,885,000 [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 告 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 告 全 部 或 任 何 部 分 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。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 證 券 之 邀 請 或 要 約 招 攬，亦 不 構 成 訂 立 任 何 該 等 事 宜 之 協 議 之 邀 請，亦 非 旨 在 邀 請 任 何 收 購、購 買 或 認 購 任 何 證 券 之 要 約。 （「本公司」） 以現金要約購買任何及全部 由Champion Path Holdings Limited （於 英 屬 維 爾 京 群 島 註 冊 成 立 之 有 限 公 司） （「2026年 票 據 發 行 人」） 發 行 並由本公司提供無條件且不可撤銷擔保的 於2026年到期的已發行4.500厘優先票據 （ISIN: XS2289202587）（「2 ...

Core Viewpoint - Citi's report indicates that the operating leverage of the Macau gaming sector should have significantly improved in Q4 2022, if not for additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings [1] Group 1: Industry Performance - The gaming sector's gross gaming revenue is expected to increase by 15% year-on-year, leading to an estimated EBITDA growth of 13% to $2.246 billion for the quarter [1] - The industry EBITDA margin is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to show the most significant quarter-on-quarter improvement in market share, while Sands China (01928) is also expected to see a quarter-on-quarter increase [1] - SJM Holdings is anticipated to experience the largest market share loss in the quarter, primarily due to the closure of its satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to see the largest EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China's EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, mainly due to additional operational expenses from the NBA China Games in October and the National Games in November [1]

Core Viewpoint - Citi's report indicates that the profitability preview for Macau gaming stocks in Q4 last year shows that operational leverage in the industry should have significantly improved, excluding additional operational expenses related to the NBA China Games and the 15th National Games, as well as costs associated with the closure of satellite casinos by SJM Holdings (00880) [1] Group 1: Industry Performance - The industry’s EBITDA is expected to increase by 13% year-on-year to $2.246 billion, supported by a 15% year-on-year rise in gross gaming revenue [1] - The EBITDA margin for the industry is projected to rise by half a percentage point year-on-year to 27.5% [1] Group 2: Company-Specific Insights - Galaxy Entertainment (00027) and MGM China (02282) are likely to see the largest quarter-on-quarter improvement in market share among operators [1] - Sands China (01928) is also expected to see a quarter-on-quarter increase in market share, while SJM is anticipated to experience the largest market share loss due to the closure of satellite casinos [1] - Wynn Macau's market share is expected to remain stable quarter-on-quarter [1] Group 3: EBITDA Projections - Among the six gaming operators, Galaxy Entertainment is expected to show the most significant EBITDA improvement, with a year-on-year increase of 31% to HKD 4.239 billion, benefiting from concert events and favorable VIP win rates [1] - Sands China’s EBITDA is projected to grow by 8% year-on-year to $616 million, which is about 5% lower than market expectations, primarily due to additional operational expenses from the NBA China Games in October and the National Games in November last year [1]

Group 1 - The company announced a purchase agreement for the issuance of $540 million senior notes due in 2031 with a coupon rate of 6.5% [1] - The total proceeds from the issuance of the notes will amount to $540 million, which will be used for refinancing existing debt and general corporate purposes [1] - Concurrently, a subsidiary of the company is making a cash offer to repurchase any and all of the outstanding 2026 notes [1]