Group 1 - Melco Resorts (MLCO) has shown a year-to-date return of 35.9%, significantly outperforming the average gain of 5% in the Consumer Discretionary sector [4] - The Zacks Rank for Melco Resorts is currently 1 (Strong Buy), indicating strong analyst sentiment and a positive earnings outlook, with a 122.4% increase in the consensus estimate for full-year earnings over the past three months [3] - The Gaming industry, to which Melco Resorts belongs, has seen an average gain of 15.9% year-to-date, further highlighting MLCO's strong performance relative to its peers [5] Group 2 - The Consumer Discretionary group, which includes Melco Resorts, is currently ranked 8 within the Zacks Sector Rank, which evaluates 16 different groups based on the average Zacks Rank of individual stocks [2] - Another notable stock in the Consumer Discretionary sector is Adtalem Global Education (ATGE), which has a year-to-date return of 56.9% and a Zacks Rank of 2 (Buy) [4][5] - Investors are encouraged to monitor both Melco Resorts and Adtalem Global Education for their potential to maintain solid performance in the Consumer Discretionary sector [6]

Core Viewpoint - UBS reports that Wynn Macau (01128) significantly increased its market share in September, rising approximately 200 basis points month-over-month, contributing to a quarterly increase of 150 basis points in Q3 [1] Company Summaries - Wynn Macau (01128) saw a notable rise in market share, with a month-over-month increase of about 200 basis points and a quarterly increase of 150 basis points [1] - SJM Holdings (00880) experienced a month-over-month market share increase of approximately 50 basis points in September, but a decline of 30 basis points in Q3 [1] - Sands China (01928) and Galaxy Entertainment (00027) reported a month-over-month decline in market share of about 100 basis points and 150 basis points respectively in September, although both saw quarterly increases of approximately 70 basis points and 40 basis points [1] - Melco Resorts (MLCO.US) and MGM China (02282) maintained stable market shares in September, but both experienced quarterly declines of 120 basis points and 100 basis points respectively [1] - Compared to market expectations, the market shares of Galaxy Entertainment and Wynn Macau exceeded expectations, while those of MGM, Sands China, and SJM Holdings fell short [1]

该行续指，金沙中国(01928)和银河娱乐(00027)的9月市场份额分别环比下降约100个基点和150个基点， 但以第三季计则分别按季升约70个基点和40个基点。新濠博亚(MLCO.US)和美高梅中国(02282)的市场 份额在9月持平，但第三季则分别跌120个基点和100个基点。相对于市场预期，银娱和永利的市场份额 高于预期，而美高梅、金沙中国和澳博则低于预期。 瑞银发布研报称，永利澳门(01128)9月的博彩收入市场份额显著上升，环比增加约200个基点，带动其 第三季市场份额按季升150个基点。市场份额增加次高的公司是澳博控股(00880)，9月市场份额环比增 约50个基点，惟在第三季仍跌30个基点。 ...

Industry Overview - The Zacks Gaming industry is experiencing growth due to increased gaming revenues in Macau, strong demand for sports betting, and robust U.S. commercial gaming revenues [1][3][4] - The industry includes companies that operate integrated casinos, hotels, and entertainment resorts, as well as those providing technology products and services in gaming markets [2] Key Themes - Macau's gross gaming revenues (GGR) reached MOP 22.15 billion ($2.76 billion) in August, marking a 12.2% year-over-year increase and a 0.1% gain from July [3] - U.S. commercial gaming revenues rose 9.8% year-over-year in Q2 2025, totaling $19.44 billion from traditional casino games, sports betting, and iGaming [4] - The legalization of sports betting across multiple states has significantly contributed to industry growth, with popular gaming applications including DraftKings and FanDuel [5] Economic Factors - Ongoing economic uncertainty, rising inflation, and geopolitical tensions pose challenges to the gaming industry, potentially reducing consumer discretionary spending [6] Industry Performance - The Zacks Gaming industry ranks 96, placing it in the top 39% of over 245 Zacks industries, indicating positive near-term prospects [7][8] - The industry has outperformed the S&P 500 Index, rising 37.3% over the past year compared to the S&P 500's 19.9% growth [10] Valuation Metrics - The industry has a trailing 12-month EV/EBITDA ratio of 21.45, which is higher than the S&P 500's ratio of 18.35, reflecting a premium valuation [13] Notable Companies - **Boyd Gaming**: Benefits from a diversified business model and operational efficiencies, with a 4.9% increase in 2025 earnings estimates to $6.89 [17][18] - **Red Rock Resorts**: Strong performance from Durango Casino Resort and Las Vegas operations, with a 12.7% increase in 2025 earnings estimates to $1.77 [20][22] - **Melco Resorts & Entertainment**: Strong momentum in Macau operations, with a 69% surge in 2025 earnings estimates to $0.49 [24][25]

Core Viewpoint - Melco Resorts Finance Limited is proposing an international offering of senior notes to fund a conditional cash tender offer for its existing senior notes and for general corporate purposes [1][9]. Group 1: New Notes Offering - The New Notes will be senior obligations of Melco Resorts Finance, ranking equally with existing and future senior indebtedness, with Melco not acting as a guarantor [2]. - The interest rate and terms of the New Notes will be determined at the time of pricing, and the offering is subject to market conditions and investor interest [3]. - The proceeds from the New Notes Offering are expected to fund the Conditional Tender Offer, cover related fees, and potentially redeem any remaining Existing Notes [9][10]. Group 2: Conditional Tender Offer - Melco Resorts Finance has initiated a conditional cash tender offer for its outstanding 5.250% senior notes due 2026, contingent upon the successful completion of the New Notes Offering [4]. - The Conditional Tender Offer will expire on September 19, 2025, unless extended or terminated, with settlement expected on September 24, 2025 [4][5]. - The consideration for each US$1,000 principal amount of Existing Notes will be US$1,000, with minimum denominations of US$200,000 [5]. Group 3: Redemption and Management - Melco Resorts Finance intends to redeem any Existing Notes not purchased in the Conditional Tender Offer, but is not obligated to do so [6]. - The Conditional Tender Offer is being conducted according to the terms set out in the Offer to Purchase, which will be distributed to holders by Kroll Issuer Services Limited [7]. - Deutsche Bank AG and Morgan Stanley & Co. LLC are acting as dealer managers for the Conditional Tender Offer [8].

Group 1 - The article focuses on the Asia Value & Moat Stocks research service, which targets value investors looking for Asia-listed stocks with significant discrepancies between price and intrinsic value [1] - The service emphasizes deep value balance sheet bargains, such as net cash stocks and low price-to-book (P/B) stocks, as well as wide moat stocks that represent high-quality businesses [1] - The author provides a range of watch lists with monthly updates, particularly concentrating on investment opportunities in the Hong Kong market [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] Group 1: Revenue Growth - After three consecutive months of double-digit growth, the operating leverage is expected to start playing a role in the second half of the year, driving margin expansion and profit correction [1] - The bank anticipates a 16% year-on-year growth in gaming revenue for September, suggesting a 16% year-on-year increase for the third quarter [1] Group 2: Company Ratings - Morgan Stanley has assigned "Overweight" ratings to Sands China, MGM China, Wynn Macau, and Melco Resorts [1]

Market Overview - On August 25, US stock indices collectively declined, with the Dow Jones falling by 349.27 points to close at 45,282.47, a decrease of 0.77% [1] - The Nasdaq dropped by 47.24 points to 21,449.29, down 0.22%, while the S&P 500 fell by 27.59 points to 6,439.32, a decline of 0.43% [1] Technology Sector - Major tech stocks showed mixed performance; Tesla rose by 1.94%, Google increased by over 1%, and Nvidia also gained over 1%. In contrast, Microsoft fell by 0.59%, Amazon by 0.39%, Apple by 0.26%, and Facebook by 0.2% [3] - Nvidia announced the launch of the Drive AGX Thor development kit, available for pre-order immediately and set to ship in September, aimed at accelerating the design, testing, and deployment of autonomous vehicles and smart transportation solutions [3] - Nvidia also launched the Jetson AGX Thor developer kit, specifically designed for robotics applications, with a starting price of $3,499, now available for global customers including those in China [3] - Intel stated that Trump's US stockholding plan poses business risks, and on August 22, Intel announced an agreement with the US federal government for an $8.9 billion investment to acquire 433.3 million shares of Intel common stock at $20.47 per share, representing 9.9% of the company [3] Banking Sector - Most bank stocks declined, with JPMorgan down 0.49%, Goldman Sachs down 0.45%, Citigroup down 0.31%, and Morgan Stanley down 0.25%. However, Bank of America rose by 0.04%, and Wells Fargo increased by over 1% [4] Chinese Stocks - The Nasdaq Golden Dragon China Index saw a slight increase of 0.11%. Among popular Chinese stocks, Daqo New Energy rose by over 4%, Melco Resorts increased by over 3%, and NetEase gained over 2%. Conversely, Newegg fell by over 15%, DaJiang Cloud Warehouse dropped by over 9%, and Semtech declined by over 5% [4] Economic Indicators - According to the CME Group's FedWatch tool, traders currently estimate an 84% probability of a Federal Reserve interest rate cut in September [5] - The London Stock Exchange was closed, while the other two major European indices reported declines, with the CAC40 index in Paris closing at 7,843.04, down 126.65 points or 1.59%, and the DAX index in Frankfurt closing at 24,273.12, down 89.97 points or 0.37% [5]

Core Viewpoint - Melco Resorts & Entertainment (MLCO) shows positive financial growth with a significant increase in revenue and net profit, indicating strong operational performance and market confidence [1][2]. Financial Performance - As of June 30, 2025, Melco Resorts reported total revenue of $2.561 billion, representing a year-over-year growth of 12.7% [1]. - The company's net profit attributable to shareholders reached $49.724 million, marking a substantial increase of 36.01% compared to the previous year [1]. Stock Performance - On August 20, the stock price of Melco Resorts increased by 2.1%, closing at $8.77 per share, with a trading volume of $5.1779 million and a total market capitalization of $3.424 billion [1]. Analyst Ratings - On August 1, Melco Resorts received a target price upgrade from Citigroup to $11.5, with a current rating of "Buy" [2]. Business Operations - Melco Resorts operates integrated resort businesses in Asia and Europe, including Altira Macau and City of Dreams in Macau, and is the largest non-casino gaming machine operator in Macau through Mocha Clubs [2]. - The company is also developing the Mediterranean City of Dreams in Cyprus, which is expected to become the largest integrated resort in Europe, alongside operating a temporary casino and four satellite casinos [2].

Group 1 - Lindblad Expeditions (LIND) is part of the Consumer Discretionary sector, which includes 253 companies and ranks 8 in the Zacks Sector Rank [2] - LIND has a Zacks Rank of 2 (Buy), with a consensus estimate for full-year earnings increasing by 22.4% over the past quarter, indicating positive analyst sentiment [3] - Year-to-date, LIND has returned 15.5%, outperforming the average return of 10.2% for Consumer Discretionary companies [4] Group 2 - Lindblad Expeditions operates within the Leisure and Recreation Services industry, which consists of 29 stocks and currently ranks 181 in the Zacks Industry Rank [5] - The average return for the Leisure and Recreation Services industry is 7.1% year-to-date, showing that LIND is performing better than its industry peers [5] - Investors may want to monitor both Lindblad Expeditions and Melco Resorts as they continue to show strong performance in the Consumer Discretionary sector [6]