智通财经网·2025-10-20 03:31Core 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]