Core Viewpoint - UBS reports that Macau's average daily gross gaming revenue (GGR) for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP observed after the National Day Golden Week, indicating a strong demand environment [1] Industry Summary - The average daily GGR for the first nine days of November reflects a seasonal increase of about 1% compared to the average after the National Day Golden Week [1] - The average daily GGR for the mass market has decreased by approximately 7% to 9% compared to the previous month, while VIP betting amounts have declined by about 4% to 6% [1] - The VIP win rate is estimated to be between 3.2% and 3.5% [1] - Market consensus anticipates an average daily GGR of around 673 million MOP for November, suggesting that the remaining 21 days of the month will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is equivalent to an expected enterprise value to EBITDA (EV/EBITDA) multiple of 8.6 times for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred stocks include Galaxy Entertainment (00027), MGM China (02282), and Wynn Macau (01128) [1]

Core Viewpoint - UBS report indicates that the average daily gross gaming revenue (GGR) in Macau for the first nine days of November is approximately 711 million MOP, which is roughly in line with the average of 715 million MOP during the National Day Golden Week, reflecting a strong demand environment [1] Industry Summary - The average daily GGR for November is expected to be around 673 million MOP, suggesting that the remaining 21 days of November will see an average daily GGR of approximately 657 million MOP [1] - The current industry valuation is at 8.6 times the expected enterprise value to EBITDA (EV/EBITDA) for 2026, which is 0.7 standard deviations below the two-year average [1] Company Preferences - The industry’s preferred companies are Galaxy Entertainment, MGM China, and Wynn Macau [1]