Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Group 1: Company Ratings and Target Prices - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Group 2: Industry Growth Projections - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive accelerated EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

Core Viewpoint - Morgan Stanley has upgraded its forecast for the Macau gaming industry for the third time in three months, indicating a positive outlook for the sector [1] Company Summaries - Galaxy Entertainment's target price has been raised from HKD 42 to HKD 53, maintaining an "Overweight" rating [1] - MGM China’s target price increased from HKD 15 to HKD 23, also with an "Overweight" rating [1] - Sands China’s target price has been adjusted from HKD 18 to HKD 24.5, retaining an "Overweight" rating [1] - SJM Holdings' target price rose from HKD 2.2 to HKD 3, with a "Neutral" rating [1] - Melco International's target price increased from HKD 2.6 to HKD 4.5, but the rating is "Underweight" [1] Industry Insights - The total gaming revenue (GGR) is projected to grow by 13% in the second half of 2025, with a 4% increase in the first half [1] - Strong cash flow is expected to drive EBITDA growth, with forecasts of a 12% increase in Q3 and a 16% increase in Q4, surpassing market expectations [1] - Continuous positive revisions and normalization of price-to-earnings multiples suggest a potential average stock price increase of approximately 35% for the industry [1]

Group 1 - The core viewpoint of the article highlights the overall increase in Hong Kong's gaming stocks, with specific companies like MGM China, Sands China, and Galaxy Entertainment showing notable gains [1] - Citigroup's research report indicates that the high-end gaming turnover in Macau rose by 5% year-on-year to 1.34 billion HKD in August, while the number of high-end players decreased by 5% to 624, suggesting a 10% increase in per capita betting amount to 21,543 HKD, marking four consecutive months of double-digit growth [1] - Galaxy Entertainment leads the market with approximately 34% share of high-end gaming turnover, followed by Sands China at about 23%, reflecting the appeal of the Capella Hotel and Eason Chan's concert to high rollers [1] Group 2 - The article notes that MGM China, Sands China, and Galaxy Entertainment have implemented various strategies and new betting options to attract customers [1] - The stock performance of several gaming companies is detailed, with MGM China up by 2.07%, Sands China by 1.96%, and Galaxy Entertainment by 1.16% [1] - The overall trend indicates a positive outlook for the gaming sector in Hong Kong, driven by increased spending from high-end gamblers despite a decline in their numbers [1]

Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, reported weak performance in its Macau segment for Q2 2025, leading to a 7.4% drop in stock price. The company plans to invest approximately $750 million in enhancing its non-gaming competitiveness and high-end offerings from 2025 to 2026 [1][2][3] Financial Performance - Wynn Macau's Q2 2025 net revenue was $880 million, flat year-on-year and up 2% quarter-on-quarter. Adjusted EBITDA was $250 million, down 10% year-on-year and flat quarter-on-quarter, impacted by low VIP win rates [1] - Total Gross Gaming Revenue (GGR) reached $900 million, recovering to 66% of Q2 2019 levels, compared to the industry average of 83%. VIP gross revenue was $150 million, recovering to 21% of Q2 2019 levels, while mass market gross revenue was $690 million, recovering to 120% of Q2 2019 levels [1][2] - EBITDA margin (EM) for Wynn Palace was 29.1%, down 4.5 percentage points year-on-year and 1.1 percentage points quarter-on-quarter. The overall EBITDA margin for Wynn Macau was 28.1%, down 0.4 percentage points year-on-year but up 0.7 percentage points quarter-on-quarter [1] Competitive Landscape - The non-gaming offerings of Wynn are considered weak compared to competitors, with outdated attractions and limited appeal to the mainstream Chinese consumer. Competitors like Galaxy and Sands are enhancing their entertainment offerings to attract high-end customers [2] - Wynn has announced plans to invest $750 million to develop a new club, renovate hotel rooms, and build a convention and entertainment center, with completion expected by 2028 [2] Market Outlook - The Macau gaming sector is expected to continue its upward trend in the second half of 2025, supported by favorable policies and increased visitor numbers. The introduction of new entertainment events is anticipated to benefit the overall market [2] - The company has revised its GGR and adjusted EBITDA forecasts downward for 2025-2027, reflecting the challenges in both mass and VIP segments [3] Rating and Target Price - The rating for Wynn has been downgraded to "Hold," with a target price adjusted to HKD 6.7, reflecting a valuation based on an 8.0x EV/EBITDA for 2026 [3]

智通财经APP讯，永利澳门(01128)发布公告，公司建议向专业投资者提呈发售优先票据。于本公告日 期，优先票据的本金总额、条款及条件尚未厘定。 倘优先票据获发行，则公司拟将建议提呈发售的所得款项净额用于一般企业用途，包括偿还未偿还债 务，例如WM Cayman II循环信贷及╱或一个或多个系列的现有票据。 ...

倘优先票据获发行，则公司拟将建议提呈发售的所得款项净额用于一般企业用途，包括偿还未偿还债 务，例如WM Cayman II循环信贷及╱或一个或多个系列的现有票据。 永利澳门(01128)发布公告，公司建议向专业投资者提呈发售优先票据。于本公告日期，优先票据的本 金总额、条款及条件尚未厘定。 ...

Core Viewpoint - Wynn Macau (01128.HK) announced its intention to offer priority notes to professional investors, with the net proceeds intended for general corporate purposes, including the repayment of outstanding debts [1] Group 1 - The company is proposing to issue priority notes to professional investors [1] - The net proceeds from the proposed issuance will be used for general corporate purposes [1] - The funds may be allocated to repay outstanding debts, such as the WM Cayman II revolving credit and/or one or more series of existing notes [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，並非收購、購買或認購證券的邀請或要約，亦非邀請訂立協議進行收購、購買或認購，且不可 視為邀請提出收購、購買或認購任何證券的建議。 本公告或其任何內容概不會成為任何合約或承諾的依據。本公告或其任何副本不得帶入美國或在美國分發。本公 告所提述的證券並無及將不會根據美國證券法登記，或向美國任何州或其他司法權區的任何證券監管機構登記， 且不得在美國提呈發售或出售，惟根據美國證券法及適用州或地方證券法的登記規定獲適用豁免或進行毋須遵守 有關登記規定的交易則除外。本公司將不會於美國公開發售證券。 （於開曼群島註冊成立之有限公司） （股份代號：1128及債務股份代號：5280、40102、40259、40357、5754） * 僅供識別。 1 建議提呈發售優先票據之完成取決於市況及投資者的興趣。德意志銀行新加坡分行、 BofA Securities, Inc.、Scotia Capital (USA) ...

Investment Rating - The investment rating for the company has been downgraded to "Buy" with a target price of HKD 6.70 [1][11]. Core Views - The company is facing weak performance in the VIP segment and increased competition, leading to a need for significant investment to enhance its offerings and competitiveness [7][9]. - The management remains optimistic about future growth, planning to invest approximately USD 750 million in expanding and renovating facilities to improve high-end and non-gaming competitiveness [7][9]. - The company's current non-gaming offerings are considered weak compared to competitors, which may hinder its ability to attract customers effectively [9][11]. Financial Performance - The company's revenue for 2025 is projected to be HKD 28,491 million, reflecting a slight decrease of 0.87% from the previous year [6]. - The net profit attributable to the parent company is expected to increase significantly to HKD 3,325 million in 2025, a growth of 3.96% [6]. - The adjusted EBITDA for 2025 is forecasted to be HKD 91 billion, down 6.9% from previous estimates [11][58]. Market Position and Competition - The company's gross gaming revenue (GGR) recovery is lagging behind the industry average, with a current recovery rate of 66% compared to the pre-pandemic levels [8][10]. - The VIP segment's gross revenue is only recovering to 21% of the levels seen in 2019, significantly lower than the industry average of 47% [8][10]. - Competitors are enhancing their non-gaming offerings and entertainment options, which may further challenge the company's market position [9][10]. Future Outlook - The company is expected to face a challenging environment with intensified competition in the gaming sector, particularly in the VIP segment [11][58]. - The anticipated recovery in the Macau gaming sector is expected to continue into the second half of 2025, supported by favorable policies and increased tourist arrivals [10].

Core Viewpoint - Wynn Macau's 2Q25 performance fell short of market expectations, with net revenue of $883 million, flat year-on-year and up 2% quarter-on-quarter, recovering to 75% of 2Q19 levels [1] Financial Performance - Adjusted property EBITDA was $254 million, down 10% year-on-year and up 1% quarter-on-quarter, recovering to 74% of 2Q19 levels, missing Bloomberg consensus of $274 million [1] - Total gaming revenue market share decreased from 12.3% in 1Q25 to 11.8% in 2Q25 [1] - Daily average operating costs increased to $2.66 million in 2Q25, up 4.5% year-on-year [1] Business Trends - Strong business performance in June 2025, stable activity in April, but offset by a lackluster May [1] - Despite no major concerts in July 2025, gaming volume accelerated due to increased visitor numbers [1] - Average daily EBITDA adjusted for theoretical win rate was $3.3 million in June and July 2025 [1] - The company is constructing an event center at the Wynn Palace North Entrance, expected to open in early 2028 [1] - Expansion of the Chairman Club and renovation of Wynn Tower guest rooms have commenced, with capital expenditures projected between $200 million and $250 million for 2025 [1] - Competitive rebate marketing levels remain stable despite new product launches from competitors [1] Earnings Forecast and Valuation - The adjusted EBITDA forecasts for 2025 and 2026 remain unchanged [2] - Current stock price corresponds to 9x 2025 EV/EBITDA, with a target price of HKD 6.90, indicating a 2% upside from the current price [2]