本 公 告 並 非 在 美 國 或 在 任 何 國 家 或 司 法 權 區 要 約 出 售 證 券 或 招 攬 購 買 證 券 之 要 約，而 根 據 該 國 家 或 司 法 權 區 的 證 券 法 於 登 記 或 取 得 資 格 前，任 何 該 等 要 約、招 攬 或 出 售 均 屬 違 法。本 公 告 所述證券並無亦不會根據1933年美國證券法（經 修 訂）（「證券法」）登 記，且 不 得 在 美 國 境 內 發 售 或 出 售，惟 根 據 證 券 法 及 任 何 適 用 州 份 或 地 方 證 券 法 的 登 記 規 定 獲 豁 免 或 在 不 受 該 等 規 定 約 束 的 交 易 中 進 行 者 除 外。於 美 國 進 行 的 任 何 證 券 公 開 發 售 將 以 招 股 章 程 方 式 進 行，該 招 股 章 程 將 載 有 關 於 本 公 司 作 出 要 約 及 其 管 理 層 以 及 財 務 報 表 的 詳 細 資 料。本 公 司 未 曾 亦 不 擬 在 美 國 登 記 其 任 何 證 券。本 公 司 不 會 在 美 國 公 開 發 售 證 券。 本 公 告 不 得 在 美 國 境 內 或 ...

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 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 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 非 在 美 國 或 在 任 何 其 他 司 法 權 區 要 約 出 售 證 券 或 招 攬 購 買 證 券 之 要 約， 而 根 據 任 何 該 等 司 法 權 區 的 證 券 法 於 登 記 或 取 得 資 格 前，該 等 要 約、招 攬 或 出 售 均 屬 違 法。 本 公 告 並 非 在 美 國 或 在 任 何 國 家 或 司 法 權 區 要 約 出 售 證 券 或 招 攬 購 買 證 券 之 要 約，而 根 據 該 國 家 或 司 法 權 區 的 證 券 法 於 登 記 或 取 得 資 格 前，任 何 該 等 要 約、招 攬 或 出 售 均 屬 違 法。未 經 登 記 或 獲 豁 免 ...

Group 1 - The Hong Kong gaming stocks experienced a collective decline, with New World Development and MGM China down by 3%, Galaxy Entertainment down by 2.85%, and Sands China, Wynn Macau, and SJM Holdings down nearly 2% [1] - Morgan Stanley's latest report indicated that Macau's gaming revenue in December last year was 20.9 billion MOP, representing a year-on-year growth of 14.8% but a quarter-on-quarter decline of 1%, which was below market expectations [1] - Citigroup projected that Macau's gaming revenue in December 2025 would reach 20.888 billion MOP, averaging about 674 million MOP per day, reflecting a year-on-year growth of 15% and approximately 91% of the December 2019 level [1] Group 2 - Morgan Stanley expressed a preference for Galaxy Entertainment and Sands China, while downgrading MGM China's rating to "in line with the market" due to its significantly underperforming results in December [1] - Citigroup noted that the lower-than-expected revenue was primarily due to abnormally low win rates in VIP rooms, likely below 3% [1] - The report from Citigroup anticipates a year-on-year increase of 10.5% in combined gaming revenue for January and February this year [1]

Group 1 - The core viewpoint of the report indicates that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] - In the fourth quarter, Macau's gaming revenue reached 66.1 billion MOP, about 8.26 billion USD, with a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The report forecasts that Macau's total gaming revenue for 2025 will be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] Group 2 - The report highlights that the mass market revenue has already exceeded 120% of the 2019 levels [1] - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating that the sector remains attractive [1] - The report expresses a preference for Galaxy Entertainment (00027) and Sands China (01928), while downgrading MGM China (02282) to "in line with the market" and maintaining a sell rating on SJM Holdings (00880) [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue in December last year was 20.9 billion MOP, approximately 2.61 billion USD, representing a year-on-year increase of 14.8%, but a quarterly decline of 1%, which was below market expectations [1] Group 1: Revenue Performance - Macau's gaming revenue for Q4 reached 66.1 billion MOP, about 8.26 billion USD, with a year-on-year growth of 15% and a quarterly increase of 5.6% [1] - The EBITDA for Q4 is expected to grow by over 10% year-on-year [1] Group 2: Future Projections - The total gaming revenue for Macau in 2025 is projected to be 247 billion MOP, around 31 billion USD, reflecting a year-on-year growth of 9% and reaching 85% of the 2019 levels [1] - The mass market revenue has already exceeded 120% of the 2019 levels [1] Group 3: Valuation and Preferences - The enterprise value to EBITDA ratio for Macau gaming stocks is currently at 8.5 times, compared to the 15-year average of 12.8 times, indicating attractiveness [1] - Morgan Stanley prefers Galaxy Entertainment (00027) and Sands China (01928), while downgrading MGM China (02282) to "in line with the market" and maintaining a sell rating on SJM Holdings (00880) [1] - MGM China significantly underperformed in December but may have short-term rebound opportunities [1]

Core Viewpoint - 澳博控股 has announced the acquisition of the company owning the renowned Grand Lisboa Hotel, enhancing its position in Macau's entertainment and hotel sector [1][6]. Group 1: Acquisition Details - On November 20, 2025, 澳博控股 announced an agreement with SJM Investments to acquire the Grand Lisboa Development Company, which owns the Grand Lisboa Hotel [1][6]. - The Grand Lisboa Hotel has a total construction area of approximately 86,438 square meters, including hotel rooms, dining facilities, retail space, and the Grand Lisboa Casino [1][6]. - The acquisition was completed on December 17, 2025, and the target group companies became wholly-owned subsidiaries of 澳娱综合 [1][6]. Group 2: Operational Changes - Following the completion of the acquisition and approval from the gaming authority, 澳娱综合 will directly manage and operate the Grand Lisboa Casino starting from December 30, 2025 [1][6]. - 澳娱综合 has taken over the hotel services, dining facilities, retail, and gaming operations at the Grand Lisboa Hotel [1][6]. Group 3: Strategic Implications - The acquisition allows 澳娱综合 to strengthen its position in a high-density commercial entertainment hub, maintaining core customer sources in the Macau Peninsula [1][6]. - The company aims to enhance synergy with its existing "Pousada" properties, optimizing customer flow and expanding market coverage [1][6]. Group 4: Long-term Vision - 澳娱综合 is focused on the long-term development of Macau, promoting urban renewal, improving tourism service quality and diversity, and supporting Macau's role as a "World Tourism and Leisure Center" [2][7].

Core Viewpoint - The acquisition of the Grand Lisboa Palace by 澳博控股 (00880.HK) enhances its position in the Macau gaming and hospitality market, allowing for better management of operations and customer flow in a high-density area [1][2]. Group 1: Acquisition Details - 澳博控股 announced the acquisition of 凯旋门发展有限公司, which owns the Grand Lisboa Hotel, on November 20, 2025 [1]. - The total construction area of the Grand Lisboa Hotel is approximately 86,438 square meters, including hotel rooms, dining facilities, retail space, and the Grand Lisboa Casino [1]. - The acquisition was completed on December 17, 2025, and the company became a wholly-owned subsidiary of 澳博控股 [1]. Group 2: Operational Changes - Following the completion of the acquisition, 澳博控股 received approval from the gaming authority to manage and operate the Grand Lisboa Casino starting from December 30, 2025 [1]. - 澳博控股 has taken over the hotel services, dining facilities, retail, and gaming operations at the Grand Lisboa Hotel [1]. Group 3: Strategic Goals - 澳博控股 aims to enhance the tourism service quality and diversity in Macau, contributing to the city's sustainable development and long-term prosperity [2]. - The company focuses on urban renewal in Macau Peninsula to strengthen its position as a "World Tourism and Leisure Center" [2].

完成收購凱旋門發展有限公司 全部已發行股本 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。 澳 娛 綜 合 始 終 著 眼 於 澳 門 的 長 遠 發 展，透 過 推 動 澳 門 半 島 的 城 市 更 新，提 升 旅 遊 服 務 質 素 及 多 樣 性，並 支 持 澳 門 進 一 步 豐 富 作 為「世 界 旅 遊 休 閒 中 心」的 內 涵， 助力促進城市可持續發展及長期繁榮。 承董事會命 澳門博彩控股有限公司 主席兼執行董事 何超鳳 香港，2025年12月26日 茲 提 述 澳 門 博 彩 控 股 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）日 期 為2025年11月28日 的 通 函（「該通函」），內 容 有 關（其 中 包 括）收 購 凱 旋 門 發 展 有 限 公 司 全 部 已 發 行 股 本 之 建 議 須 予 披 露 及 關 連 交 易（「該收購事 ...

Core Viewpoint - Morgan Stanley's research report indicates that Macau's total gaming revenue for the first 21 days of December reached MOP 14.65 billion, averaging approximately MOP 697 million per day, suggesting potential upward adjustments in revenue forecasts for December and Q4 [1] Industry Summary - The report suggests that the current gaming sector valuation is low, with expectations of significant revaluation in the coming quarters due to improved earnings visibility and an increase in gamblers [1] - The forecast for Q4 gaming revenue is projected to grow by 15% to 16% year-on-year and by 6% to 7% quarter-on-quarter, supporting market expectations for upward adjustments [1] Company Summary - In the short term, the report is optimistic about Sands China, anticipating an increase in dividends and improvements in market share and profits for Q4 [1] - For the long term (over 12 months), Galaxy Entertainment is favored due to its combination of solid value and long-term growth potential [1] - The report advises avoiding Melco International and Austar Holdings [1]

Market Overview - The US CPI annual rate decline has led to a rise in US stocks, boosting risk market sentiment [1] - The Hang Seng Index opened higher and closed up 0.75%, with the Hang Seng China Enterprises Index and Hang Seng Tech Index rising by 0.68% and 1.12% respectively [1][2] Sector Performance - Major technology stocks saw collective gains, with Tencent up 1.49%, Kuaishou up 1.45%, and Meituan up 1.28% [4] - Pharmaceutical stocks were active, with WuXi AppTec and other related stocks rising [2] - Gaming stocks continued to rise, with MGM China leading with a 6.6% increase [2][5] - AI-driven demand boosted optical fiber and cable stocks, with Yangtze Optical Fiber rising 12% [2] - Automotive, wind power, education, photovoltaic, insurance, and Apple-related stocks also experienced gains [2] Notable Stock Movements - Xpeng Motors rose 7.65%, Horizon Robotics up 7.04%, and Li Auto up 3.81% [4][10] - Electronic cigarette stocks saw significant increases, with China Tobacco Hong Kong up 6.68% [5] - Chinese brokerage stocks rose, with China International Capital Corporation up over 4% [7] - Intelligent driving concept stocks surged, with Youjia Innovation up 31.22% [8] Weak Performers - Heavy machinery stocks faced declines, with China National Heavy Duty Truck Group down over 6% [13] - Gold and precious metal stocks were weak, with several companies experiencing declines of over 2% [16] - Oil stocks also fell, with China Petroleum & Chemical Corporation down 1.52% [15] Capital Flows - Southbound funds recorded a net purchase of HKD 3.371 billion, with net selling from Shanghai-Hong Kong Stock Connect and net buying from Shenzhen-Hong Kong Stock Connect [18] Market Outlook - CITIC Securities suggests that after a strong performance in September, Hong Kong stocks are undergoing a mid-term adjustment, with quality assets entering a high-value zone [18]