Zhi Tong Cai Jing·2025-08-25 07:00Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue (GGR) rising by 19.0% year-on-year to 22.1 billion MOP, reaching a post-pandemic high and recovering to 90% of the levels seen in the same period of 2019 [1] - Major gaming stocks in Macau, including Sands China, Galaxy Entertainment, Wynn Macau, and Melco International Development, experienced substantial gains in their stock prices, with increases ranging from 4.34% to 5.45% [1] - HSBC forecasts that the upcoming months will see a continuous influx of visitors due to a series of non-gaming activities, predicting that August's gaming revenue could reach between 21.6 billion to 22.7 billion MOP, reflecting a year-on-year increase of 9% to 15% [1] Group 2 - CITIC Securities notes that a variety of entertainment activities and newly opened or renovated properties are effectively attracting core gaming customers, suggesting potential structural improvements in the industry's win rate [1] - The demand-side changes are identified as a more critical reason for the improvement in gaming data, with Macau's gaming sector being a significant indicator of high-end discretionary spending, benefiting from a marginal improvement in consumption willingness among high-end consumers from mainland China [1] - Under a neutral assumption with no incremental positive or negative factors, CITIC Securities predicts an 8-10% growth in the industry's GGR by 2025 [1]