Core Viewpoint - The gaming stocks continue to decline, extending their downward trend for the month, with significant drops in major companies like Sands China and Wynn Macau [1] Group 1: Stock Performance - Sands China (01928) fell by 5.41%, trading at HKD 19.05 [1] - Melco International Development (00200) decreased by 4.05%, trading at HKD 4.98 [1] - Wynn Macau (01128) dropped by 3.65%, trading at HKD 6.34 [1] - MGM China (02282) declined by 3.16%, trading at HKD 14.4 [1] Group 2: Gaming Revenue Insights - Morgan Stanley reported that Macau's gaming gross revenue (GGR) for the first five days of October reached MOP 5.5 billion, with an average daily revenue of MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - Year-on-year growth was only 3%, lower than both the bank's and market expectations [1] - Visitor numbers from October 1 to 5 remained flat, further impacting GGR growth, with a 25% drop in visitors on October 5 due to a typhoon [1] - The bank projects a year-on-year GGR growth of 11% to 13% for October, estimating a total of MOP 23 billion, which would be the highest in six years [1] Group 3: Market Share Analysis - UBS noted a significant increase in Wynn Macau's market share in September, rising by approximately 200 basis points month-on-month, contributing to a quarterly increase of 150 basis points [1] - The second-highest market share increase was observed in SJM Holdings, which saw a month-on-month rise of about 50 basis points, although it still declined by 30 basis points in the third quarter [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn exceeded expectations, while MGM, Sands China, and SJM fell short [1]

瑞银发布研报称，永利澳门(01128)9月份博彩收入市占率环比上升约200个基点，使其第三季市占率环 比增加150个基点，为季内最大升幅。 报告指出，澳博控股(00880)9月份市占率环比上升约50个基点，但第三季度整体仍按季下跌30个基点。 大型博企在9月份似乎因季节性因素而失去市场份额，其中金沙中国(01928)及银河娱乐(00027)的市占率 分别环比下跌约100和150个基点，但第三季度整体仍分别按季上升70和40个基点。 新濠国际发展(00200)和美高梅中国(02282)9月份市占率环比持平，但第三季度分别按季下跌120和100个 基点。与第三季度市场预期相比，银河和永利的市占率高于预期，而美高梅中国、金沙中国和澳博控股 则低于预期。 ...

每经AI快讯，10月10日，港股博彩股午后跌幅扩大，截至发稿，金沙中国(01928.HK)跌4.13%，报20.44 港元；银河娱乐(00027.HK)跌3.29%，报38.84港元；澳博控股(00880.HK)跌3.19%，报3.03港元；新濠国 际发展(00200.HK)跌3.32%，报5.24港元。 ...

Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, attributed to lower-than-expected gaming revenue growth for September and October, influenced by typhoon-related disruptions [1] Group 1: Stock Performance - Sands China (01928) fell by 4.13%, trading at HKD 20.44 [1] - Galaxy Entertainment (00027) decreased by 3.29%, trading at HKD 38.84 [1] - SJM Holdings (00880) dropped by 3.19%, trading at HKD 3.03 [1] - Melco International Development (00200) declined by 3.32%, trading at HKD 5.24 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1] - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below market expectations of 9% growth due to a 33-hour casino shutdown caused by a typhoon [1] Group 3: October Performance Insights - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, with an average daily revenue of approximately MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - However, this represented only a 3% year-on-year increase compared to a high base last year, falling short of both JPMorgan's and market expectations [1] - Visitor numbers during October 1-5 remained flat, with a 25% drop in visitors on October 5 due to the typhoon, further impacting GGR growth [1] - JPMorgan maintains a positive outlook, projecting a year-on-year GGR growth of 11% to 13% for October, estimating it could reach MOP 23 billion, the highest in six years [1]

Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, with major companies like Sands China, Galaxy Entertainment, and Melco International all reporting losses due to disappointing gaming revenue figures for September and early October [1]. Group 1: September Gaming Revenue - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1]. - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below both market expectations and their own forecast by 9% [1]. - The decline in revenue was attributed to a 33-hour closure of casinos due to a typhoon, impacting overall operations [1]. Group 2: October Performance - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, averaging MOP 1.1 billion per day, marking the best performance for the Golden Week in five years [1]. - However, this represented only a 3% year-on-year increase compared to a very high base from the previous year, falling short of both the bank's and market expectations [1]. - Visitor numbers during this period remained flat, with a 25% drop on October 5 due to the typhoon, further hindering GGR growth [1]. - JPMorgan projects that the GGR for October could increase by 11% to 13%, reaching MOP 23 billion, which would be the highest in six years [1].

Core Insights - Macao is evolving into a diverse entertainment hub, similar to Las Vegas, with significant investments in non-gaming amenities [3][9][10] - Las Vegas Sands is hosting NBA games in Macao, marking the league's return after a six-year absence, which underscores Macao's growing status as an entertainment destination [4][8] - Analysts project Macao's gross gaming revenue to reach $33.3 billion by 2025, reflecting a 10% year-over-year growth [8] Investment and Development - Las Vegas Sands has invested $17 billion in Macao over 21 years to enhance its entertainment capacity [5] - The Macao government has mandated primary concessionaires to invest nearly $15 billion over the next decade, with 90% allocated to non-gaming facilities [9] - MGM's recent $7 million investment in a spa and innovative attractions aims to cater to a younger, sophisticated demographic [12][13] Visitor Demographics and Trends - Visitor numbers increased by nearly 20% in the first half of 2025, reaching 19.2 million, with significant contributions from family-oriented attractions [15][13] - The demographic of visitors has shifted post-pandemic, with younger gamblers and families seeking diverse entertainment options [11][13] Economic Impact - Macao's government collected $5.6 billion in gaming taxes in the first half of 2025, indicating a 1% growth from 2024 [17] - Despite the focus on non-gaming amenities, increased visitation correlates with higher gambling revenue, as evidenced by projections for Golden Week [15][16][20]

Core Viewpoint - Haitong International initiated coverage on Sands China Ltd. with an "Outperform" rating, highlighting the company's position as a leader in the Macau gaming industry amid a recovery phase, indicating a positive cycle of improving profitability, cash flow quality, and stable dividends [1] Group 1: Company Overview - Sands China is recognized as a leading player in the Macau gaming sector [1] - The company is currently experiencing a recovery in the industry, which is expected to enhance its financial performance [1] Group 2: Financial Outlook - The report suggests that Sands China is entering a positive cycle characterized by improved profitability, better cash flow quality, and stable dividends [1] - The current valuation of Sands China remains below pre-pandemic levels, indicating potential for growth [1] Group 3: Investment Recommendation - Haitong International has set a target price of HKD 25.6 for Sands China, reflecting an optimistic outlook for the company's stock performance [1]

Core Viewpoint - Haitong International's report indicates that Sands China, as a leading player in the Macau gaming industry, is entering a positive cycle of "profitability enhancement - cash flow quality improvement - stable dividends" amid industry recovery, with current valuations still below pre-pandemic levels [1] Group 1 - Sands China is recognized as the leader in the Macau gaming sector [1] - The company is experiencing a recovery in profitability and cash flow quality [1] - Current valuations of Sands China are lower than those before the pandemic [1] Group 2 - Haitong International has initiated coverage on Sands China with an "outperform" rating [1] - The target price set for Sands China is HKD 25.6 [1]

Core Viewpoint - Haitong International initiates coverage on Sands China (01928) with an "Outperform" rating and a target price of HKD 25.6, highlighting the company's potential for profitability improvement and cash flow quality enhancement in the context of industry recovery [1] Group 1: Company Overview - Sands China operates approximately 1,680 gaming tables and around 3,700 slot machines, making it the largest among the six listed gaming companies in Macau [1] - The company benefits from its substantial mass market business, positioning it to be one of the first to gain from industry recovery and tourist influx [1] Group 2: Financial Projections - Revenue projections for Sands China from 2025 to 2027 are estimated at USD 7.395 billion, USD 7.907 billion, and USD 8.325 billion, reflecting year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [2] - The projected gross gaming revenue for the same years is USD 7.034 billion, USD 7.471 billion, and USD 7.864 billion, with growth rates of 4.3%, 6.2%, and 5.3% [2] - Adjusted property EBITDA is forecasted to be USD 2.417 billion, USD 2.652 billion, and USD 2.841 billion, with adjusted property EBITDA margins of 32.7%, 33.5%, and 34.1% [2] Group 3: Market Position and Strategy - Sands China focuses on the mass market segment, targeting mid-to-high-end customers, which contributes to higher profit margins due to a favorable win rate [1] - The company has maintained the largest market share in Macau for several years, supported by its extensive gaming table and slot machine offerings [1] - The completion of renovations at The Londoner Macao in the second quarter has led to an adjusted EBITDA margin recovery to 31.9%, with expectations for continued improvement in overall profitability [1]

Group 1 - The core viewpoint of the report is that Sands China (01928) is rated "Outperform" with a target price of HKD 25.6, benefiting from the recovery of the Macau gaming industry and its strong market position [1] - Sands China operates approximately 1,680 gaming tables and around 3,700 slot machines, making it the largest among the six listed gaming companies in Macau [1] - The company focuses on the mass market segment, targeting mid-to-high-end customers, which contributes to higher profitability due to a high win rate in the mass market [1] Group 2 - Sands China's adjusted EBITDA margin has rebounded to 31.9% following the completion of renovations at The Londoner Macao in the second quarter, with expectations for continued improvement [1] - Revenue projections for Sands China from 2025 to 2027 are estimated at USD 7.395 billion, USD 7.907 billion, and USD 8.325 billion, reflecting year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [2] - The forecasted gross gaming revenue for the same period is USD 7.034 billion, USD 7.471 billion, and USD 7.864 billion, with growth rates of 4.3%, 6.2%, and 5.3% [2]