里昂发表研究报告，预期澳博去年第四季业绩表现疲弱，按收入计市场份额及利润率受压，可能拖累盈 利表现，目前预测季度经调整EBITDA将按年下跌30%至6.96亿港元，相信投资者将关注其市场份额表 现、资产负债表稳健程度，以及完成收购澳门凯旋门后何时恢复派息。里昂预测澳博上季业绩将表现平 平，全年或录得净亏损1.87亿港元，将目标价由3港元轻微下调至2.9港元，维持"跑赢大市"评级，并将 今明两年净利润预测下调6%至8%。 ...

Core Viewpoint - UBS reports that MGM China (02282) expects a mid-single-digit growth in daily gross gaming revenue (GGR) by 2026, driven by strong performance in the high-end market [1] Group 1: Company Outlook - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] Group 2: Financial Projections - MGM China expects its EBITDA profit margin to remain at a high level in the mid-20% range [1] - Operating expenses (opex) are projected to grow in line with revenue [1] - The management is considering increasing the dividend payout ratio to offset the impact on earnings per share [1]

Core Viewpoint - UBS reports that MGM China management expects the average daily gross gaming revenue (GGR) in the industry to grow in the mid-single digits by 2026, driven by strong demand in the high-end market [1] Company Summary - MGM China plans to upgrade its properties, including converting 160 rooms into 60 suites in Cotai, and launching a new high-end mid-market area in the first half of 2026 [1] - After the upgrades, the total number of suites will increase from 290 to 350 [1] - The company anticipates maintaining a market share of 15% to 17% this year [1] - EBITDA margin for the properties is expected to remain in the mid-20% range [1] - Operating expenses (opex) are likely to align with revenue growth [1] - Recent organizational changes have streamlined the management structure, which will help accelerate decision-making processes in the future [1] - The company is also considering increasing the dividend payout ratio to offset the impact on earnings per share [1] Industry Summary - The gaming industry is projected to see a mid-single-digit growth in average daily GGR by 2026, supported by strong performance in the high-end market [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The global economy has passed its peak and is starting to decline due to the continuous wrong policies of the United States [4] - The United States' return to the Monroe Doctrine and global contraction will have a profound and disruptive impact on major asset classes such as the global economy, US Treasuries, US stocks, the US dollar, precious metals, and industrial metals [3] 3. Summaries by Related Catalogs Global Economic News - President Trump announced a $200 billion mortgage - bond purchase plan through Fannie Mae and Freddie Mac to lower mortgage rates [1] - US White House assistants are considering paying $100,000 to each Greenland resident to persuade them to break away from Denmark; Greenland has about one - third of the world's rare - earth reserves, 17.5 billion barrels of oil, and 4.15 trillion cubic meters of natural gas [1] - US December non - farm payrolls increased by 50,000, below expectations; the December unemployment rate was 4.4%, below the expected 4.5%, and the probability of a 25 - basis - point Fed rate cut in January dropped to 5% [1] - The AI boom is reshaping the global financing market, and in 2025, the global convertible bond financing scale soared to about $166.5 billion, a 24 - year high since 2001 [1] - As the AI theme boom may slow down, market focus is shifting to US "middle - class consumption", which may drive the US stock bull market in 2026 [1] - In 2025, US employers announced 1.206 million layoffs, a 58% increase from 2024, the highest in five years, mainly due to federal government spending cuts and tech industry strategic adjustments [1] - The eurozone labor market showed resilience, with the November unemployment rate dropping to 6.3%, but future employment recovery will be uneven [1] - Russia expressed serious concern about the US's illegal force action against a Russian oil tanker, which may intensify military and political tensions in the Euro - Atlantic region [1] Global Economic Logic - The US's actions in capturing the Venezuelan president, seizing oil tankers, and trying to buy Greenland have led to a "collapse" of the global political order, bringing great uncertainty to the global economy [2] - Fed uncertainty is expected to peak from July to November 2026, and there may be a trend of "fleeing US assets" [2] - The Fed cut rates by 25 basis points in December and began buying $40 billion in short - term bonds per month, restarting the expansion of its balance sheet [2] - The decline in Las Vegas gambling revenue is similar to the early warning signals before the 2008 financial crisis [2] - The US released a new National Security Strategy, aiming to adjust economic relations with China and revitalize its economic autonomy [2] - Consumer K - shaped differentiation in the US is intensifying, with high - income consumers' spending remaining resilient while low - and middle - income families are cutting back [2] - The Bank of Japan raised rates by 25 basis points, and the yield of 10 - year Japanese government bonds rose to 2.1% [2] - Google plans to double AI computing power every six months and achieve a 1000 - fold increase in the next 4 - 5 years [2] - Morgan Stanley believes that AI data center construction will require at least $5 trillion in the next five years [2] - NVIDIA's CEO said China will win the AI competition due to a more favorable regulatory environment and lower energy costs [2] - The US unemployment rate rose to 4.6%, and economists are worried that large - scale corporate layoffs are an economic warning signal [2]

Group 1 - The core viewpoint of the article is that Citigroup expects the EBITDA of the Macau gaming industry to grow by 14% year-on-year in the fourth quarter of last year, with Galaxy Entertainment (00027) projected to achieve a 31% year-on-year EBITDA growth due to several concerts being held at Galaxy Macau and improved performance in the VIP gaming segment [1] - Citigroup believes that Galaxy Entertainment's potential EBITDA growth is above the industry average, which is likely to drive the stock price up in the short term [1] - The target price set by Citigroup for Galaxy Entertainment is HKD 54, with a "Buy" rating assigned to the company [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry is experiencing significant growth, with a 15% increase in gaming revenue, and an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the revenue shares of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The target price for Wynn Macau (01128) has been revised down from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5 [1] - Both Galaxy Entertainment and MGM China are highlighted as preferred stocks in the industry [1]

Group 1 - The core viewpoint of the article is that the Macau gaming industry experienced a 15% increase in gaming revenue, leading to an expected EBITDA growth of 16% to $2.2 billion in the fourth quarter [1] - The report anticipates that the market share of Galaxy Entertainment (00027), Sands China (01928), and MGM China (02282) will increase compared to the previous year [1] - Investors are expected to focus on EBITDA profit margins and dividends ahead of the earnings releases [1] Group 2 - The company has revised its earnings forecasts by incorporating actual gaming revenue data for the fourth quarter of 2025 and adjusting market share and profit margin predictions [1] - The target price for SJM Holdings (01128) has been lowered from HKD 8.4 to HKD 8.2, while the target price for Galaxy Entertainment has been raised from HKD 49.1 to HKD 49.5, maintaining an outperform rating for both companies [1] - Galaxy Entertainment and MGM China remain the preferred stocks in the industry [1]

Group 1 - The company announced a purchase agreement for the issuance of $540 million senior notes due in 2031 with a coupon rate of 6.5% [1] - The total proceeds from the issuance of the notes will amount to $540 million, which will be used for refinancing existing debt and general corporate purposes [1] - Concurrently, a subsidiary of the company is making a cash offer to repurchase any and all of the outstanding 2026 notes [1]

Core Viewpoint - The company, 澳博控股 (00880), has announced a purchase agreement for the issuance of $540 million in senior notes due in 2031 at a coupon rate of 6.5% [1] Group 1: Financial Details - The total amount raised from the issuance of the notes will be $540 million [1] - The net proceeds from the issuance are intended for refinancing existing debt and general corporate purposes [1] Group 2: Related Transactions - Concurrently with the proposed note issuance, Champion Path Holdings Limited, a wholly-owned subsidiary of the company, is making a cash offer to repurchase any and all of the outstanding 2026 notes [1]

Group 1 - The Chinese Ministry of Public Security successfully repatriated Chen Zhi, the head of a major cross-border gambling and fraud crime syndicate, from Phnom Penh, Cambodia, with the support of Cambodian authorities [1][3] - Chen Zhi's criminal group is suspected of multiple offenses, including operating casinos, fraud, illegal business operations, and concealing criminal proceeds [1][3] - The Cambodian government has arrested Chen Zhi at the request of Chinese authorities and has initiated a joint investigation that lasted several months [3] Group 2 - The Prince Bank, a subsidiary of Chen Zhi's Prince Group, has entered liquidation and is prohibited from conducting any banking operations, including accepting deposits and providing loans [3] - Chen Zhi's Cambodian nationality was revoked in December 2025, and he has been previously charged in the U.S. with telecom fraud and money laundering, with a request to confiscate 127,000 bitcoins valued at approximately $15 billion at that time [3] - The UK government has frozen several of Chen Zhi's properties, including a £12 million residence and a £100 million office building in London [3] Group 3 - The Chinese Ministry of Public Security reported that in 2025, law enforcement agencies cracked down on telecom network fraud, solving 258,000 cases and arresting 542 key figures, including the masterminds behind fraud syndicates [4] - Recently, 100 fugitives involved in telecom network fraud have been publicly wanted by the Chinese authorities [4]