大行评级丨高盛：澳门1月份博彩总收入胜预期，预计农历新年假期表现强劲

Group 1 - The core viewpoint of the report indicates that Macau's January gaming revenue (GGR) exceeded market expectations, growing 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth in Q4 of the previous year [1] - Daily gaming revenue averaged MOP 730 million, slightly up from MOP 718 million in Q4 of last year, attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] - The report anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, with domestic tourism demand remaining robust, estimating daily revenue could reach MOP 850 million to MOP 900 million, assuming gaming revenue is 25% to 35% above trend levels [1] Group 2 - In terms of company performance, despite Sands China’s Q4 EBITDA falling short of expectations, raising concerns about increased competition, this was primarily due to one-time expenses related to the NBA and National Games, as well as a shift in the gaming revenue mix towards lower-margin VIP business [1] - The report maintains a positive outlook for Galaxy Entertainment and MGM China, expecting Q4 EBITDA to rise by 28% and 8% quarter-on-quarter, respectively, reiterating a "buy" rating for these stocks [1]