Zhi Tong Cai Jing·2025-11-19 09:23Core Insights - UBS report indicates new customer segments emerging in Macau's high-end gaming market, including high-income professionals from various industries such as hardware technology and pharmaceuticals [1] - Gamblers report improved financial conditions over the past 12 months, with expectations for further improvement in the next 12 months, supporting resilient gaming demand [1] - The report forecasts a 5% growth in total gaming revenue (GGR) and an 11% increase in EBITDA by 2026 [1] Industry Trends - High-end gamblers prioritize factors such as rebates, membership programs, hotel room quality, and fine dining options [1] - High-end gaming companies are better positioned to capture the demand from this customer segment [1] - Strategies focusing on high-end marketing, customer incentives, and product positioning will enhance the ability of high-end gaming companies to stand out and increase market share [1] Stock Recommendations - UBS's top stock picks include Galaxy Entertainment (00027), Wynn Macau (01128), and MGM China (02282) with target prices of HKD 46.9, HKD 8.4, and HKD 19.8 respectively, all rated as "Buy" [1]