Group 1 - The core viewpoint of the report indicates that Macau's average daily gaming revenue over the past week is approximately 650 million MOP, a decline from the previous week's 743 million MOP, attributed partly to lower VIP room win rates [1] - The average daily gaming revenue for the month to date remains around 696 million MOP, reflecting a year-on-year growth of about 19%, but a slight month-on-month decrease of approximately 1%, contrasting with the typical 1% month-on-month increase recorded from 2015 to 2019 during the same period [1] Group 2 - The report expresses a positive outlook on Galaxy Entertainment, Wynn Macau, and MGM China, identifying them as industry favorites with target prices set at 46.9 HKD, 8.9 HKD, and 20.3 HKD respectively, all rated as "Buy" [1]

Group 1 - The gaming stocks have experienced significant declines, with MGM China down 3.55% to HKD 15.74, Sands China down 3.67% to HKD 19.96, Wynn Macau down 1.6% to HKD 6.15, and Melco International Development down 1.52% to HKD 4.55 [1] - The Macau SAR government has projected that the gross gaming revenue for the next year will be estimated at MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred tourist destination for wealthy travelers from mainland China, with a forecasted 6% year-on-year growth in gaming revenue and a 10% increase in industry EBITDA for the next year, maintaining an EBITDA margin of approximately 29% [1]

Core Viewpoint - The Macau gaming stocks have experienced significant declines, with major companies like MGM China, Sands China, Wynn Macau, and Melco International Development all reporting drops in their stock prices amid concerns over the gaming industry's future performance [1] Group 1: Stock Performance - MGM China shares fell by 3.55%, trading at HKD 15.74 [1] - Sands China shares decreased by 3.67%, trading at HKD 19.96 [1] - Wynn Macau shares dropped by 1.6%, trading at HKD 6.15 [1] - Melco International Development shares declined by 1.52%, trading at HKD 4.55 [1] Group 2: Government and Market Outlook - The Macau SAR government has projected that the gaming gross revenue for the next year will be MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred travel destination for affluent mainland tourists, supported by rich concert activities, luxurious new hotel offerings, and new baccarat side bet options [1] Group 3: Revenue Projections - Citigroup forecasts a 6% year-on-year growth in Macau's gaming revenue for the upcoming year [1] - The industry EBITDA is expected to grow by 10% year-on-year, with an EBITDA margin remaining stable at approximately 29% [1]

Group 1 - The core viewpoint of the article is that Macau is expected to remain a preferred travel destination for affluent mainland tourists, driven by a rich lineup of concert events, luxurious new hotel offerings, and new baccarat side bets [1] - The forecast for Macau's gaming revenue in the coming year is a year-on-year growth of 6%, with industry EBITDA projected to grow by 10% annually, maintaining an EBITDA margin of approximately 29% [1] Group 2 - Sands China is identified as the top pick in the industry, with expectations that it will become the largest market share winner by 2026, increasing its share by 1.6 percentage points to 25.1%. The target price has been raised from HKD 25.5 to HKD 26.5 [1] - Wynn Macau is also highlighted, with the expansion of the Chairman's Club in the VIP gaming area expected to open in the first quarter of next year, leading to a recovery in market share. Its target price has been increased from HKD 7.2 to HKD 8.05 [1] - Other preferred gaming stocks include Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings, with target prices set at HKD 54, HKD 20, USD 13, and HKD 2.3 respectively [1] - Las Vegas Sands is maintained as the global gaming stock of choice, with its target price raised from USD 75.5 to USD 76.75 [1]

Group 1 - The company, Wynn Macau (01128), announced the issuance of 900,000 shares under its share plan on December 11, 2025 [1]

Core Points - Wynn Macau (01128) announced the issuance of 900,000 shares under its share plan on December 11, 2025 [1] Company Summary - The company is set to issue a total of 900,000 shares as part of its share plan [1]

FF305 公司名稱： 永利澳門有限公司 (於開曼群島註冊成立的有限公司) 呈交日期： 2025年12月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01128 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) ...

Core Viewpoint - Macquarie expresses optimism about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming full operation of the Galaxy Hotel expected to enhance its share in the premium mass market [1] Group 1: Company Insights - Galaxy Entertainment is anticipated to benefit from the opening of the Galaxy Hotel, which is expected to boost its market share in the high-end mass market [1] - Macquarie suggests investors reassess Sands China (01928) and MGM China (02282), highlighting both companies' potential for market share growth and attractive valuation levels [1] Group 2: Industry Performance - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie expects December gaming revenue to maintain the momentum from the previous month, projecting a double-digit year-on-year increase [1] Group 3: Market Share Expectations - Macquarie forecasts that Wynn Macau (01128) and SJM Holdings (00880) will capture the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Core Viewpoint - Macquarie is optimistic about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming opening of the Galaxy Hotel expected to enhance its market share in the premium mass segment [1] Company Analysis - Galaxy Entertainment is expected to benefit from the opening of the Galaxy Hotel by the end of this year, which will likely boost its market share in the high-end mass market [1] - Sands China (01928) and MGM China (02282) are recommended for investors to reassess, as both companies possess growth advantages in market share and attractive valuation levels [1] Industry Insights - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month compared to the previous month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie anticipates that December's gaming revenue will maintain the momentum from the previous month, with a year-on-year double-digit growth expected [1] Market Share Projections - Macquarie predicts that Wynn Macau (01128) and SJM Holdings (00880) will gain the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]

Group 1 - The core announcement is the appointment of Jacqui Krum as a non-executive director of Wynn Macau, effective from January 1, 2026 [1] - Ellen F. Whittemore's term as a non-executive director will conclude on December 31, 2025 [1]