Core Viewpoint - Goldman Sachs reports that Macau gaming companies attribute the recent strong performance in Gross Gaming Revenue (GGR) to a combination of major events, wealth effects driven by the stock market, relaxed visa policies, and ongoing security concerns in Thailand and the Philippines, leading more mainland travelers to choose Hong Kong and Macau as destinations [1] Group 1: Industry Performance - The overall industry anticipates strong growth momentum to continue for the remainder of the year, with hotel bookings nearly full for the Golden Week [1] - Goldman Sachs projects that Macau's total gaming revenue will grow by 9% year-on-year in 2025, implying a year-on-year growth of 14% from September to December this year, and a growth of 7% in 2026 [1] Group 2: Company Recommendations - Sands China is the top pick for Goldman Sachs, as the stock price has not fully reflected its ability to regain market share and potential for dividend growth, despite short-term risks from recent promotional adjustments and reinvestment rates affecting third-quarter profit margins, with a target price of HKD 24.8 and a "Buy" rating [1] - Galaxy Entertainment is also favored, with expectations of increased market share driven by the new hotel Capella and major events, receiving a target price of HKD 55.9 and a "Buy" rating [1] - MGM China is noted for its attractive valuation, expected to maintain a market share of 15% to 16%, with a dividend yield of 5.1%, and potential to absorb some gaming volume from the upcoming closure of satellite casinos, assigned a target price of HKD 20.4 and a "Buy" rating [1]

Group 1 - Morgan Stanley reports that Macau's gaming revenue in August increased by 12% year-on-year, aligning with the bank's and market expectations [1] - After three consecutive months of double-digit growth, the operating leverage is expected to start playing a role in the second half of the year, driving margin expansion and profit correction [1] - The bank anticipates a 16% year-on-year increase in gaming revenue for September, indicating a 16% rise in the third quarter [1] Group 2 - Morgan Stanley maintains "overweight" ratings for Sands China (01928), MGM China (02282), and Wynn Macau (01128) [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, Macau's total gross gaming revenue amounted to 140.896 billion MOP, reflecting a year-on-year growth of 6.5% [1] - Morgan Stanley has revised its annual growth forecast for Macau's gaming revenue from 5% to 10%, and EBITDA growth forecast from 2% to 6%, indicating strong operational leverage and improved profit estimates [1] Group 2 - HSBC Global Research reported that the 19% year-on-year increase in Macau's gaming revenue exceeded expectations, driven by strong high-end demand [1] - The increase in demand is attributed to a rise in tourism frequency and higher gaming budgets from high-end mid-tier players [1] - Despite a 20% rise in Macau gaming stocks since June, the potential for continued growth into August and beyond, along with low valuations, could further drive stock prices upward [1]

Group 1 - The core viewpoint of the article highlights a significant increase in Macau's gaming revenue, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, Macau's total gross gaming revenue amounted to 140.896 billion MOP, reflecting a year-on-year growth of 6.5% [1] - Morgan Stanley has revised its annual growth forecast for Macau's gaming revenue from 5% to 10%, and EBITDA growth forecast from 2% to 6%, indicating strong operational leverage and improved profit estimates [1] Group 2 - HSBC Global Research reported that the 19% year-on-year increase in Macau's gaming revenue exceeded expectations, driven by strong high-end demand [1] - The increase in demand is attributed to a rise in tourism frequency and higher gaming budgets from high-end players, suggesting sustained demand in the coming months [1] - Despite a 20% rise in Macau gaming stocks since June, there remains potential for growth into August and beyond, supported by low valuations [1]

Core Viewpoint - Morgan Stanley reports that Macau's gaming revenue has exceeded expectations for two consecutive months, with a year-on-year growth of 19%, prompting an upward revision of the annual growth forecast for gaming revenue from 5% to 10% and EBITDA growth from 2% to 6% [1] Group 1: Industry Performance - The significant positive operating leverage, reduced competition, and improved profit estimates are highlighted as key factors contributing to the industry's strong performance [1] - Despite the recent strong performance, the industry is still considered undervalued if growth can be sustained [1] Group 2: Future Projections - Macau's gaming revenue forecasts for 2025, 2026, and 2027 are projected at MOP 248.963 billion, MOP 263.9 billion, and MOP 279.7 billion, representing year-on-year increases of 9.8%, 6%, and 6% respectively [1] Group 3: Company Target Price Adjustments - Morgan Stanley has raised the target prices for all six companies under coverage, maintaining a positive outlook on Melco Resorts, MGM China, and Sands China, all rated as "Overweight" [1] - Specific target price adjustments include MGM China from HKD 14.5 to HKD 18, Sands China from HKD 17.5 to HKD 21, and Silver Heritage from HKD 35 to HKD 40, maintaining a "Market Perform" rating [1]

Group 1 - The core point of the news is that Macau's gaming revenue has shown significant growth, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, the total gross gaming revenue in Macau amounted to 140.896 billion MOP, reflecting a year-on-year increase of 6.5% [1] Group 2 - The monthly gross gaming revenue for July 2025 was 22.125 billion MOP, compared to 18.595 billion MOP in July 2024, indicating a growth rate of 19% [2] - Cumulative gross gaming revenue for the first seven months of 2025 reached 140.896 billion MOP, compared to 132.348 billion MOP in the same period of 2024, showing a 6.5% increase [2]

Group 1 - Gaming stocks are rising against the trend, with MGM China up 6.67% to HKD 16.64, Melco International Development up 4.02% to HKD 5.44, Sands China up 1.82% to HKD 19.06, and Galaxy Entertainment up 1.32% to HKD 38.45 [1] - MGM China reported total revenue of HKD 8.667 billion for Q2, a year-on-year increase of 8.89%, and total revenue of HKD 16.661 billion for the first half of the year, up 2.73% year-on-year [1] - The adjusted EBITDA for Q2 reached HKD 2.511 billion, marking a year-on-year growth of 2.79%, setting a new record [1] Group 2 - Citigroup raised the target price for MGM from HKD 17.1 to HKD 18 while maintaining a "Buy" rating [1] - Citigroup maintains a forecast for July 2025 GGR at MOP 21 billion, which is approximately 86% of the July 2019 level, with a year-on-year growth of 13% [1] - Macquarie recently increased its forecast for total gaming revenue in Macau for 2025 by 5% to MOP 235.7 billion, representing a year-on-year growth of 4% [1]