该行预测2月份赌收将按年增长7.4%，市场预期中位数为增长10.5%，意味着2月16日至28日期间日均博 彩总收入达9.54亿澳门元。银河娱乐与美高梅中国仍为该行首选。 里昂发表报告指，澳门在今年农历新年黄金周档期前五天(2月15日至19日)共接待77.93万名旅客，按可 比基准计算按年增长7.4%。即使假设黄金周剩余时段的旅客量按年持平，旅客总量仍将达148.6万人 次，较政府预测高出6%。报告指，该行在2月20日实地考察时，赌场大厅人潮多且最低投注额表现稳 健。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Macau experienced a 7.4% year-on-year increase in visitor numbers during the first five days of the Lunar New Year holiday period, with a total of 779,300 visitors [1] Group 1: Visitor Statistics - Macau welcomed 779,300 visitors from February 15 to 19, representing a 7.4% increase compared to the same period last year [1] - Even if the remaining period of the holiday sees no increase in visitor numbers, the total is projected to reach 1.486 million, exceeding government forecasts by 6% [1] Group 2: Casino Performance - On-site observations on February 20 revealed a strong crowd in casino halls and stable minimum betting amounts [1] - The forecast for February's gaming revenue is a 7.4% year-on-year increase, with a median market expectation of 10.5%, suggesting an average daily gaming revenue of 954 million Macau Patacas from February 16 to 28 [1] Group 3: Preferred Companies - Galaxy Entertainment (00027) and MGM China (02282) are identified as the preferred companies by Credit Lyonnais [1]

观点网讯：2月23日，里昂发表研究报告指出，澳门在2026年农历新年黄金周前五天（2月15日至19日） 共接待旅客77.93万人次，按可比基准计算同比增长7.4%。即使假设黄金周剩余时段旅客量同比持平， 总旅客量仍将达148.6万人次，较澳门政府预测高出6%。 报告称，该行于2月20日实地考察时观察到赌场大厅人潮众多，最低投注额表现稳健。里昂据此预测 2026年2月澳门博彩总收入将同比增长7.4%，略低于市场预期中位数的10.5%。这意味着2月16日至28日 期间，日均博彩总收入约为9.54亿澳门元。 另外，里昂继续将银河娱乐与美高梅中国列为行业首选。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 上个马年沪指涨近60%！新年新福利来了，炒股排面要拉满，新号启幸运>> ...

Core Viewpoint - The Macau gaming stocks experienced a collective rise, with significant increases in share prices, driven by positive forecasts for the upcoming Lunar New Year holiday gaming revenue [1] Group 1: Stock Performance - Melco International Development saw a rise of over 6% [2] - Sands China increased by 4% [2] - Galaxy Entertainment and Wynn Macau both rose by 2.5% [2] - SJM Holdings and MGM China both experienced a 2% increase [2] Group 2: Market Insights - Morgan Stanley's research report indicated that the average daily gaming revenue in Macau during the first five days of last year's Golden Week was approximately 1.1 billion MOP [1] - The hotel occupancy rate during this year's Lunar New Year is expected to be similar to last year, with average daily room rates (ADR) up by about 25% [1] - The forecast for gaming revenue during this year's Lunar New Year holiday is expected to match or exceed last year's Golden Week figures [1] - The firm anticipates a 13% year-on-year growth in total gaming revenue for February [1] - EBITDA for the industry is projected to grow by 16% year-on-year in the first quarter of this year, leading to upward revisions in profit forecasts [1] Group 3: Hotel Industry Outlook - Macau hotel operators report a continuous increase in hotel booking rates and travel agency orders for the Spring Festival period [1] - Hotel occupancy rates during the Spring Festival are expected to exceed 90%, indicating a peak in Macau's tourism market [1]

Core Viewpoint - Goldman Sachs reports that Macau's total gaming revenue (GGR) in January exceeded market expectations, growing by 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth seen in the previous quarter [1] Group 1: Revenue Performance - The average daily gaming revenue was MOP 730 million, compared to MOP 718 million in the previous quarter [1] - The strong performance is attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] Group 2: Future Expectations - The firm anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, alongside sustained domestic tourism demand [1] - Assuming gaming revenue is 25% to 35% above trend levels, estimated daily revenue could reach MOP 850 million to MOP 900 million [1] Group 3: Impact of Events - The firm does not expect the Winter Olympics to divert gaming demand, and while the World Cup in June and July may have some impact, it is projected to affect monthly revenue by no more than 5% [1] - The firm maintains that gaming revenue will continue to show healthy growth in the first half of the year, forecasting year-on-year growth of 17% and 8% for the first and second quarters, respectively [1]

Group 1 - The core viewpoint of the report indicates that Macau's January gaming revenue (GGR) exceeded market expectations, growing 24% year-on-year to MOP 22.6 billion, reaching 91% of 2019 levels, with an acceleration from the 15% growth in Q4 of the previous year [1] - Daily gaming revenue averaged MOP 730 million, slightly up from MOP 718 million in Q4 of last year, attributed to a healthy visitor volume, with mainland visitor numbers increasing by 18% year-on-year [1] - The report anticipates a strong performance during the Lunar New Year holiday, based on a low comparison base from last year and a longer holiday this year, with domestic tourism demand remaining robust, estimating daily revenue could reach MOP 850 million to MOP 900 million, assuming gaming revenue is 25% to 35% above trend levels [1] Group 2 - In terms of company performance, despite Sands China’s Q4 EBITDA falling short of expectations, raising concerns about increased competition, this was primarily due to one-time expenses related to the NBA and National Games, as well as a shift in the gaming revenue mix towards lower-margin VIP business [1] - The report maintains a positive outlook for Galaxy Entertainment and MGM China, expecting Q4 EBITDA to rise by 28% and 8% quarter-on-quarter, respectively, reiterating a "buy" rating for these stocks [1]

智通财经APP获悉，瑞银发布研报称，澳门过去7日的日均博彩收入约为6.93亿澳门元(下同)，与前7日 约7亿元大致持平，使本月至今的日均博彩收入达到约7.12亿元，同比增长约21%，环比上升约6%，升 幅高于2015至2019年同期平均的2%。 细分而言，中场日均博彩收入及贵宾厅投注额均环比增长6%至8%，而贵宾厅赢率介乎2.4%至2.7%。市 场预期1月日均博彩收入约为6.77亿元，意味着1月余下6日的日均收入只需达到约5.32亿元。 至于即将来临的农历新年假期，该行追踪的32间酒店中，有27间显示客房已售罄，情况与去年同期大致 相若; 维持银河娱乐(00027)及永利澳门(01128)为行业首选，目标价分别为46.9港元及8.9港元，均予"买 入"评级。 ...

Core Viewpoint - Morgan Stanley forecasts that Macau's gaming revenue will grow by 15% year-on-year to MOP 20.9 billion by December 2025, reaching 91% of pre-pandemic levels, slightly below market expectations of 18% due to previous upward adjustments [1] Group 1: Revenue Projections - For Q4 2025, gaming revenue is expected to increase by 15% year-on-year and 6% quarter-on-quarter to MOP 66.1 billion, marking a six-year high and exceeding both the bank's and market's expectations of 9% year-on-year growth [1] - For the full year of 2025, gaming revenue is projected to grow by 9% to MOP 247.4 billion, surpassing the bank's previous expectation of 5% [1] Group 2: Future Outlook - For 2026, the bank maintains its forecast for Macau's gaming revenue to grow by 5% to 6%, driven by a 7% to 8% increase in mass market and slot machine revenues, while VIP room revenues are expected to decline by 5% [1] - The bank anticipates industry profits will grow by 6% to 7% year-on-year, finally expected to outpace revenue growth [1] Group 3: Stock Recommendations - In the short term, the bank remains optimistic about Sands China (01928), while in the long term, Galaxy Entertainment (00027) is preferred, with target prices set at HKD 24.5 and HKD 50 respectively, both rated as "Buy" [1]

Core Viewpoint - Morgan Stanley reports that Macau's total gaming revenue for the first 21 days of December reached 14.65 billion MOP, averaging approximately 697 million MOP per day, indicating a significant increase in daily gaming revenue driven by normalized win rates and luck factors [1] Group 1: Revenue Performance - The average daily gaming revenue for December so far has increased nearly 20% compared to last December's average of 587 million MOP [1] - The daily gaming revenue for the past week reached 700 million MOP, up from 650 million MOP the previous week [1] Group 2: Future Projections - The bank's previous forecasts for December and Q4 gaming revenue growth of 15% and 13% respectively have further upside potential, with current data suggesting Q4 gaming revenue could grow by 15% to 16% year-on-year and 6% to 7% quarter-on-quarter [1] Group 3: Industry Valuation and Stock Recommendations - The gaming sector is currently undervalued, and with improved earnings visibility and an increase in gamblers, there is significant potential for revaluation in the coming quarters [1] - In the short term, the bank is optimistic about Sands China (01928) due to expected dividend increases and improvements in market share and profits for Q4 [1] - In the long term (over 12 months), Galaxy Entertainment (00027) is favored for its solid value and long-term growth potential [1] - The bank continues to recommend avoiding Melco International (00200) and Austar International (00880) [1]

Group 1 - Morgan Stanley forecasts that Macau's gaming revenue in Q4 is expected to grow by 17% year-on-year, with industry EBITDA projected to increase by 15%, surpassing market expectations [1] - The firm continues to favor MGM China (02282) and Galaxy Entertainment (00027) as top picks, anticipating that Q4 performance will drive upward revisions in market earnings forecasts [1] - Q4 and Q1 of the following year are expected to maintain double-digit growth in gaming revenue, supported by potential increases in dividend payouts for gaming companies [1] Group 2 - The firm predicts that Q4 EBITDA for gaming operators will grow by 15% quarter-on-quarter and 6% year-on-year, despite high operating expenses, with potential improvements in profit margins [1] - Morgan Stanley assigns a "Market Perform" rating to Galaxy Entertainment, primarily due to its lower dividend yield and higher enterprise value multiples, lowering the target price from HKD 44 to HKD 43 [1] - Sands China (01928) is striving for greater market share, and with potential for dividend doubling, it receives an "Overweight" rating, maintaining a target price of HKD 23 [1]