智通财经网·2025-11-12 02:37Core Viewpoint - UBS reports that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days reflects a seasonal increase of about 1% compared to the post-National Day period, suggesting robust demand [1] - In terms of market segments, the average daily mass gaming revenue has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, implying that the remaining 21 days will average about 657 million MOP [1] - The current industry valuation is approximately 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]