澳门励骏(01680)发布2025年中期业绩，持续经营业务收益1.68亿港元，同比减少7.57%;期内亏损14.21 亿港元，同比扩大1192.54%;每股基本亏损229.12港仙。 ...

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in its financial performance for the first half of 2025, with a notable increase in losses compared to the previous year [1] Financial Performance - The revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] - The company incurred a loss of HKD 14.21 billion, which is an increase of 1192.54% compared to the same period last year [1] - The basic loss per share was HKD 2.2912 [1]

来源：市场资讯 （来源：澳门江湖） 澳博控股(880)公佈2025年中期业绩，期内集团总淨收益146.39亿元（港元、下同），按年升6.07%。 其中博彩淨收益136.28亿元，增长5.66%。 经调整EBITDA为16.46亿元，减少5.1%。市佔率由去年同期12.5%，增加至12.9%；公司拥有人应佔亏 损扩至1.82亿元(去年同期亏损1.62亿元)。 同时，集团宣佈计划以5.29亿元，向控股股东澳门旅游娱乐股份有限公司收购位于葡京酒店内约7,504平 方米(约80,772平方呎)的前博彩区域。 收购后，相关楼面将併入葡京娱乐场的现有营运，并获配置年底前结束营运的衞星场部分赌枱及角子机 资源。 澳博控股主席兼执行董事及澳娱综合常务董事何超凤表示： "是次策略性收购、连同两间标志性葡京品 牌物业的同步升级，将有助巩固本集团的竞争优势，拓展贵宾及中场客层，并有效维繫属于前衞星娱乐 场原有的地区忠实顾客群。 餐饮方面，上葡京已完成7间全新餐饮项目，涵盖国际知名品牌及自营休閒餐饮，提供澳葡、意大利、 中国及东南亚等多元菜式，更包括一个现代化美食广场，荟萃地道特色小食。新葡京酒店亦将新增约3 间餐饮场馆，在其高端餐 ...

Core Viewpoint - The performance of Kingsoft Holdings in 1H25 exceeded expectations, with significant growth in both total revenue and EBITDA, driven by a recovery in business volume and the introduction of new products [1][2]. Financial Performance - Total revenue reached $342 million, a year-on-year increase of 17% and a quarter-on-quarter increase of 27%, recovering to 38% of the level in 1H19 [1]. - Total gaming revenue was $332 million, also reflecting a 17% year-on-year increase and a 28% quarter-on-quarter increase, recovering to 38% of the level in 1H19 [1]. - EBITDA amounted to $200 million, showing a year-on-year growth of 261% and a quarter-on-quarter growth of 36%, recovering to 61% of the level in 1H19, surpassing the forecast of $188 million [1]. Development Trends - Infrastructure improvements and increased flight frequency have boosted visitor numbers, driving growth in the mid-market segment [1]. - The number of Chinese tourists visiting Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers increasing by 46% year-on-year and 31% quarter-on-quarter [1]. - The new Decho International Airport is set to open in September 2025, with a passenger capacity of 13 million, while the existing Phnom Penh International Airport will cease operations [1]. VIP Business Growth - The direct VIP business turnover increased by 88% year-on-year and 87% quarter-on-quarter in 1H25, driven by the rise in business travelers and expatriates [2]. - The acceleration in foreign direct investment in Cambodia, particularly following Chinese President Xi Jinping's visit in April, has contributed to this growth [2]. Future Plans and Dividend - The Naga 3 project is expected to announce more details in 1H26, with management anticipating more iconic tourist attractions and amenities [2]. - The company declared an interim dividend of $0.0101 per share, corresponding to a 30% payout ratio, compared to a historical level of 60% [2]. Earnings Forecast and Valuation - The EBITDA forecasts for 2025 and 2026 have been raised by 6%, reaching $406 million and $481 million, respectively [2]. - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with a target price raised by 12% to HKD 6.50, indicating a 12% upside potential from the current price [2].

Core Viewpoint - The performance of 澳博控股 in 2Q25 fell short of market expectations, with a net income of HKD 7.16 billion, reflecting a 4% year-on-year growth but a 4% quarter-on-quarter decline, returning to 85% of the level seen in 2Q19 [1] Financial Performance - The adjusted EBITDA for the company was HKD 688 million, down 21% year-on-year and 28% quarter-on-quarter, recovering to 69% of the level in 2Q19, and was below Bloomberg's consensus estimate of HKD 939 million [1] - Daily operating costs increased by HKD 900,000, representing a 9.9% year-on-year growth and a 4.4% quarter-on-quarter growth, with management expecting future daily operating costs to continue rising by HKD 100,000 to HKD 200,000 [1] Development Trends - 澳博 signed an agreement with 澳娱综合 to acquire 7,504 square meters of space in the 澳门葡京酒店 for HKD 539 million, which is expected to allow the allocation of 25-35% of the satellite gaming tables (458 tables) in the newly acquired area, potentially doubling the number of gaming tables at the 澳门葡京酒店 [1] - Management plans to increase marketing rebate expenditures to compete with peers in Macau [1] - The company is seeking to raise funds through mortgage loans for the acquisition of 澳门凯旋门 and 十六浦 properties by the end of 2025, and will refinance a USD 500 million bond maturing in January 2026 through bank loans [1] Earnings Forecast and Valuation - The adjusted EBITDA forecasts for 2025 and 2026 remain unchanged, with the company's stock price corresponding to a 10x adjusted EV/EBITDA for 2025 [2] - The target price has been raised by 19% to HKD 2.50, corresponding to an 8x adjusted EV/EBITDA for 2H25e+1H26e, indicating a 25% downside potential from the current stock price [2]

Core Viewpoint - Suncity Group International Development (00200.HK) reported a net revenue of HKD 19.96 billion for the six months ending June 30, 2025, representing an increase of HKD 2.2 billion or 12.4% year-on-year, primarily driven by improved performance in both gaming and non-gaming operations [1] Financial Performance - The adjusted EBITDA for the period was HKD 5.37 billion, compared to HKD 4.49 billion in the same period last year [1] - The profit attributable to the company's owners was HKD 350.8 million, a significant turnaround from a loss of HKD 253.2 million recorded in the previous year [1]

Core Viewpoint - 澳博控股 reported a significant increase in losses for the first half of the year, leading to a decline in stock price and the decision not to distribute an interim dividend [1] Financial Performance - Total revenue from gaming, hotel, dining, retail, leasing, and related services reached HKD 14.639 billion, an increase of 6.07% year-on-year [1] - Shareholders' attributable loss amounted to HKD 1.82 billion, representing a year-on-year increase of 12.19% [1] - Basic loss per share was HKD 0.026 [1] - Adjusted EBITDA decreased by 5.1% to HKD 1.646 billion, with an adjusted EBITDA margin dropping by 1.4 percentage points to 11.2% [1] Strategic Developments - 澳博控股 announced the acquisition of part of the Lisboa Hotel from its controlling shareholder for HKD 5.29 billion [1] - The company anticipates that this property will allow for the expansion of existing business at the Lisboa Casino, including the addition of new facilities and gaming areas [1] - 澳博控股 plans to support the gaming operations at this property with certain gaming tables and slot machines from a satellite casino expected to cease operations by the end of 2025 [1]

隔夜美股高开高走！道指、标普500指数再创收盘新高，中概指数涨0.14%。连跌3日的港股三大指数集 体高开，恒指涨0.39%，国指涨0.46%，恒生科技指数涨0.8%。 另一方面，昨日大幅上涨的半导体股多数走低，华虹半导体跌3.58%，中芯国际飘绿，濠赌股个别走 低，上半年股东应占亏损扩大至1.82亿港元，澳博控股大跌9.58%，快递股、海运股、乳制品股普遍下 跌。(格隆汇) 盘面上，大型科技股集体上涨，快手涨2%，京东涨1.65%，百度、网易涨超1%，阿里巴巴、美团、腾 讯均有涨幅；保险股普遍上涨，其中，新华保险绩后涨超6%领衔，中国人寿涨超1%；中资券商股多数 活跃，正式在香港推出加密货币交易服务，国泰君安国际涨近6%，重型机械股、建材水泥股、家电 股、汽车股齐涨。 ...

Core Insights - Red Rock Resorts reported strong Q2 2025 earnings, with both earnings and revenues exceeding estimates, indicating positive financial performance [2][3] Financial Performance - Adjusted EPS for Q2 2025 was 95 cents, surpassing the Zacks Consensus Estimate of 40 cents, and up from 59 cents in the prior-year quarter [3] - Quarterly revenues reached $526.3 million, beating the Zacks Consensus Estimate of $485 million, and grew 8.2% year over year from $486.4 million [3] - Net income increased to $108.3 million from $69.8 million in the prior-year quarter [5] - Adjusted EBITDA was $229.4 million, a 13.7% increase from $201.7 million year over year, with an adjusted EBITDA margin expanding to 43.6% from 41.5% [5] Segment Performance - Las Vegas Operations generated revenues of $513.3 million, up 6.2% from $483.2 million in the prior-year quarter, with adjusted EBITDA of $239.4 million, up 7.3% from $223.1 million [4] - Native American Management reported revenues and adjusted EBITDA of $10 million, reflecting cumulative development fee recognition [4] Financial Position - As of June 30, 2025, cash and cash equivalents were $145.2 million, up from $122.8 million as of March 31, 2025, while outstanding debt remained at $3.4 billion [6] - The board declared a cash dividend of $0.25 per share, payable on September 30, 2025, demonstrating commitment to shareholder returns [6] Market Outlook - There has been an upward trend in estimates for Red Rock Resorts, with the consensus estimate shifting by 11.72% recently [7] - The stock has a Growth Score of B and a Momentum Score of B, with an aggregate VGM Score of B, indicating a balanced investment profile [9] Industry Context - Red Rock Resorts operates within the Zacks Gaming industry, where Las Vegas Sands reported revenues of $3.18 billion for the last quarter, reflecting a year-over-year increase of 15% [11] - Las Vegas Sands is expected to post earnings of $0.61 per share for the current quarter, indicating a change of 38.6% from the year-ago quarter [12]

神话世界(00582)发布2025年中期业绩，收益4.10亿港元，同比下降21.8%;净亏损2.44亿港元，同比扩大 5.6%。 于本期间的综合亏损净额增加主要归因于本期间房价压力及顾客支出削弱，导致综合收益(尤其是来自 集团综合度假区及博彩业务的收益)下降;及投资物业的公平价值较2024年同期下降。 ...