里昂发表研报指，永利澳门2025年第四季物业EBITDA按年下跌7%至21.13亿港元，符合该行预期，但 较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业EBITDA利润率按年收缩3.6个百分点至 28%，亦符合该行预期。公司将2026年资本开支指引由原先介乎4.5亿至5亿美元，下调至介乎4亿至4.5 亿美元；预期永利皇宫的Chairman's Club翻新工程将于农历新年前完成。公司又透露，今年1月的业务 量与去年第四季相若。该行现予其"跑赢大市"评级，目标价为8.2港元。 ...

博彩股全线走低，截至发稿，新濠国际发展(00200)跌6.21%，报4.53港元；永利澳门(01128)跌4.58%， 报5.83港元；澳博控股(00880)跌1.64%，报2.4港元；美高梅中国(02282)跌1.59%，报13.58港元。 摩根士丹利研究报告指，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历 新年假期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入 将与去年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支 持其对2月博彩总收入按年增长13%的预期。 消息面上，永利澳门宣布，2025年第四季物业EBITDA按年下跌7%至21.13亿港元，里昂研究报告指， 永利澳门四季度业绩符合该行预期，但较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业 EBITDA利润率按年收缩3.6个百分点至28%，亦符合该行预期。此外，新濠国际发展公告，附属新濠博 亚去年经调整EBITDA增17%至14亿美元。 ...

智通财经APP获悉，博彩股全线走低，截至发稿，新濠国际发展(00200)跌6.21%，报4.53港元；永利澳 门(01128)跌4.58%，报5.83港元；澳博控股(00880)跌1.64%，报2.4港元；美高梅中国(02282)跌1.59%， 报13.58港元。 摩根士丹利研究报告指，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历 新年假期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入 将与去年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支 持其对2月博彩总收入按年增长13%的预期。 消息面上，永利澳门宣布，2025年第四季物业EBITDA按年下跌7%至21.13亿港元，里昂研究报告指， 永利澳门四季度业绩符合该行预期，但较市场预期低10%，受贵宾厅及中场赢率下降所拖累。物业 EBITDA利润率按年收缩3.6个百分点至28%，亦符合该行预期。此外，新濠国际发展公告，附属新濠博 亚去年经调整EBITDA增17%至14亿美元。 ...

Core Viewpoint - Wynn Macau's parent company, Wynn Resorts, Limited, reported mixed financial results for the fourth quarter and full year ending December 31, 2025, with some segments showing growth while others experienced declines [1][2][3]. Financial Performance - For Q4 2025, Wynn Palace and Wynn Macau's operating income increased by $33.4 million and $7.7 million, respectively, compared to Q4 2024, while Las Vegas operations and Encore Boston Harbor saw decreases of $11.4 million and $2.5 million [1]. - Adjusted property EBITDAR for Q4 2025 decreased for Las Vegas operations, Wynn Palace, Encore Boston Harbor, and Wynn Macau by $26.6 million, $21.1 million, $1.8 million, and $0.7 million, respectively, compared to Q4 2024 [1]. - For the full year 2025, operating income for Wynn Palace and Las Vegas operations increased by $89.7 million and $1.1 million, while Wynn Macau and Encore Boston Harbor decreased by $54 million and $10.3 million, respectively [1]. EBITDAR and Gaming Performance - In Q4 2025, Wynn Palace's operating income was $596.4 million, up from $562.9 million in Q4 2024, but adjusted property EBITDAR fell to $163.5 million from $184.6 million [2]. - The win percentage for table games in the mass market at Wynn Palace was 21.8%, down from 26.0% in Q4 2024, while the VIP table win percentage was 2.84%, below the expected range of 3.1% to 3.4% and down from 3.51% in Q4 2024 [2]. - Wynn Macau's operating income for Q4 2025 was $371.3 million, an increase from $363.7 million in Q4 2024, but adjusted property EBITDAR decreased to $107.4 million from $108.2 million [3]. - The win percentage for mass market table games at Wynn Macau was 17.0%, down from 17.9% in Q4 2024, while the VIP table win percentage was 3.49%, above the expected range but lower than 5.01% in Q4 2024 [3]. Cash and Debt Position - As of December 31, 2025, the group had cash and cash equivalents totaling $1.46 billion, excluding short-term investments held by Wynn Macau Limited of $601.8 million [3]. - The available borrowing limits for WRF revolving credit and WM Cayman II revolving credit were $1.23 billion and $1.36 billion, respectively [4]. - The total outstanding current and long-term debt amounted to $10.55 billion, including Macau-related debt of $5.79 billion, WRF debt of $3.28 billion, and Wynn Las Vegas debt of $876.6 million [4].

于截至2025年12月31日止年度，永利皇宫、永利澳门、拉斯维加斯业务及Encore Boston Harbor经调整后 的物业EBITDAR较截至2024年12月31日止年度分别减少5,080万美元、3,970万美元、4,440万美元及 1,040万美元。 永利澳门(01128)发布控股股东WYNN RESORTS,LIMITED截至2025年12月31日止第四季及年度业绩， 永利皇宫及永利澳门于2025年第四季的经营收益较2024年第四季分别增加3,340万美元及770万美元，而 拉斯维加斯业务及Encore Boston Harbor则较2024年第四季分别减少1,140万美元及250万美元。 于2025年第四季，拉斯维加斯业务、永利皇宫、Encore Boston Harbor及永利澳门经调整后的物业 EBITDAR较2024年第四季分别减少2,660万美元、2,110万美元、180万美元及70万美元。 截至2025年12月31日止年度，永利皇宫及拉斯维加斯业务的经营收益较截至2024年12月31日止年度分别 增加8,970万美元及110万美元，而永利澳门及Encore Boston Harbor则较 ...

智通财经APP讯，永利澳门(01128)发布控股股东WYNN RESORTS, LIMITED截至2025年12月31日止第 四季及年度业绩，永利皇宫及永利澳门于2025年第四季的经营收益较2024年第四季分别增加3,340万美 元及 770万美元，而拉斯维加斯业务及Encore Boston Harbor则较2024年第四季分别减少1,140万美元及 250万美元。 于截至2025年12月31日止年度，永利皇宫、永利澳门、拉斯维加斯业务及Encore Boston Harbor经调整后 的物业EBITDAR较截至2024年12月31日止年度分别减少5,080万美元、 3,970万美元、4,440万美元及 1,040万美元。 2025年第四季永利皇宫的经营收益为5.964亿美元，较2024年第四季的5.629亿美元增加 3,340万美元。 2025年第四季永利皇宫经调整后的物业EBITDAR为1.635亿美元，而2024年第四季则为1.846亿美元。中 场业务的赌台赢额百分比为21.8%，低于2024年第四季录得的26.0%。贵宾赌台赢额占转码数百分比为 2.84%，低于3.1%至3.4%的物业预期范围，亦低 ...

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。 （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、40357、5754、5877） 內幕消息 我們的控股股東 WYNN RESORTS, LIMITED 截 至 2025 年 1 2 月 3 1 日止第四季及 年度的未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期 貨條例（第571章）第XIVA部而刊發。 我們的控股股東Wynn Resorts, Limited已於2026年2月12日（拉斯維加斯時間下午1:04）或 前後公佈其截至2025年12月31日止第四季及年度的未經審核業績。 本公告乃由永利澳門有限公司（「我們」或「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期貨條例（第571 章）第XIVA部而刊發。 * 僅供識別。 1 Wynn ...

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].

Group 1 - Hong Kong gaming stocks experienced a collective surge, with New Macau International Development rising over 6% [1] - Sands China increased by 4%, while Galaxy Entertainment and Wynn Macau both saw a rise of 2.5% [1] - A notable increase was observed in the stocks of Australian Gaming Holdings and MGM China, which both surged by 25% [1]

Core Viewpoint - The Macau gaming stocks experienced a collective rise, with significant increases in share prices, driven by positive forecasts for the upcoming Lunar New Year holiday gaming revenue [1] Group 1: Stock Performance - Melco International Development saw a rise of over 6% [2] - Sands China increased by 4% [2] - Galaxy Entertainment and Wynn Macau both rose by 2.5% [2] - SJM Holdings and MGM China both experienced a 2% increase [2] Group 2: Market Insights - Morgan Stanley's research report indicated that the average daily gaming revenue in Macau during the first five days of last year's Golden Week was approximately 1.1 billion MOP [1] - The hotel occupancy rate during this year's Lunar New Year is expected to be similar to last year, with average daily room rates (ADR) up by about 25% [1] - The forecast for gaming revenue during this year's Lunar New Year holiday is expected to match or exceed last year's Golden Week figures [1] - The firm anticipates a 13% year-on-year growth in total gaming revenue for February [1] - EBITDA for the industry is projected to grow by 16% year-on-year in the first quarter of this year, leading to upward revisions in profit forecasts [1] Group 3: Hotel Industry Outlook - Macau hotel operators report a continuous increase in hotel booking rates and travel agency orders for the Spring Festival period [1] - Hotel occupancy rates during the Spring Festival are expected to exceed 90%, indicating a peak in Macau's tourism market [1]