Core Viewpoint - UBS reported that the EBITDA of Australia-based casino operator, 澳博控股 (00880), for the third quarter was HKD 881 million, representing a year-on-year decline of approximately 15%, but a quarter-on-quarter increase of about 28%, aligning with the bank's and market's forecast of HKD 856 million to HKD 898 million [1] Group 1 - The company has received a "Sell" rating from UBS, with a target price set at HKD 2.8 [1] - Management plans to close the remaining four satellite casinos by the end of the year [1] - The company is also integrating its customer and marketing teams [1] Group 2 - The expected capital expenditure for the next year is projected to be HKD 1.5 billion [1]

Core Viewpoint - UBS reports that Melco Resorts & Entertainment (00880) experienced a 15% year-on-year decline in EBITDA for Q3, amounting to HKD 881 million, while showing a 28% quarter-on-quarter increase, aligning with market expectations of HKD 856 million to HKD 898 million [1] Group 1 - The company has received a "Sell" rating from UBS, with a target price set at HKD 2.8 [1] - Management plans to close the remaining four satellite casinos by the end of the year [1] - The company aims to integrate its customer and marketing teams [1] Group 2 - Expected capital expenditure for the next year is projected to be HKD 1.5 billion [1]

Group 1 - The core viewpoint of the report is that the market share and profits of Melco Resorts & Entertainment (00880) are under pressure, leading to a 15% year-on-year decline in adjusted EBITDA to HKD 881 million for the third quarter [1] - The continued suspension of satellite casinos is expected to drag down the company's market share in the short term [1] - The company has not established a clear timeline for the resumption of dividend payments, indicating a lack of short-term catalysts [1] Group 2 - The report maintains a "Hold" rating for Melco Resorts & Entertainment with a target price of HKD 3.2 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that the market share and profits of Melco Resorts & Entertainment (00880) are under pressure, leading to a 15% year-on-year decline in adjusted EBITDA to HKD 881 million for the third quarter [1] Group 1 - The ongoing suspension of satellite casinos is expected to continue to negatively impact the company's market share in the short term [1] - The company has not established a clear timeline for the resumption of dividend payments [1] - Credit Lyonnais believes that there are no short-term catalysts for Melco, maintaining a "Hold" rating with a target price of HKD 3.2 [1]

Core Viewpoint - UBS reported that the EBITDA for 澳博控股 (Sands China) in Q3 was HKD 881 million, representing a year-on-year decline of approximately 15% but a quarter-on-quarter increase of about 28%, aligning with the bank's and market's forecast of HKD 856 million to HKD 898 million [1] Financial Performance - 澳博控股's Q3 gaming net revenue was HKD 6.537 billion, with a net profit of HKD 9 million [1] Management Strategy - The management plans to close the remaining four satellite casinos by the end of the year and integrate its customer and marketing teams [1] - The expected capital expenditure for the next year is HKD 1.5 billion [1] Analyst Rating - UBS has assigned a "Sell" rating to the company with a target price of HKD 2.8 [1]

Core Viewpoint - 澳博控股 (00880.HK) experienced a significant decline of over 8% following its earnings report, indicating market reaction to its financial performance [1] Group 1 - The stock price dropped by 8.72%, reaching 2.72 HKD [1] - The trading volume was reported at 53.0544 million HKD [1]

消息面上，澳博控股公布前三季度业绩，总净收益为216.74亿港元，同比增长1.8%；博彩净收益201.65 亿港元，同比增长1.4%；公司拥有人应占亏损1.73亿港元，同比扩大183.6%；经调整EBITDA为25.27亿 港元。单看第三季度，博彩净收益65.37亿港元，纯利达900万港元。 澳博控股(00880)绩后跌超8%，截至发稿，跌8.72%，报2.72港元，成交额5305.44万港元。 ...

消息面上，澳博控股公布前三季度业绩，总净收益为216.74亿港元，同比增长1.8%；博彩净收益201.65 亿港元，同比增长1.4%；公司拥有人应占亏损1.73亿港元，同比扩大183.6%；经调整EBITDA为25.27亿 港元。单看第三季度，博彩净收益65.37亿港元，纯利达900万港元。 智通财经APP获悉，澳博控股(00880)绩后跌超8%，截至发稿，跌8.72%，报2.72港元，成交额5305.44万 港元。 ...

Core Insights - The company reported a decline in gaming net revenue for Q3 2025, amounting to HKD 6.537 billion, compared to HKD 6.995 billion in Q3 2024 [1] - Adjusted EBITDA also decreased to HKD 0.881 billion in Q3 2025 from HKD 1.037 billion in Q3 2024 [1] - The profit attributable to owners was HKD 9 million in Q3 2025, down from HKD 101 million in Q3 2024 [1] Financial Performance - For the nine months ending September 30, 2025, gaming net revenue reached HKD 20.165 billion, slightly up from HKD 19.892 billion in the same period of 2024 [1] - Adjusted EBITDA for the first nine months of 2025 was HKD 2.527 billion, compared to HKD 2.771 billion in the first nine months of 2024 [1] - The company reported a loss attributable to owners of HKD 173 million for the first nine months of 2025, compared to a loss of HKD 61 million in the same period of 2024 [1] Balance Sheet - As of September 30, 2025, the company had cash, bank balances, short-term bank deposits, and pledged bank deposits totaling HKD 34.448 billion [1] - Total debt stood at HKD 273.12 billion, which includes HKD 9 billion in term loans and HKD 10 billion in revolving credit, with HKD 2.7 billion of the latter undrawn as of September 30, 2025 [1]

Financial Performance - The group's gaming net revenue for Q3 2025 was HKD 6.537 billion, a decrease of 6.5% compared to HKD 6.995 billion in Q3 2024[4] - Adjusted EBITDA for Q3 2025 was HKD 881 million, down 15.0% from HKD 1.037 billion in Q3 2024[7] - The adjusted EBITDA margin for Q3 2025 was 12.5%, a decline of 1.3 percentage points from 13.8% in Q3 2024[7] - The group recorded a loss attributable to the company’s owners of HKD 9 million in Q3 2025, compared to a profit of HKD 101 million in Q3 2024, representing a 91.1% decrease[7] - Total net revenue for Q3 2025 was HKD 7.034 billion, a decrease of 6.2% from HKD 7.499 billion in Q3 2024[7] Cash and Debt Position - The group’s cash, bank balances, and short-term bank deposits amounted to HKD 34.48 billion as of September 30, 2025[6] - The group’s total debt was HKD 273.12 billion as of September 30, 2025[6] Non-Gaming Revenue - Non-gaming revenue for Q3 2025 was HKD 4.97 billion, slightly down from HKD 5.04 billion in Q3 2024[7] - Non-gaming revenue from hotels increased by 20.9% to HKD 52 million, compared to HKD 43 million in the previous year[11] - Non-gaming revenue from restaurants and shopping centers decreased by 8.3% to HKD 143 million compared to HKD 156 million in the previous year[10] Gaming Revenue - The group’s electronic gaming gross revenue for Q3 2025 was HKD 688 million, an increase of 11.0% from HKD 620 million in Q3 2024[8] - Gaming turnover increased by 27.8% to HKD 11,846 million, up from HKD 9,267 million in the same quarter last year[10] - The company reported a decline in gaming win percentage to 3.8%, down 0.9 percentage points from 4.7% in the previous year[10] - Casino gross revenue for the third quarter was HKD 1,305 million, a decrease of 5.6% compared to HKD 1,383 million in the previous year[12] - Casino gross revenue for the nine months ended September 30 was HKD 3,961 million, a slight increase of 1.5% from HKD 3,904 million[12] EBITDA and Adjusted EBITDA - The group’s adjusted property EBITDA for Q3 2025 was HKD 1.11 billion, down from HKD 1.65 billion in Q3 2024[6] - Adjusted property EBITDA decreased by 32.7% to HKD 111 million from HKD 165 million year-over-year[10] - Adjusted property EBITDA for the third quarter was HKD 300 million, down 12.5% from HKD 343 million year-over-year[12] - The EBITDA for satellite casinos showed a significant increase of 3,333% to HKD 206 million from HKD 6 million in the previous year[13] Capital Expenditures - Capital expenditures for the third quarter amounted to HKD 412 million, primarily for furniture, fixtures, and equipment, as well as property renovations[14] Hotel Performance - Hotel occupancy rate was 98.0%, a slight decrease of 0.9 percentage points from 98.9% in the previous year[11] - Average daily room rate increased by 17.3% to HKD 1,385 from HKD 1,181 in the same quarter last year[11] - The average daily room rate for the hotel was HKD 235, representing a 20.5% increase compared to HKD 195 in the previous year[12] - The occupancy rate for the hotel was 97.7%, down 2.2 percentage points from 99.9% year-over-year[12] Other Financial Metrics - The total revenue for the third quarter reached HKD 1,909 million, an increase of 7.4% compared to HKD 1,777 million in the previous year[10] - The total revenue for the nine months ended September 30 was HKD 5,537 million, a 17.0% increase from HKD 4,733 million in the previous year[10] - The company reported an unrealized fair value loss of HKD 7.4 million from equity securities investments, recognized in other comprehensive expenses[13] - The total revenue for the third quarter was HKD 1,379 million, down 5.5% from HKD 1,459 million year-over-year[12]