Zhi Tong Cai Jing·2025-12-23 06:29Group 1 - The core viewpoint of the article indicates that Macau's average daily gaming revenue increased to 700 million MOP last week, reflecting an 8% week-on-week rise, with VIP room win rates returning to normal levels [1] - Compared to November, the average daily revenue from the mass market increased by 3% to 5%, while the average daily revenue from VIP rooms grew by 2% to 5%, with VIP win rates ranging from 2.7% to 2.9%, down from over 3% in November [1] - Assuming the average daily gaming revenue remains between 660 million to 750 million MOP for the rest of the month, total gaming revenue for December is projected to reach between 21.3 billion to 22.2 billion MOP, representing a year-on-year increase of 17% to 22% [1] Group 2 - The preferred stock in the gaming industry is Galaxy Entertainment (00027), with a target price of 57.5 HKD and a rating of "Outperform," primarily due to its strong property project reserves and ample hotel room supply [1] - The company anticipates that the Capella Hotel, which will fully commence operations by the end of this year, is expected to enhance its market share in the high-end mass market [1] - Additionally, investors are encouraged to reassess Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at 25.2 HKD and 22.6 HKD, respectively, both rated as "Outperform" [1]