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]

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。 SANDS CHINA LTD. 金沙中國有限公司 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二四年十二月十七日有關本公司共享服務協議的公告，該協 議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，本公司與LVS訂立二零二六年共享服務重續協議，以 重續共享服務協議的期限，自二零二六年一月一日起至二零二八年十二月三十一日 止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故共享服務 協議（經二零二六年共享服務重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 （於開曼群島註冊成立的有限公司） （股份代號：1928） 持續關連交易 重續共享服務協議 共享服務協議（經二零二六年共享服務重續協議予以重續）項下由LVS集團向本集團提 供的市場推廣服務，及由LVS集團向本集團提供的運輸及相關服務須遵守上市規則 ...

持續關連交易 重續國際商標許可協議 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。 SANDS CHINA LTD. 金沙中國有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1928） 本公告乃根據上市規則第14A.54條而作出。 茲提述本公司日期為二零二二年十二月二日有關本公司國際商標許可協議的公告，該 協議的期限將於二零二五年十二月三十一日屆滿。 於二零二五年十二月二十四日，LVS與本公司若干附屬公司（即VML、VCL、VOL及 CSL2）訂立二零二六年商標重續協議，以重續國際商標許可協議的期限，自二零二六 年一月一日起至二零二八年十二月三十一日止，為期三年。 由於LVS是本公司的控股股東並因而根據上市規則為本公司的關連人士，故國際商標 許可協議（經二零二六年商標重續協議予以重續）項下的交易根據上市規則第14A章構 成本公司的持續關連交易。 國際商標許可協議（經二零二六年商標重續協議予以重續）項下的交易須遵守上市規則 第14A章所載的申報 ...

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]