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Investment Rating - The report maintains an "Overweight" rating for the gaming industry, specifically recommending "Buy" for MGM China and Galaxy Entertainment with target prices of HKD 19.30 and HKD 49.50 respectively [2][8]. Core Insights - The gaming sector in Macau shows a resilient recovery trend despite disruptions from typhoons, with average daily Gross Gaming Revenue (GGR) slightly increasing year-on-year during the National Day holiday [10]. - The report anticipates continued upward momentum in the second half of 2025, driven by favorable policies, wealth effects, and non-gaming activities [10]. - The report highlights the importance of upcoming non-gaming events, such as the NBA China Games and the National Games, which are expected to boost visitor numbers and spending [7][10]. Summary by Sections Industry Overview - Macau's GGR for the first five days of the National Day holiday averaged MOP 1.1 billion, slightly above the previous year's MOP 1.08 billion [6]. - The total GGR for September decreased by 17.5% month-on-month to MOP 18.3 billion, recovering to 83% of 2019 levels [6][22]. Visitor Trends - Total visitors to Macau during the National Day holiday reached 1.144 million, with an average of 143,044 daily visitors, slightly below the government's expectation of 150,000 [11]. - Mainland visitors accounted for 83.3% of the total, with daily averages recovering to 104% of 2019 levels [11]. Company Recommendations - Galaxy Entertainment is recommended with a target price of HKD 49.50, reflecting an EV/EBITDA of 10.6x for 2026, benefiting from concert-driven traffic and room capacity advantages [8]. - MGM China is also rated "Buy" with a target price of HKD 19.30, supported by its quality service and effective coordination between gaming and non-gaming operations [8]. Upcoming Events - Key non-gaming events include the NBA China Games on October 10 and 12, and the National Games from November 9 to 21, which are expected to attract significant visitor traffic [7][10].