Zhi Tong Cai Jing·2026-02-13 02:38Group 1 - The gaming stocks are experiencing a decline, with notable drops in share prices for major companies such as Melco International Development down 6.21% to HKD 4.53, Wynn Macau down 4.58% to HKD 5.83, and MGM China down 1.59% to HKD 13.58 [1] - Wynn Macau announced a year-on-year decline of 7% in property EBITDA for Q4 2025, amounting to HKD 21.13 billion, which is 10% lower than market expectations due to decreased win rates in VIP and mass gaming segments [1] - The property EBITDA margin contracted by 3.6 percentage points year-on-year to 28%, aligning with Morgan Stanley's expectations [1] Group 2 - Melco International Development reported a 17% increase in adjusted EBITDA to USD 1.4 billion for its subsidiary, Melco Resorts [1] - Morgan Stanley's report indicated that the average daily gaming revenue in Macau during the first five days of the Golden Week last year was approximately MOP 1.1 billion, with expectations for this year's Lunar New Year holiday gaming revenue to match or exceed last year's figures due to similar occupancy rates and a 25% increase in average daily room rates [1] - The high occupancy rates are expected to extend demand beyond the holiday period, supporting a projected 13% year-on-year growth in total gaming revenue for February [1]