大行评级丨杰富瑞：澳门2月博彩总收入低于预期，维持银河娱乐“买入”评级

Core Viewpoint - Jefferies reported that Macau's total gaming revenue for February reached 20.6 billion MOP, reflecting a year-on-year growth of 4% and a month-on-month growth of 1%. Although this data fell short of market expectations and the firm's initial estimates of 10.5% and 8%, it was better than the weekly channel survey trends indicating a year-on-year decline in the first three weeks of February [1] Group 1: Industry Performance - February's total gaming revenue in Macau was 20.6 billion MOP, with a year-on-year increase of 4% and a month-on-month increase of 1% [1] - The reported figures were below market expectations and Jefferies' initial estimates of 10.5% and 8% [1] - Weekly channel surveys indicated a year-on-year decline in the first three weeks of February [1] Group 2: Company Preferences - Jefferies maintains a preference for high-end operators, including Galaxy Entertainment and Wynn Resorts [1] - The firm retains a "Buy" rating on Galaxy Entertainment, citing that its Q4 performance was generally in line with expectations [1] - Strong visitor and business activity continued during the Lunar New Year period, with expectations of increased capital expenditure by 2026 as the fourth phase project progresses [1]