Group 1 - The core viewpoint of the report indicates that Wynn Macau's Q3 property EBITDA increased by 17% year-on-year to HKD 2.405 billion, 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 high win rate in the VIP room contributed HKD 179 million positively to EBITDA, offsetting the additional operational expenses of HKD 195 million caused by Typhoon Haikui [1] Group 2 - The bank maintains a "Outperform" rating for Wynn Macau with a target price of HKD 9, citing the company's robust cash flow generation as a supportive factor for its valuation [1] - Morgan Stanley forecasts a slowdown in Macau's total gaming revenue growth to 8% to 10% in November, while maintaining a short-term positive outlook on Wynn Macau [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。 （於開曼群島註冊成立之有限公司） （股份代號：1128及債務股份代號：5280、40102、40357、5754、5877） 內幕消息 我們的控股股東 WYNN RESORTS, LIMITED 截至2025年9月30日止第三季及 2025財政年度首三季的未經審核業績， 表格10-Q季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期 貨條例（第571章）第XIVA部而刊發。 我們的控股股東Wynn Resorts, Limited已於2025年11月6日（拉斯維加斯時間下午2:21）或 前後公佈其截至2025年9月30日止第三季及截至2025年9月30日止2025財政年度首三季 的未經審核業績。 本公告乃由永利澳門有限公司（「我們」或「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期貨條例 ...

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。 （於開曼群島註冊成立之有限公司） （股份代號：1128及債務股份代號：5280、40102、40357、5754、5877） 內幕消息 我們的控股股東 WYNN RESORTS, LIMITED 截至2025年9月30日止 第三季及2025財政年度首三季的未經審核業績 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期 貨條例（第571章）第XIVA部而刊發。 我們的控股股東Wynn Resorts, Limited已於2025年11月6日（拉斯維加斯時間下午1:05）或 前後公佈其截至2025年9月30日止第三季及2025財政年度首三季的未經審核業績。 本公告乃由永利澳門有限公司（「我們」或「本公司」，連同其附屬公司統稱「本集團」）根 據香港聯合交易所有限公司證券上市規則第13.09及37.47B條以及證券及期貨條例（第571 章）第XIVA部而刊發。 * 僅供識別。 ...

FF301 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: 2025年10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: 永利澳門有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 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) | 01128 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.001 | HKD ...

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for October reached 24 billion MOP, representing a year-on-year increase of 16% and a month-on-month increase of 32%, marking the strongest gaming performance in six years, exceeding market expectations by 11% to 12% [1] Group 1: Short-term Outlook - The bank anticipates that the growth rate may slow to 8% to 10% in November due to a tougher comparison base compared to October [1] - Wynn Macau is viewed positively in the short term due to attractive valuation and high leverage [1] Group 2: Mid-term Outlook - Sands China is favored in the mid-term as there is an opportunity to increase dividends in February next year, and it is expected to continue expanding market share in Q4 of this year [1] Group 3: Long-term Outlook - Galaxy Entertainment is seen as a long-term investment opportunity due to its value advantage and long-term growth potential [1] - All mentioned stocks are rated as "Overweight" with target prices set at HKD 8, HKD 24.5, and HKD 48.5 respectively [1]

Core Viewpoint - Morgan Stanley's report indicates that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, reflecting pent-up demand during the Golden Week due to previous disruptions from a typhoon and the Mid-Autumn Festival [1] Group 1: Industry Insights - The report suggests a significant upward trend in gaming revenue, with total revenue for October potentially reaching 23 billion MOP, marking a 71-month high [1] - Starting from December, due to a low base, the firm anticipates double-digit growth in gaming revenue, maintaining low double-digit increases into the first quarter of next year [1] Group 2: Company Ratings - The company is optimistic about Wynn Macau (01128), assigning an "Overweight" rating, expecting its Q3 performance to exceed expectations [1] - For the medium term, Galaxy Entertainment (00027) is also viewed positively, receiving an "Overweight" rating [1] - The company holds a negative outlook on SJM Holdings (00880) and Melco International (00200), assigning "Neutral" and "Underweight" ratings respectively, citing high valuations relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue for the first 26 days of October reached 20.4 billion MOP, indicating a potential upward trend in gaming revenue due to pent-up demand from the Golden Week holiday [1] Industry Summary - The average daily gaming revenue for October is 785 million MOP, with last week's revenue accelerating to 793 million MOP, reflecting increased activity post-typhoon and mid-autumn festival [1] - The total gaming revenue for October could reach 23 billion MOP, potentially marking a 71-month high [1] - Starting from December, a low base is expected to drive double-digit growth in gaming revenue, continuing into the first quarter of next year with low double-digit increases [1] Company Summary - Wynn Macau (01128) is viewed positively in the short term, with an "Overweight" rating and expectations for third-quarter performance to exceed forecasts [1] - Galaxy Entertainment (00027) is also favored in the medium term, receiving an "Overweight" rating [1] - The outlook for SJM Holdings (00880) and Melco International (00200) is less favorable, with "Neutral" and "Underweight" ratings respectively, as their valuations are considered high relative to fundamentals, and shareholder returns over the next 12 months are expected to be limited [1]

Core Viewpoint - Morgan Stanley's research report indicates a significant potential upward trend in Macau's gaming revenue, with October's total revenue possibly reaching 23 billion MOP, marking a 71-month high [1] Group 1: Gaming Revenue Insights - As of October 26, Macau's gaming revenue reached 20.4 billion MOP, with an average daily revenue of 785 million MOP, showing an acceleration to 793 million MOP in the previous week [1] - The report suggests that the increased revenue may reflect pent-up demand during the Golden Week, as many players shortened their trips due to the typhoon and Mid-Autumn Festival [1] - Morgan Stanley forecasts that starting from December, gaming revenue is expected to record double-digit growth, maintaining low double-digit increases in the first quarter of next year [1] Group 2: Company Ratings - Morgan Stanley has a positive short-term outlook on Wynn Macau, assigning an "Overweight" rating, anticipating that its third-quarter performance may exceed expectations [1] - The firm also maintains an "Overweight" rating on Galaxy Entertainment, indicating a favorable mid-term outlook [1] - Conversely, Morgan Stanley is less optimistic about SJM Holdings and Melco International, assigning "Neutral" and "Underweight" ratings respectively, citing their valuations as high relative to fundamentals and limited shareholder returns over the next 12 months [1]

Core Insights - The gaming stocks have collectively risen, with Sands China up 5.04%, Wynn Macau up 4.6%, Melco International Development up 4.45%, and Galaxy Entertainment up 3.94% [1] Industry Summary - CICC maintains its forecast for total gaming revenue in Macau for 2025 while raising the forecast for 2026, expecting a year-on-year growth of 9% and 5% respectively, recovering to 84% and 88% of 2019 levels [1] - The brokerage anticipates mass gaming revenue to grow by 7% and 6% in the next two years, reaching 119% and 126% of 2019 levels [1] - VIP gaming revenue is projected to increase by 19% in 2025 but decrease by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Company Insights - Huatai Securities notes that despite temporary disruptions from typhoons during the National Day holiday and late September, the number of visitors to Macau has met government expectations and exceeded levels from the same period in 2019 when excluding weather impacts [1] - The daily gaming revenue during the National Day holiday showed a slight year-on-year increase [1] - Key drivers for the sector post-holiday include policies like "one permit, multiple entries" between Zhuhai and Macau, the wealth effect from "gold stocks," and the synergistic effects of non-gaming events such as the NBA China Games and the National Games [1]

Group 1 - The gaming stocks collectively rose, with Sands China increasing by 5.04% to HKD 18.98, Wynn Macau up by 4.6% to HKD 6.59, Melco International Development rising by 4.45% to HKD 4.69, and Galaxy Entertainment gaining 3.94% to HKD 38.48 [1] - CICC maintains its forecast for total gaming revenue in Macau for 2025 while raising the forecast for 2026, expecting total gaming revenue to grow by 9% and 5% year-on-year for the next two years, recovering to 84% and 88% of 2019 levels [1] - The firm anticipates mass gaming revenue to grow by 7% and 6% year-on-year for the next two years, recovering to 119% and 126% of 2019 levels, while VIP gaming revenue is expected to grow by 19% in 2025 and decline by 5% in 2026, recovering to 29% and 28% of 2019 levels [1] Group 2 - Huatai Securities estimates that the number of visitors to Macau, after excluding weather impacts, aligns with government expectations and exceeds levels from the same period in 2019, with daily gaming revenue during the National Day holiday showing a slight year-on-year increase [1] - The core drivers for the gaming sector post-holiday include policy benefits from the "one permit, multiple entries" scheme, the wealth effect from "gold stocks," and the synergistic effects of non-gaming events such as the NBA China Games and the National Games [1]