Core Viewpoint - Goldman Sachs upgraded the rating of Golden Century Holdings (03918) from "Neutral" to "Buy" due to confidence in the company's increasing gaming revenue and EBITDA [1] Group 1: Company Valuation - The current valuation of the company is not considered excessive, with an enterprise value to after-tax EBITDA ratio of 5 times for the fiscal year 2026, compared to historical peaks of 6 to 7 times during industry upcycles [1] - Goldman Sachs adjusted its EBITDA forecasts for 2025 to 2027, increasing estimates by 34% to 40%, and raised the target price from HKD 3.88 to HKD 7.5 [1] Group 2: Market and Operational Insights - The newly opened Dechong International Airport has significantly increased passenger capacity, contributing to a strong growth in flights to Phnom Penh, with an overall year-on-year increase of 10% to 15%, and a 40% to 50% increase in flights from China [1] - The Cambodian government has recently implemented a visa-free policy for Chinese travelers, which is expected to further boost tourism and gaming revenue [1] Group 3: Financial Projections - For the fiscal year 2026, the company is projected to see a year-on-year increase in gaming revenue and EBITDA of 13% and 15%, respectively, which could yield approximately 11% free cash flow yield and 8% dividend yield [1]

Core Viewpoint - Morgan Stanley's research report indicates that Macau's total gaming revenue for the first seven days of December reached 5.2 billion MOP, averaging approximately 742 million MOP per day, representing an increase of over 5% from November and more than 25% year-on-year, albeit from a low base [1] Group 1: Industry Performance - If the optimistic scenario continues until the end of the month, the total gaming revenue for Q4 could increase by 18% to 19% year-on-year and by 8% to 9% quarter-on-quarter, reaching a six-year high, significantly above the bank's and market's expectations of 13% to 14% [1] Group 2: Company Outlook - In the short term, the company is optimistic about Sands China, anticipating an announcement in late February regarding an increase in the 2026 dividend, along with expected improvements in market share and profit share for Q4; a target price of 24.5 HKD is set with a "Buy" rating [1] - In the long term, the company maintains a preference for Galaxy Entertainment due to its strong value and long-term growth potential, with the fourth phase development project expected to reflect in the stock price starting next year; a target price of 50 HKD is also set with a "Buy" rating [1]

Group 1 - UBS reports that the Macau gaming industry is driven by increased tourism products, enhanced marketing activities, and a more diversified customer base, leading to sustained growth in high-end market gaming revenue [1] - UBS slightly raises its 2023 Macau gaming revenue forecast by less than 1% to a year-on-year growth of 9%, although it remains 16% lower than 2019 levels [1] - The firm also increases its 2024 gaming revenue forecast by 1% to a year-on-year growth of 6%, which is still 11% below 2019 figures, and raises the 2027 forecast by 2% to a growth of 4%, 7% lower than 2019 [1] Group 2 - UBS raises the target price for Sands China from $67 to $68, maintaining a "Neutral" rating [1] - The target price for MGM Resorts is maintained at $37 with a "Neutral" rating [1] - The target price for Wynn Resorts is kept at $147 with a "Buy" rating [1] Group 3 - Citigroup raises the target price for Wynn Resorts to $124.5 [2] - Bank of America increases the target price for Wynn Resorts to $100 [2] - MGM China repurchased 50,000 shares for HKD 836,000 on December 5 and 63,600 shares for HKD 1,074,000 on December 4 [2]

波黑媒体《萨拉热窝时报》12月3日报道。根据波黑联邦税局官方数据，今年1至10月，联邦投注站 与老虎机俱乐部/赌场总营业额已突破18亿马克。其中，投注站营业额方面，黑塞哥维那—内雷特瓦州 以超过2.57亿马克位居首位，而波斯尼亚—波德里涅州营业额最低。老虎机俱乐部/赌场方面，萨拉热 窝州以近2.15亿马克的营业额领先，中波斯尼亚州则以1180万马克居末，波斯尼亚—波德里涅州与第十 州在该领域未产生营业额。联邦税局指出，2025年投注站营业额呈下降趋势，而老虎机俱乐部和赌场的 营业额较2024年同期有所增长。（驻波黑使馆经商处） （原标题：今年1至10月波黑联邦博彩业营收超18亿马克） ...

智通财经APP讯，永利澳门(01128)公布，Jacqui Krum女士已获委任为公司非执行董事，自2026年1月1 日起生效;Ellen F. Whittemore女士出任公司非执行董事的委任将于2025 年12月31日完结。 ...

瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推广 增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预测 由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银预期明年濠赌股竞争 格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为银河娱乐(00027)、 永利澳门(01128)及美高梅中国(02282)。 ...

瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的旅游产品、市场推广 增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门博彩总收入增长预测 由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银预期明年濠赌股竞争 格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为银河娱乐(00027)、 永利澳门(01128)及美高梅中国(02282)。 ...

智通财经APP获悉，瑞银发布研报称，对澳门博彩业明年前景看法正面，预期需求将保持强韧，丰富的 旅游产品、市场推广增加及客户基础更多元化均将支持行业增长，特别看好高端需求，将今明两年澳门 博彩总收入增长预测由8%及5%，提升至9%及6%，并预期博彩营运商EBITDA可增长约1%及7%。瑞银 预期明年濠赌股竞争格局将维持稳定，当中高端博彩营运商份可持续取得市场份额，目前行业首选股为 银河娱乐(00027)、永利澳门(01128)及美高梅中国(02282)。 ...

Core Viewpoint - UBS has a positive outlook on the Macau gaming industry for the next year, expecting demand to remain robust due to a rich array of tourism products, increased market promotion, and a more diversified customer base [1] Group 1: Industry Growth Projections - The total gaming revenue growth forecast for Macau has been raised from 8% and 5% to 9% and 6% for the next two years [1] - EBITDA for gaming operators is expected to grow by approximately 1% and 7% in the coming years [1] Group 2: Competitive Landscape - The competitive landscape for gaming stocks in Macau is expected to remain stable next year, with high-end gaming operators likely to sustainably gain market share [1] - The preferred stocks in the industry currently include Galaxy Entertainment, Wynn Macau, and MGM China [1]

Core Points - MGM China has been actively repurchasing its shares, with a total of 71.33 thousand shares bought back over three consecutive days starting from December 1, amounting to 1.18944 million HKD [2] - The stock price of MGM China has shown a cumulative increase of 2.72% during the same period [2] - Year-to-date, the company has conducted 40 share repurchase transactions, totaling 30.1386 million shares and an aggregate repurchase amount of 47.2 million HKD [3] Repurchase Details - On December 3, 2025, MGM China repurchased 23.20 thousand shares at a price range of 16.710 to 16.960 HKD, with a total expenditure of 391.41 thousand HKD [2] - The highest and lowest prices for the shares repurchased on December 2 and December 1 were 16.830 HKD and 16.650 HKD, and 16.590 HKD and 16.440 HKD, respectively [3] - The detailed repurchase history shows consistent activity, with significant repurchases occurring throughout the year, including a notable transaction of 100 thousand shares on multiple occasions [4]