Core Viewpoint - Morgan Stanley's report indicates that Macau's total gaming revenue for the first 22 days of February reached 14.3 billion MOP, averaging 650 million MOP per day, with the holiday period still ongoing and future days being crucial for high-end player spending [1] Group 1: Revenue Forecast - The bank has adjusted its February gaming revenue forecast to flat to a 2% increase year-on-year, down from a previous estimate of 2% to 5% growth [1] - Excluding seasonal and calendar factors, the forecast for total gaming revenue growth in the first two months of 2026 is revised to 12% to 13%, slightly down from the previous estimate of 13% to 14% [1] Group 2: Stock Preferences - Morgan Stanley updated its preference order for Macau gaming stocks, with Galaxy Entertainment as the top pick, rated "Overweight" [1] - MGM China is also rated "Overweight," followed closely by Sands China and Wynn Macau, both receiving "Overweight" ratings [1] - Melco Resorts is rated "Neutral," while Melco International Development and SJM Holdings are both rated "Underweight" [1]

Core Viewpoint - Galaxy Entertainment (00027) has seen a stock price increase of over 3%, currently trading at 43.7 HKD, with a transaction volume of 206 million HKD, driven by positive expectations for the upcoming Lunar New Year holiday in Macau [1] Group 1: Industry Insights - The Chairman of the Macau Tourism Industry Council, Hu Jingguang, anticipates that the average daily visitor count during the nine-day Lunar New Year holiday will be around 160,000 to 170,000 [1] - Current hotel booking rates in Macau have exceeded 90%, with room prices ranging from approximately 1,000 to 2,000 MOP per night, and international star-rated hotels in Cotai commanding prices between 3,000 to 4,000 MOP [1] Group 2: Company Performance - Galaxy Entertainment reported strong demand for its resorts during the holiday period, with hotel room bookings nearly full and significant demand for dining reservations [1] - The company expects hotel room rates and overall customer spending to show steady growth compared to the same period last year, benefiting from the holiday and increased visitor numbers [1] - The group is optimistic that the Lunar New Year holiday and rising visitor numbers will contribute positively to stable growth in gaming revenue and overall business performance [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first fifteen days of February reached 8.8 billion MOP, indicating an average daily revenue of approximately 587 million MOP, with a recent decline to 543 million MOP in the past week compared to 625 million MOP in the first week of February and 730 million MOP in January [1][2] Group 1: Revenue Analysis - The slowdown in gaming revenue is attributed to seasonal factors related to the Lunar New Year and lower win rates in VIP rooms, suggesting that the pre-New Year performance does not accurately reflect true demand [1][2] - Future gaming revenue is expected to remain volatile, with average daily revenue projected to range between 850 million to 1 billion MOP and 750 million to 800 million MOP in the third and fourth weeks of February, respectively [1][2] - Total gaming revenue for February is forecasted to grow by 2% to 5% year-on-year, reaching between 20.1 billion to 20.7 billion MOP, translating to an average daily revenue of 720 million to 740 million MOP, with a combined growth of 13% to 14% for the first two months [1][2] Group 2: Stock Recommendations - The company advises investors to focus on individual stocks rather than waiting for an overall industry valuation reassessment, naming Galaxy Entertainment (00027) as the top pick with an 'overweight' rating [1][2] - Other preferred stocks include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts (MLCO.US), Melco International (00200), and SJM Holdings (00880) [1][2]

Group 1 - The core viewpoint of the article is that Morgan Stanley predicts Macau's total gaming revenue in February will see a year-on-year increase of 2% to 5%, reaching between 201 billion and 207 billion Macau Patacas, with an average daily revenue of 7.2 billion to 7.4 billion Macau Patacas [1] - For the first fifteen days of February, Macau's total gaming revenue was recorded at 8.8 billion Macau Patacas, translating to an average daily revenue of approximately 5.87 billion Macau Patacas [1] - The decline in gaming revenue is attributed to seasonal factors related to the Lunar New Year and lower win rates in VIP rooms, indicating that the performance before the Lunar New Year does not reflect true demand [1] Group 2 - The report suggests that investors should focus on individual stocks rather than waiting for an overall industry valuation reassessment, with Galaxy Entertainment (00027) being the top pick and rated as "Overweight" [2] - Other preferred stocks include MGM China (02282), Sands China (01928), Wynn Macau (01128), Melco Resorts (MLCO.US), Melco International (00200), and SJM Holdings (00880) [2]

Core Viewpoint - Galaxy Entertainment (00027.HK) will hold a board meeting on February 26, 2026, to approve the release of its annual results for the year ending December 31, 2025, and to consider the declaration, recommendation, or payment of dividends, among other matters [1] Group 1 - The board meeting is scheduled for February 26, 2026 [1] - The meeting will focus on approving the annual results for the fiscal year ending December 31, 2025 [1] - The agenda includes considerations for dividends and other related matters [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佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 GALAXY ENTERTAINMENT GROUP LIMITED 銀河娛樂集團有限公司 銀河娛樂集團有限公司（「銀娛」）之董事會（「董事會」）謹此宣佈，銀娛將於二零二 六年二月二十六日（星期四）舉行董事會會議，藉以（其中包括）批准刊發銀娛及其 附屬公司截至二零二五年十二月三十一日止年度之全年業績公佈，考慮宣派、建議或 支付股息（如有）及處理任何其他事項。 承董事會命 銀河娛樂集團有限公司 公司秘書 莊惠生 香港，二零二六年二月九日 於本公佈日期，銀娛之執行董事為呂耀東先生（主席）、徐應強先生、鄧呂慧瑜女士及 呂慧玲女士；銀娛之非執行董事為張惠彬博士；以及銀娛之獨立非執行董事為顏志宏 先生、葉樹林博士、黃龍德教授及萬卓祺先生。 網址： www.galaxyentertainment.com （於香港註冊成立之有限公司） （股份代號：27） 董事會會議召開日期 ...

FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 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) 00027 說明 已發行股份（不包括庫存股份）數目 庫存股份數目 已發行股份總數 上月底結存 4,379,240,712 0 4,379,240,712 增加 / 減少 (-) 0 0 本月底結存 4,379,240,712 0 4,379,240,712 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: | 2026年1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: | 銀河娛樂集團有限公司 | | | 呈交日期: | 2026年2月5日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 銀河娛樂集團有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 足夠公眾持股量的確認(註4) | 根據《主板上市規則》第13.32 ...

瑞银发表研报指，澳门过去7日的日均博彩收入约为6.93亿澳门元，与前7日约7亿澳门元大致持平，使 本月至今的日均博彩收入达到约7.12亿澳门元，按年增长约21%，按月上升约6%，升幅高于2015至2019 年同期平均的2%。至于即将来临的农历新年假期，该行追踪的32间酒店中，有27间显示客房已售罄， 情况与去年同期大致相若。该行维持银河娱乐及永利澳门为行业首选，目标价分别为46.9港元及8.9港 元，均予"买入"评级。 ...

Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the National Games in November and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year increase in total gaming revenue of 6% and 14%, driven by rising operating expenses and a shift towards lower-margin VIP gaming [1] Company Summaries - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, attributed to a higher VIP win rate [1] - MGM China (02282) is projected to have its EBITDA increase by 8% quarter-on-quarter to $328 million, due to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the firm expects overall gaming revenue to increase by 8% year-on-year and EBITDA to rise by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]

Core Viewpoint - Goldman Sachs reports that several Macau gaming stocks are set to announce their Q4 2025 earnings, with investors expected to focus on profit trends amid concerns over additional spending for the November National Games and intense competition [1] Industry Summary - The firm anticipates a quarterly and year-on-year increase in industry EBITDA by 4% and 13% respectively, compared to a quarterly and year-on-year rise in total gaming revenue of 6% and 14% [1] - The increase in operating expenses and the shift of gaming revenue towards the lower-margin VIP segment are noted as contributing factors [1] Company-Specific Insights - Galaxy Entertainment (00027) is expected to see its EBITDA rise by 28% quarter-on-quarter to $550 million, driven by a higher VIP win rate [1] - MGM China (02282) is projected to have an EBITDA increase of 8% quarter-on-quarter to $328 million, attributed to a robust recovery in gaming revenue [1] - Sands China (01928) is forecasted to experience a 4% quarter-on-quarter EBITDA increase to $628 million, as retail revenue growth is offset by higher operating expenses and promotional costs [1] Future Outlook - For 2026, the overall gaming revenue is expected to increase by 8% year-on-year, with EBITDA rising by 10%, leading to industry EBITDA and recurring free cash flow reaching $9.1 billion and $6.4 billion respectively, nearing pre-COVID levels [1] - The firm believes that the current industry valuations remain attractive and reiterates a "buy" rating for Galaxy Entertainment, MGM China, and Sands China [1]