Group 1 - The core viewpoint of the articles indicates that Macau's gaming revenue is expected to show strong growth starting in 2026, with recent data supporting this trend [1][2] - According to a report from Jefferies, Macau's gaming revenue averaged MOP 693 million per day as of January 11, reflecting an 18% year-on-year increase [1] - The industry survey suggests that January's gaming revenue could achieve a year-on-year growth of 15% to 21%, indicating a positive outlook for the sector [1] Group 2 - UBS noted that the average daily gaming revenue in Macau over the past seven days was approximately MOP 693 million, which is lower than the MOP 800 million average in the first four days of January [2] - Year-to-date, Macau's gaming revenue has reached a solid average of MOP 732 million per day, representing a year-on-year growth of about 24% and a month-on-month growth of approximately 9% [2] - This performance is significantly better than the seasonal growth of about 2% observed from 2015 to 2019 [2]

Core Viewpoint - Macquarie forecasts that Macau's gaming revenue in December could increase by 17% to 22% year-on-year, with a total revenue estimate of MOP 213 billion to MOP 222 billion [1] Group 1: Industry Insights - The average daily gaming revenue in Macau last week was MOP 700 million, reflecting a week-on-week increase of 8% [1] - The VIP room win rate has returned to normal levels, with average daily revenue in the mass market increasing by 3% to 5% compared to November, and VIP room daily revenue growing by 2% to 5% [1] - The VIP room win rate is reported to be between 2.7% and 2.9%, which is lower than the over 3% recorded in November [1] Group 2: Company Recommendations - Galaxy Entertainment (00027) is identified as the top pick in the gaming sector, with a target price of HKD 57.5, rated "outperform" due to its strong property project reserves and ample hotel room supply [1] - The opening of the Capella Hotel by the end of this year is expected to enhance Galaxy's market share in the high-end mass market [1] - Investors are advised to reconsider Sands China (01928) and MGM China (02282) due to their market share growth and attractive valuation levels, with target prices set at HKD 25.2 and HKD 22.6 respectively, both rated "outperform" [1]

Group 1 - The gaming stocks have experienced significant declines, with MGM China down 3.55% to HKD 15.74, Sands China down 3.67% to HKD 19.96, Wynn Macau down 1.6% to HKD 6.15, and Melco International Development down 1.52% to HKD 4.55 [1] - The Macau SAR government has projected that the gross gaming revenue for the next year will be estimated at MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred tourist destination for wealthy travelers from mainland China, with a forecasted 6% year-on-year growth in gaming revenue and a 10% increase in industry EBITDA for the next year, maintaining an EBITDA margin of approximately 29% [1]

Core Viewpoint - The Macau gaming stocks have experienced significant declines, with major companies like MGM China, Sands China, Wynn Macau, and Melco International Development all reporting drops in their stock prices amid concerns over the gaming industry's future performance [1] Group 1: Stock Performance - MGM China shares fell by 3.55%, trading at HKD 15.74 [1] - Sands China shares decreased by 3.67%, trading at HKD 19.96 [1] - Wynn Macau shares dropped by 1.6%, trading at HKD 6.15 [1] - Melco International Development shares declined by 1.52%, trading at HKD 4.55 [1] Group 2: Government and Market Outlook - The Macau SAR government has projected that the gaming gross revenue for the next year will be MOP 236 billion, considering various favorable factors and external uncertainties [1] - Citigroup's research report indicates that Macau will continue to be a preferred travel destination for affluent mainland tourists, supported by rich concert activities, luxurious new hotel offerings, and new baccarat side bet options [1] Group 3: Revenue Projections - Citigroup forecasts a 6% year-on-year growth in Macau's gaming revenue for the upcoming year [1] - The industry EBITDA is expected to grow by 10% year-on-year, with an EBITDA margin remaining stable at approximately 29% [1]

Group 1 - The core viewpoint of the article is that Macau is expected to remain a preferred travel destination for affluent mainland tourists, driven by a rich lineup of concert events, luxurious new hotel offerings, and new baccarat side bets [1] - The forecast for Macau's gaming revenue in the coming year is a year-on-year growth of 6%, with industry EBITDA projected to grow by 10% annually, maintaining an EBITDA margin of approximately 29% [1] Group 2 - Sands China is identified as the top pick in the industry, with expectations that it will become the largest market share winner by 2026, increasing its share by 1.6 percentage points to 25.1%. The target price has been raised from HKD 25.5 to HKD 26.5 [1] - Wynn Macau is also highlighted, with the expansion of the Chairman's Club in the VIP gaming area expected to open in the first quarter of next year, leading to a recovery in market share. Its target price has been increased from HKD 7.2 to HKD 8.05 [1] - Other preferred gaming stocks include Galaxy Entertainment, MGM China, Melco Resorts, and SJM Holdings, with target prices set at HKD 54, HKD 20, USD 13, and HKD 2.3 respectively [1] - Las Vegas Sands is maintained as the global gaming stock of choice, with its target price raised from USD 75.5 to USD 76.75 [1]