Zhi Tong Cai Jing·2025-10-10 05:47Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, attributed to lower-than-expected gaming revenue growth for September and October, influenced by typhoon-related disruptions [1] Group 1: Stock Performance - Sands China (01928) fell by 4.13%, trading at HKD 20.44 [1] - Galaxy Entertainment (00027) decreased by 3.29%, trading at HKD 38.84 [1] - SJM Holdings (00880) dropped by 3.19%, trading at HKD 3.03 [1] - Melco International Development (00200) declined by 3.32%, trading at HKD 5.24 [1] Group 2: Revenue Data - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1] - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below market expectations of 9% growth due to a 33-hour casino shutdown caused by a typhoon [1] Group 3: October Performance Insights - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, with an average daily revenue of approximately MOP 1.1 billion, marking the best performance for the Golden Week in five years [1] - However, this represented only a 3% year-on-year increase compared to a high base last year, falling short of both JPMorgan's and market expectations [1] - Visitor numbers during October 1-5 remained flat, with a 25% drop in visitors on October 5 due to the typhoon, further impacting GGR growth [1] - JPMorgan maintains a positive outlook, projecting a year-on-year GGR growth of 11% to 13% for October, estimating it could reach MOP 23 billion, the highest in six years [1]