Group 1 - The Hong Kong gaming stocks are experiencing a downturn, with notable declines in shares such as Melco International Development down nearly 4%, Sands China down 3%, and others like Wynn Macau and Amax Holdings down over 2% [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 reached 20.89 billion MOP, representing a year-on-year increase of 14.8% [1] - Cumulative gross gaming revenue for the first 12 months of 2025 in Macau was 247.404 billion MOP, reflecting a year-on-year growth of 9.1% [1] Group 2 - Citigroup's research indicated that the December 2025 gaming revenue in Macau was 20.888 billion MOP, averaging approximately 674 million MOP per day, which is a 15% increase year-on-year and about 91% of the levels seen in December 2019 [1] - The reported figures were approximately 5% lower than Citigroup's forecast and about 3% below market expectations [1] - Some institutions noted that while the performance of the Macau gaming industry in Q4 2025 and for the entire year was strong, there has been a profound structural change, leading to a cautious outlook for growth in 2026 [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金沙中國有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2026年1月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01928 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 16,000,000,000 | USD | | 0.01 USD | | 160,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | | | 本月底結存 | | | 16,000,000,000 | USD | | 0.01 USD | | 160,000,000 | ...

Group 1 - The gaming stocks are generally declining, with Galaxy Entertainment (00027.HK) down by 2.74% to HKD 37.58 [1] - Melco International Development (00200.HK) has decreased by 2.56% to HKD 4.19 [1] - MGM China (02282.HK) is down by 2.38% to HKD 12.69 [1] - Sands China (01928.HK) has fallen by 1.8% to HKD 19.62 [1]

Core Viewpoint - The gaming stocks in Macau are experiencing a decline, with major companies like Galaxy Entertainment, Melco International Development, MGM China, and Sands China all reporting losses in their stock prices [1] Group 1: Stock Performance - Galaxy Entertainment (00027) decreased by 2.74%, trading at HKD 37.58 [1] - Melco International Development (00200) fell by 2.56%, priced at HKD 4.19 [1] - MGM China (02282) dropped by 2.38%, with a share price of HKD 12.69 [1] - Sands China (01928) saw a decline of 1.8%, trading at HKD 19.62 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 is projected to be MOP 20.89 billion, reflecting a year-on-year increase of 14.8% [1] - For the first 12 months of 2025, the total gross gaming revenue in Macau is expected to reach MOP 247.404 billion, which is a 9.1% increase compared to the previous year [1] - Citigroup's research indicates that the December 2025 gaming revenue is approximately MOP 20.88 billion, averaging about MOP 674 million per day, which is a 15% year-on-year growth and about 91% of the levels seen in December 2019 [1] Group 3: Market Analysis - The reported revenue figures are below Citigroup's forecast by approximately 5% and also fall short of market expectations by about 3% [1] - The lower-than-expected revenue is attributed to unusually low win rates in VIP rooms, which are likely to be below 3% [1]

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 - Morgan Stanley forecasts that Macau's gaming revenue will grow by 15% year-on-year to MOP 20.9 billion by December 2025, reaching 91% of pre-pandemic levels, slightly below market expectations of 18% due to previous upward adjustments [1] Group 1: Revenue Projections - For Q4 2025, gaming revenue is expected to increase by 15% year-on-year and 6% quarter-on-quarter to MOP 66.1 billion, marking a six-year high and exceeding both the bank's and market's expectations of 9% year-on-year growth [1] - For the full year of 2025, gaming revenue is projected to grow by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] Group 2: Future Outlook - For 2026, the bank maintains its forecast for Macau's gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenues, while VIP room revenues are expected to decline by 5% [1] - The bank anticipates industry profits will grow by 6% to 7% year-on-year, finally expected to outpace revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China (01928), while in the long term, Galaxy Entertainment (00027) is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "Buy" [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's gaming revenue is expected to grow by 15% year-on-year to MOP 20.9 billion by December 2025, reaching 91% of pre-pandemic levels, slightly below market expectations of 18% due to previous upward adjustments [1] Group 1: Revenue Projections - For the full year of 2025, gaming revenue is projected to increase by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] - The bank maintains its forecast for 2026, expecting gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenue, while VIP room revenue is anticipated to decline by 5% [1] Group 2: Profit Expectations - The bank forecasts that industry profits will grow by 6% to 7% year-on-year, which is expected to finally exceed revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China, while in the long term, Galaxy Entertainment is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "buy" [1]

Group 1 - The stock price of Sands China Ltd. closed at 20.84 HKD on December 24, 2025, down 0.29% from the previous trading day, with a trading volume of 161 million HKD [1] - The stock opened at 20.98 HKD, reached a high of 21.16 HKD, and a low of 20.5 HKD during the day, with a 52-week high of 22.5 HKD and a low of 11.86 HKD [1] Group 2 - The company announced a trademark renewal agreement with its controlling shareholder, Las Vegas Sands Corp. (LVS), extending the international trademark licensing agreement from January 1, 2026, to December 31, 2028, for a period of three years [2] - Under the agreement, LVS allows the group to use licensed trademarks and intellectual property in regions including mainland China, Macau, Hong Kong, and Taiwan for operating casinos, integrated resorts, and related marketing activities [2] - Licensees are required to pay an annual royalty fee of 1.5% of their total non-gaming and gaming revenue to LVS, with annual caps set at 138.5 million USD, 152.4 million USD, and 167.6 million USD for the three years based on past payments, expected revenues, and Macau's future development [2] - The agreement constitutes a continuing connected transaction under listing rules, requiring compliance with reporting, announcement, and annual review regulations, but is exempt from independent shareholder approval [2] - The board believes the transaction is conducted on normal commercial terms, is fair and reasonable, and is in the overall interest of the company and its shareholders [2]