Core Viewpoint - The Hong Kong gaming stocks are experiencing a rebound, with significant increases in share prices for major companies in the sector [1] Company Performance - Wynn Macau (01128.HK) has risen by 4.31%, reaching HKD 6.53 [1] - MGM China (02282.HK) has increased by 3.96%, now priced at HKD 15.74 [1] - Melco International Development (00200.HK) has seen a rise of 3.68%, trading at HKD 4.79 [1] - Galaxy Entertainment (00027.HK) has grown by 2.71%, with a current price of HKD 39.44 [1]

Group 1 - The Hong Kong gaming stocks experienced a collective decline, with specific companies like Galaxy Entertainment and Sands China seeing drops of over 5% [1][2] - The Macau government anticipates that the tourism industry will continue to develop in the next fiscal year (2026), estimating the total gaming revenue for next year to be 236 billion MOP [1] - Earlier, the government had revised its gaming revenue forecast for 2025 from 240 billion MOP down to 228 billion MOP [1] Group 2 - Morgan Stanley's report indicates that the growth rate for November may slow down to between 8% and 10% compared to October due to a more challenging base [1]

Core Viewpoint - Goldman Sachs has adjusted its EBITDA forecasts for Wynn Macau (01128) for 2025 to 2027, with a decrease of 4% to an increase of 1%, and has slightly lowered the target price from HKD 7.5 to HKD 7.4, maintaining a "Neutral" rating [1] Financial Performance - Wynn Macau's Q3 property EBITDA was USD 308 million, benefiting from an increase in VIP win rate to 4.26%, compared to 2.97% in the previous quarter [1] - If the VIP win rate is adjusted to the theoretical value of 3.4%, the property EBITDA would be USD 285 million, representing a quarter-on-quarter growth of 7% and a year-on-year growth of 9%, aligning with market expectations [1] - The market share of gaming revenue increased by 1.1 percentage points quarter-on-quarter to 13.1% [1] Management Outlook - The management of Wynn Macau remains optimistic about the prospects of the Macau gaming industry and the company's business, highlighting strong performance in the high-end market, which supported a double-digit year-on-year growth in gaming volume for October [1] - However, due to the low actual win rate in the mass market, the total gaming revenue growth for October may lag behind industry levels, with an estimated market share of approximately 12% for the month [1] Future Projections - Goldman Sachs assumes a market share of 12.6% for Wynn Macau, and anticipates additional costs due to more events being held at the end of the year, projecting Q4 property EBITDA to be USD 280 million and total property EBITDA for the year to be USD 1.1 billion [1] - The expected decline in market share for October and higher costs in Q4 are likely to limit EBITDA and stock price upside potential [1]

Core Viewpoint - Goldman Sachs reports that Wynn Macau's Q3 property EBITDA is $308 million, benefiting from an increase in VIP win rate to 4.26% compared to 2.97% in the previous quarter [1] Group 1: Financial Performance - The adjusted property EBITDA, assuming a theoretical VIP win rate of 3.4%, would be $285 million, reflecting a quarterly growth of 7% and an annual growth of 9%, aligning with market expectations [1] - The market share of gaming revenue increased by 1.1 percentage points to 13.1% quarter-over-quarter [1] Group 2: Management Outlook - Management remains optimistic about the Macau gaming industry and the company's business prospects, highlighting strong performance in the high-end market, which supports a double-digit year-on-year growth in gaming volume for October [1] Group 3: Future Projections - Goldman Sachs assumes a market share of 12.6% and anticipates additional costs due to more events at year-end, projecting Q4 property EBITDA to be $280 million, with an annual EBITDA forecast of $1.1 billion [1] - The firm has adjusted EBITDA forecasts for 2025 to 2027 down by 4% to an increase of 1%, with a slight decrease in target price from HKD 7.5 to HKD 7.4, maintaining a "Neutral" rating due to expected market share decline in October and higher costs in Q4 limiting EBITDA and stock price upside [1]

Core Viewpoint - The report from CICC indicates that the performance of Wynn Macau (01128) is primarily attributed to a low base effect, with the market share of total gaming revenue increasing from 11.8% in Q2 2025 to 13% in Q3 2025 [1] Financial Performance - Wynn Macau reported a net income of $1.001 billion for Q3 2025, representing a 15% increase year-on-year and a 13% increase quarter-on-quarter, recovering to 93% of the level seen in Q3 2019 [1] - Adjusted property EBITDA reached $308 million, up 17% year-on-year and 22% quarter-on-quarter, recovering to 102% of the Q3 2019 level, slightly exceeding market expectations of $301 million [1] Valuation and Ratings - CICC maintains its forecast for adjusted EBITDA for 2025 and 2026, with the stock currently trading at a 2026 expected EV/EBITDA multiple of 7.6 times [1] - The target price has been raised by 4% to HKD 7.9, implying a 2025 expected EV/EBITDA of 8.4 times, with a rating of "outperform" relative to the industry [1]

Core Viewpoint - The report from CICC indicates that the performance of Wynn Macau (01128) is primarily attributed to a low base effect, with the market share of total gaming revenue increasing from 11.8% in Q2 2025 to 13% in Q3 2025 [1] Financial Performance - Wynn Macau reported a net revenue of $1.001 billion for Q3 2025, representing a 15% increase year-on-year and a 13% increase quarter-on-quarter, recovering to 93% of the level seen in Q3 2019 [1] - Adjusted property EBITDA reached $308 million, up 17% year-on-year and 22% quarter-on-quarter, recovering to 102% of the level in Q3 2019, slightly exceeding market expectations of $301 million [1] Valuation and Ratings - CICC maintains its forecast for adjusted EBITDA for 2025 and 2026, with the stock currently trading at a 2026 expected EV/EBITDA multiple of 7.6 times [1] - The rating is maintained at "outperform" with a target price adjustment of 4% to HKD 7.9, implying a 2025 expected EV/EBITDA of 8.4 times [1]

Core Viewpoint - Wynn Macau reported a net revenue of $1.001 billion for Q3 2025, reflecting a 15% year-over-year increase and a 13% quarter-over-quarter increase, recovering to 93% of the Q3 2019 level [1] Financial Performance - Adjusted property EBITDA reached $308 million, up 17% year-over-year and 22% quarter-over-quarter, recovering to 102% of the Q3 2019 level, slightly exceeding market expectations of $301 million [1] - The market share of total gaming revenue increased from 11.8% in Q2 to 13% in Q3 [1] Valuation and Ratings - The company maintains its EBITDA forecasts for 2025 and 2026, with the stock currently trading at an EV/EBITDA multiple of 7.6 times based on 2026 projections [1] - The target price has been raised by 4% to HKD 7.9, with a maintained "outperform" rating [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA to 2.405 billion HKD, exceeding market expectations by 2% but falling short of the bank's expectations by 3% [1] Group 1: Financial Performance - Property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The VIP room win rate was above normal levels, contributing 179 million HKD positively to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] Group 2: Capital Expenditure and Valuation - The company maintains its full-year capital expenditure guidance unchanged [1] - The bank sets a target price of 9 HKD and maintains an "outperform" rating, citing the company's robust cash flow generation and lack of significant expansionary capital expenditures as supportive of its valuation [1]

Core Insights - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA for Q3, reaching 2.405 billion HKD, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The target price is set at 9 HKD, maintaining an "outperform" rating, with the belief that the company has robust cash flow generation due to the absence of significant expansionary capital expenditures, which supports its valuation [1] Financial Performance - The contribution from the VIP gaming room's win rate was a positive 179 million HKD to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] - The company has maintained its full-year capital expenditure guidance unchanged [1]

Core Insights - Wynn Macau Limited reported strong financial results for its Macau operations in Q3 2024, with total operating revenue of approximately $1.001 billion, a year-on-year increase of 14.79% [2] - The EBITDA for the Macau operations reached approximately $308 million, reflecting a year-on-year growth of 17.27% [2] - The increase in operating revenue was primarily driven by a rise in gaming volume in Wynn Macau [2] Financial Performance - Total operating revenue from Wynn Palace was approximately $635.5 million, up 22.26% year-on-year, while EBITDA was about $200.3 million, increasing by 23.41% [2] - Wynn Macau's operating revenue for the third quarter was approximately $365.5 million, showing a year-on-year growth of 3.84% [2] - Total gaming revenue from Wynn Palace was approximately $542 million, reflecting a year-on-year increase of 29.8%, while Wynn Macau's gaming revenue was about $314 million, up 6% [3] Non-Gaming Revenue - Non-gaming revenue from Wynn Palace saw a decline in total room revenue, which was approximately $27.4 million, down 23.9% year-on-year [3] - The average daily rate (ADR) for Wynn Palace was $221, a decrease of 25.08%, and the revenue per available room (RevPAR) was $217, down 24.91% [3] - Wynn Macau's total room revenue was approximately $21.1 million, a decrease of 11%, with an ADR of $207, down 11.16%, and a RevPAR of $205, down 10.87% [3] Other Business Segments - Wynn Palace's food and beverage revenue was approximately $33.3 million, an increase of 5.7% year-on-year, while entertainment, retail, and other revenues were about $22.3 million, up 5.9% [3] - Wynn Macau's food and beverage revenue was approximately $17.3 million, down 11.2%, while entertainment, retail, and other revenues were about $12.5 million, increasing by 5.3% [3] Market Performance - As of November 7, Wynn Macau's stock closed at HKD 6.52 per share, down 1.81% [4]