Ge Long Hui·2025-12-12 06:35Group 1 - The core viewpoint of the article is that Macau is expected to remain a preferred travel destination for affluent mainland tourists, driven by a rich lineup of concert events, luxurious new hotel offerings, and new baccarat side bets [1] - The forecast for Macau's gaming revenue in the coming year is a year-on-year growth of 6%, with industry EBITDA projected to grow by 10% annually, maintaining an EBITDA margin of approximately 29% [1] Group 2 - Sands China is identified as the top pick in the industry, with expectations that it will become the largest market share winner by 2026, increasing its share by 1.6 percentage points to 25.1%. The target price has been raised from HKD 25.5 to HKD 26.5 [1] - Wynn Macau is also highlighted, with the expansion of the Chairman's Club in the VIP gaming area expected to open in the first quarter of next year, leading to a recovery in market share. Its target price has been increased from HKD 7.2 to HKD 8.05 [1] - Other preferred gaming stocks include Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings, with target prices set at HKD 54, HKD 20, USD 13, and HKD 2.3 respectively [1] - Las Vegas Sands is maintained as the global gaming stock of choice, with its target price raised from USD 75.5 to USD 76.75 [1]