智通财经网·2026-01-06 06:22Group 1: Macau Gaming Industry Performance - Macau's gross gaming revenue (GGR) increased by 15% year-on-year to MOP 20.9 billion, slightly below market expectations [1] - For the full year, GGR is expected to rise by just over 9%, compared to market expectations of 7% to 8% [1] - The growth in inbound travelers from mainland China, particularly due to tensions in Sino-Japanese relations, contributed to an 18% year-on-year increase in visitor numbers in November [1] - The quarterly GGR for the industry rose by 14% year-on-year to MOP 66.1 billion, recovering to 92% of pre-pandemic levels [1] - Market share for Galaxy Entertainment and Wynn Macau slightly increased, while SJM Holdings, Wynn Macau, and Melco Resorts may lose market share [1] Group 2: MGM China Financial Adjustments - MGM China announced a significant increase in its licensing fee to 3.5% of net revenue, with an annual cap raised to USD 18.83 million [2] - This new agreement is expected to lead to a 6% to 7% downward adjustment in EBITDA forecasts for the next two fiscal years, and a 13% to 14% reduction in profit forecasts [2] - Consequently, the target price for MGM China was lowered from HKD 20.1 to HKD 18.4 [2]