Zhi Tong Cai Jing·2025-12-09 09:21Core Viewpoint - Macquarie expresses optimism about Galaxy Entertainment (00027) due to its strong property project reserves and ample hotel room supply, with the upcoming full operation of the Galaxy Hotel expected to enhance its share in the premium mass market [1] Group 1: Company Insights - Galaxy Entertainment is anticipated to benefit from the opening of the Galaxy Hotel, which is expected to boost its market share in the high-end mass market [1] - Macquarie suggests investors reassess Sands China (01928) and MGM China (02282), highlighting both companies' potential for market share growth and attractive valuation levels [1] Group 2: Industry Performance - Third-party data indicates that Macau's gaming revenue increased by 32% year-on-year over the past week, with improvements in the first week of the month, suggesting a return of major players to gaming activities post-Asian Games [1] - Average daily gaming revenue in the mass market grew by 5% to 8% compared to November, while VIP room daily gaming revenue increased by 6% to 8%, with VIP win rates ranging from 2.9% to 3.2%, down from 3.2% to 3.5% in November [1] - Macquarie expects December gaming revenue to maintain the momentum from the previous month, projecting a double-digit year-on-year increase [1] Group 3: Market Share Expectations - Macquarie forecasts that Wynn Macau (01128) and SJM Holdings (00880) will capture the most market share in November, with increases of 1.5 and 1 percentage points, respectively, while Sands China and MGM China are expected to each gain 0.5 percentage points [1] - Sands China's market share has steadily rebounded over the past few months, reaching a 13-month high of 24.5% in November [1]