当中银河娱乐目标价由42港元升至53港元，美高梅中国由15港元升至23港元，金沙中国目标价由18港元 升至24.5港元，评级同为"增持"。澳博目标价由2.2港元升至3港元，评级"中性"，新濠国际目标价虽由 2.6港元升至4.5港元，评级则为"减持"。 摩根大通发布研报称，自从上一次对澳门博彩业进行预测升级以来，三个月内第三次上调对该行业的预 测。偏好顺序为：银河娱乐(00027)=美高梅中国(02282)、金沙中国(01928)、永利澳门(01128)、澳博控 股(00880)、新濠国际发展(00200)。 该行预测，2025年下半年博彩总收入(GGR)增长13%，上半年增长为4%，现金流(flow-through)强劲，将 推动EBITDA加速增长，从第一季度的下降4%及第二季增长5%，到第三季度和第四季度的预计增长 12%和16%，超过市场预期。持续的正向修正及正常化市盈率倍数(multiples)，预示着该行业的股价上 升，对该行业持"增持"评级，预示着平均股价有约35%的上涨空间。 ...

该行预测，2025年下半年博彩总收入(GGR)增长13%，上半年增长为4%，现金流(flow-through)强劲，将 推动EBITDA加速增长，从第一季度的下降4%及第二季增长5%，到第三季度和第四季度的预计增长 12%和16%，超过市场预期。持续的正向修正及正常化市盈率倍数(multiples)，预示着该行业的股价上 升，对该行业持"增持"评级，预示着平均股价有约35%的上涨空间。 当中银河娱乐目标价由42港元升至53港元，美高梅中国由15港元升至23港元，金沙中国目标价由18港元 升至24.5港元，评级同为"增持"。澳博目标价由2.2港元升至3港元，评级"中性"，新濠国际目标价虽由 2.6港元升至4.5港元，评级则为"减持"。 智通财经APP获悉，摩根大通发布研报称，自从上一次对澳门博彩业进行预测升级以来，三个月内第三 次上调对该行业的预测。偏好顺序为：银河娱乐(00027)=美高梅中国(02282)、金沙中国(01928)、永利 澳门(01128)、澳博控股(00880)、新濠国际发展(00200)。 ...

市场份额方面，该行数据显示银河娱乐的高端中场投注额占比约34%，继续领先同行，反映嘉佩乐酒店 及陈奕迅演唱会对豪赌客的吸引力；而金沙中国以约23%占比维持排行第二。另外，该行亦留意到金 沙、永利澳门、美高梅中国及新濠亦推出不同策略及边注新玩法。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 ▽ | | --- | --- | --- | --- | | 02282 | 美高梅中国 | 16.250 | 2.07% | | 01928 | 金沙中国有限公 | 20.260 | 1.96% | | 03918 | 金界控股 | 4.280 | 1.90% | | 00027 | 银河娱乐 | 40.020 | 1.16% | | 00200 | 新濠国际发展 | 5.060 | 1.00% | | 01128 | 永利澳门 | 6.320 | 0.96% | | 00880 | 澳博控股 | 3.290 | 0.30% | 消息上，花旗发表研究报告指，该行统计8月澳门高端中场博彩投注额按年升5%至1340万港元，高端中 场赌客数量按年跌5%至624名，意味人均投注额按年升10%至21543港元，连续4个月 ...

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]