Investment Rating - The report aligns with the views of CITIC Lyon Research, indicating a positive outlook for the Hong Kong hotel and leisure industry, particularly for key players like Sands China, Galaxy, and MGM China [5]. Core Insights - The market share of Sands China, Galaxy, and MGM China in Gross Gaming Revenue (GGR) has increased year-on-year, with notable fluctuations in VIP win rates observed in October and November, followed by a decline in December [5]. - EBITDA margins for various license operators remain a critical focus, reflecting their effectiveness in cost control and promotional spending [5]. - There is potential for further expansion in dividend payments for Galaxy and MGM China, given their strong cash reserves [5]. - Capital expenditure for Galaxy's Phase 4 in Macau is expected to peak in 2026, while MGM China's regular dividend payout ratio is anticipated to increase to match Galaxy's level [5]. - Investor attention is also directed towards the growth rate of Sands China's dividends per share, which is contingent on the growth of free cash flow attributable to shareholders [5].
香港酒店及休闲行业：市场领导者的优势地位
citic securities·2026-01-09 07:29