智通财经网·2026-01-14 02:43Core Viewpoint - UBS reports that due to calendar effects, the average daily gaming revenue in the past week was approximately MOP 693 million, lower than the MOP 800 million in the first four days of the month, indicating a solid average daily revenue of MOP 732 million for the month to date, representing a year-on-year increase of about 24% and a month-on-month increase of about 9% [1] Summary by Sections Gaming Revenue Performance - The average daily gaming revenue for the month to date is approximately MOP 732 million, which is a year-on-year increase of about 24% and a month-on-month increase of about 9% [1] - The average daily gaming revenue in the past week was approximately MOP 693 million, lower than the MOP 800 million in the first four days of the month [1] - The seasonal performance from 2015 to 2019 showed a month-on-month growth of about 2%, indicating that the current performance is better than historical trends [1] Business Segment Analysis - The mass market gaming revenue daily run rate increased by 8% to 10% month-on-month [1] - The VIP room turnover increased by 6% to 8% month-on-month, with a win rate of 2.7% to 2.9%, compared to a win rate below 3% in December [1] Market Expectations - The market expects an average daily gaming revenue of approximately MOP 677 million for January, which represents a year-on-year growth of about 15% [1] - To meet this expectation, the average daily run rate for the remaining 20 days of January needs to reach approximately MOP 647 million [1] Valuation Metrics - The sector is currently trading at 8.8 times the estimated enterprise value/EBITDA for 2026, which is 0.6 standard deviations below its two-year average [1] - UBS prefers Galaxy Entertainment (00027) and Wynn Macau (01128) as top picks in this sector [1]