Core Viewpoint - UBS reported that Galaxy Entertainment's (00027) Q3 EBITDA was approximately 3.3 billion HKD, representing a year-on-year increase of 14% but a quarter-on-quarter decline of 6% [1] Financial Performance - EBITDA of 3.3 billion HKD aligns with UBS and market expectations, even when adjusting for VIP room win rates [1] - Mass gaming revenue increased by 6% quarter-on-quarter, driven by the normalization of mass table win rates, outperforming the industry growth of approximately 2-3% [1] - VIP gaming revenue grew by about 17% quarter-on-quarter; however, due to a win rate of only 3.1%, VIP revenue saw a quarter-on-quarter decline of 15% from a high base [1] Operational Insights - The operation of the Galaxy Hotel is gradually stabilizing, leading to increased costs, with average daily operating expenses and reinvestment rates rising by 9% and 110 basis points quarter-on-quarter, respectively [1] - The luck-adjusted EBITDA margin (excluding construction business) remains around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of 46.9 HKD [1]

Core Viewpoint - Galaxy Entertainment (00027) is expected to see a 5% quarter-on-quarter growth in normalized adjusted EBITDA for Q3 2025, despite a reduction of 140 million yuan due to Typhoon Haikui [1] Group 1: Financial Performance - The company reported strong performance in October, driven by robust foot traffic and exceptionally high win rates at VIP gaming tables, with this momentum continuing into November [1] - Management anticipates that Q4 2025 performance will slightly exceed typical seasonal fluctuations, primarily supported by high-end mass market and VIP room business [1] Group 2: Analyst Ratings - The rating for Galaxy Entertainment is maintained at "Buy," with the target price adjusted from 49 HKD to 47 HKD [1]

大华继显发布研报称，银河娱乐(00027)2025年第三季正常化调整后EBITDA按季增长5%，但台风桦加 沙导致EBITDA减少1.4亿元。公司于10月凭借稳健的客流量及贵宾赌台异常高胜率，交出亮眼业绩，此 势头延续至11月。展望未来，管理层预期2025年第四季表现将略高于常规季节性波动，主要受惠于高端 中场及贵宾厅业务的支撑。维持"买入"评级;将目标价由49港元下调至47港元。 ...

Core Viewpoint - The company has entered into a termination agreement with 澳娱综合 to prematurely end the service agreement, effective from November 13, 2025, leading to the closure of the 励宫娱乐场 in Macau [1] Group 1 - The termination agreement was signed on November 7, 2025, between the company and 澳娱综合 [1] - The closure of the 励宫娱乐场 will be implemented with appropriate measures to ensure an orderly shutdown [1]

Core Viewpoint - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA to 2.405 billion HKD, exceeding market expectations by 2% but falling short of the bank's expectations by 3% [1] Group 1: Financial Performance - Property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The VIP room win rate was above normal levels, contributing 179 million HKD positively to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] Group 2: Capital Expenditure and Valuation - The company maintains its full-year capital expenditure guidance unchanged [1] - The bank sets a target price of 9 HKD and maintains an "outperform" rating, citing the company's robust cash flow generation and lack of significant expansionary capital expenditures as supportive of its valuation [1]

Core Insights - The report from Credit Lyonnais indicates that Wynn Macau (01128) achieved a 17% year-on-year increase in property EBITDA for Q3, reaching 2.405 billion HKD, which is 2% higher than market expectations but 3% lower than the bank's own forecast [1] - The property EBITDA margin expanded by 0.6 percentage points year-on-year to 30.8% [1] - The target price is set at 9 HKD, maintaining an "outperform" rating, with the belief that the company has robust cash flow generation due to the absence of significant expansionary capital expenditures, which supports its valuation [1] Financial Performance - The contribution from the VIP gaming room's win rate was a positive 179 million HKD to EBITDA, which largely offset the additional operating expenses of 195 million HKD caused by Typhoon Haikui [1] - The company has maintained its full-year capital expenditure guidance unchanged [1]

Core Viewpoint - UBS reported that Galaxy Entertainment's EBITDA for the third quarter was approximately HKD 3.3 billion, representing a year-on-year increase of 14% and a quarter-on-quarter decrease of 6%, aligning with the bank's and market expectations [1] Financial Performance - EBITDA, when adjusted for VIP room win rate impact, also recorded HKD 3.3 billion, consistent with expectations [1] - The operating expenses and reinvestment rate increased by 9% and 110 basis points quarter-on-quarter, respectively, due to the gradual ramp-up of operations at the Capella Hotel [1] - The adjusted EBITDA margin (excluding construction business) remained around 27.5% [1] Investment Rating - UBS maintains a "Buy" rating for Galaxy Entertainment with a target price of HKD 46.9 [1]

Core Insights - Wynn Macau Limited reported strong financial results for its Macau operations in Q3 2024, with total operating revenue of approximately $1.001 billion, a year-on-year increase of 14.79% [2] - The EBITDA for the Macau operations reached approximately $308 million, reflecting a year-on-year growth of 17.27% [2] - The increase in operating revenue was primarily driven by a rise in gaming volume in Wynn Macau [2] Financial Performance - Total operating revenue from Wynn Palace was approximately $635.5 million, up 22.26% year-on-year, while EBITDA was about $200.3 million, increasing by 23.41% [2] - Wynn Macau's operating revenue for the third quarter was approximately $365.5 million, showing a year-on-year growth of 3.84% [2] - Total gaming revenue from Wynn Palace was approximately $542 million, reflecting a year-on-year increase of 29.8%, while Wynn Macau's gaming revenue was about $314 million, up 6% [3] Non-Gaming Revenue - Non-gaming revenue from Wynn Palace saw a decline in total room revenue, which was approximately $27.4 million, down 23.9% year-on-year [3] - The average daily rate (ADR) for Wynn Palace was $221, a decrease of 25.08%, and the revenue per available room (RevPAR) was $217, down 24.91% [3] - Wynn Macau's total room revenue was approximately $21.1 million, a decrease of 11%, with an ADR of $207, down 11.16%, and a RevPAR of $205, down 10.87% [3] Other Business Segments - Wynn Palace's food and beverage revenue was approximately $33.3 million, an increase of 5.7% year-on-year, while entertainment, retail, and other revenues were about $22.3 million, up 5.9% [3] - Wynn Macau's food and beverage revenue was approximately $17.3 million, down 11.2%, while entertainment, retail, and other revenues were about $12.5 million, increasing by 5.3% [3] Market Performance - As of November 7, Wynn Macau's stock closed at HKD 6.52 per share, down 1.81% [4]

Group 1 - Goldman Sachs has adjusted Galaxy Entertainment's EBITDA forecast for 2025 to 2027 by 1-2%, raising the target price from HKD 53.2 to HKD 53.7, while maintaining a "Buy" rating, indicating potential upside in Q4 EBITDA [1] - Galaxy Entertainment's Q3 EBITDA decreased by 6% quarter-on-quarter to HKD 3.3 billion, aligning with market expectations, impacted by various factors including reduced contributions from construction business and high VIP win rates [1] - The adjusted EBITDA increased by 7% year-on-year and 5% quarter-on-quarter, with a stable profit margin of 27.4%, as accelerated gaming volume offset additional costs [1] Group 2 - The group's gaming revenue market share in Q3 was stable at 20.3%, slightly down from 20.4% in the previous quarter, with management noting strong gaming revenue momentum continuing into November [1] - Capital expenditures for the period were only HKD 600 million, with a cumulative total of HKD 2.6 billion for the first three quarters, leading to a downward revision of the annual guidance from HKD 7 billion to HKD 3.5 billion [2] - The group hosted approximately 260 events in the first three quarters, resulting in a 41% year-on-year increase in visitor traffic to Galaxy Macau, and plans to assist in hosting the National Games and collaborate with UFC and Tencent Music for various events [2]

Core Viewpoint - The report from Credit Lyonnais indicates that Galaxy Entertainment (00027) achieved a 14% year-on-year increase in adjusted EBITDA for the third quarter, reaching 3.3 billion HKD, which is 4% above expectations [1] Financial Performance - Galaxy Entertainment's third-quarter adjusted EBITDA rose to 3.3 billion HKD, reflecting a 14% increase compared to the previous year [1] - The company's net cash reached 4.5 billion USD, further strengthening its financial position [1] Market Position - Credit Lyonnais believes that Galaxy Entertainment continues to have an advantage in gaining market share in revenue [1] - The company is expected to potentially increase its dividend payout ratio over the next 12 months [1] Investment Rating - Credit Lyonnais maintains a "Outperform" rating for Galaxy Entertainment with a target price of 50.5 HKD, continuing to list it as one of the top two preferred stocks in Macau [1]