大华继显发表研究报告指，澳门7月赌收为221亿澳门元，按年升19%，按月增5%，创下疫情后的新 高，并超出市场预期5%，恢复至2019年水平的90%。 该行考虑到澳门赌收持续回升，将澳门今年全年赌收预测上调4%至2420亿澳门元，意味着按年增长 7%，并恢复至2019年水平的83%。该行维持对澳门博彩行业的增持评级，继续首选银河娱乐，维持目 标价43港元及"买入"评级。另外，该行予金沙中国"买入"评级，目标价22港元。 ...

机构：申万宏源研究 研究员：贾梦迪 MGM China reported 2Q25 net revenue of HK$8.7bn (+9% YoY, +8% QoQ) and adjusted Ebitda of HK$2.5bn (+3% YoY, +6% QoQ), setting a new single-quarter record, which was 72% higher than that in 2019. The results exceeded expectations, mainly due to the better-than-expected increase in market share. We raise 2025E EPS forecast from HK$1.19 to HK$1.25, 2026E forecast from HK$1.28 to HK$1.38, and introduce 2027E forecast of HK$1.43. We raise target price from HK$15.5 to HK$19, with 22% upside pot ...

Core Viewpoint - The successful transition of the family business and wealth from the first generation to the second generation of the "Gambling King" Lui Che Woo's family serves as a model for family business succession, emphasizing the principle of "division of labor without separation of family" [2][6]. Group 1: Family Business Succession - The Lui family has effectively managed the succession of their complex business empire, which includes listed companies like K Wah International Holdings and Galaxy Entertainment Group, by clearly defining roles and responsibilities among family members [2][3]. - The family holds a significant majority of shares in their businesses, ensuring control and management remain within the family [4][5]. - The family’s approach to succession is characterized by a clear division of responsibilities based on each member's expertise and interests, which has facilitated smooth operations and governance [6][7]. Group 2: Ownership and Control Structure - Prior to Lui Che Woo's passing, the family held 66.80% ownership in K Wah International, with specific shares allocated to each child, ensuring a balanced distribution of ownership and control [4]. - Following his death, the family’s ownership in K Wah International decreased to 61.47%, but the shares held by the children increased, indicating a successful transition of ownership [4]. - In Galaxy Entertainment, the family maintained 57.36% ownership before Lui Che Woo's death, which has since adjusted to 56.85%, with significant shares held by the children [5]. Group 3: Role Allocation Among Heirs - The eldest son, Lui Yiu Tung, oversees the Macau operations, while the second son, Lui Yiu Nam, manages the U.S. hotel business, and the youngest son, Lui Yiu Wah, is responsible for the Hong Kong construction business [3][8]. - The daughters, Lui Hui Yu and Lui Hui Ling, are tasked with hotel operations and administrative roles, respectively, reflecting a thoughtful allocation of responsibilities based on their backgrounds [10][11]. - This structured approach to role allocation has been crucial in maintaining family unity and business continuity [11]. Group 4: Family Cohesion and Values - The Lui family emphasizes strong family cohesion, which is essential for the "division of labor without separation of family" model to succeed [11][12]. - Lui Che Woo's commitment to social responsibility and philanthropy has fostered a sense of family pride and recognition, enhancing the family's value system [12]. - The family has engaged in various charitable activities, which have contributed to a lasting legacy and strengthened family bonds [12]. Group 5: Lessons for Other Family Businesses - The Lui family's experience offers valuable insights for other multi-child family businesses, particularly in establishing clear ownership structures and responsibilities [6][18]. - The principle of "division of labor" can also be adapted for single-child families by involving non-family stakeholders and professionals in the management process [18][19]. - Ensuring a collaborative environment among family members and external partners is crucial for long-term business success and stability [19].

Core Viewpoint - Macquarie has raised its adjusted EBITDA forecasts for MGM China for the years 2025 to 2027, with slight adjustments to the target price and maintaining an "outperform" rating [1] Financial Performance - MGM China's gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding Macquarie's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with Macquarie's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing Macquarie's expectations by 3% [1] Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, indicating consistent growth [1] - Management expresses confidence in maintaining market share at a mid-double-digit level [1]

智通财经APP获悉，麦格理发布研报称，上调美高梅中国(02282)2025至27年各年经调整EBITDA预测分 别升2.2%、降0.5%及升0.4%，将公司目标价由22.2港元略微下调至22.1港元，评级为"跑赢大市"。 报告称，美高梅中国次季博彩收入同比及按季计各升12%，超出该行预期2%; 总收入同比升9%，按季 增8%，符合该行预期; 经调整EBITDA创新高，达25.1亿港元，胜于该行预期3%。此外，期内公司的市 场份额同比增长0.6个百分点至16.6%，为六间营运商中最高的连续增长，管理层对其市场份额能够保持 在中双位数水平充满信心。 ...

Group 1 - The core point of the news is that Macau's gaming revenue has shown significant growth, with July's gross gaming revenue reaching 22.125 billion MOP, a year-on-year increase of 19% [1] - For the first seven months of the year, the total gross gaming revenue in Macau amounted to 140.896 billion MOP, reflecting a year-on-year increase of 6.5% [1] Group 2 - The monthly gross gaming revenue for July 2025 was 22.125 billion MOP, compared to 18.595 billion MOP in July 2024, indicating a growth rate of 19% [2] - Cumulative gross gaming revenue for the first seven months of 2025 reached 140.896 billion MOP, compared to 132.348 billion MOP in the same period of 2024, showing a 6.5% increase [2]

Group 1 - The core viewpoint of the article highlights that Macau's gaming revenue has shown significant growth, with July's gross gaming revenue reaching 22.13 billion Macau Patacas, representing a year-on-year increase of 19.0% [1] - For the period from January to July, Macau's total gross gaming revenue amounted to 140.9 billion Macau Patacas, reflecting a year-on-year growth of 6.5% [1]

Core Viewpoint - Macquarie's research report indicates that MGM China’s Q2 gaming revenue increased by 12% year-on-year and quarter-on-quarter, exceeding the firm's expectations by 2% [1] - Total revenue rose by 9% year-on-year and 8% quarter-on-quarter, aligning with the firm's forecasts [1] - Adjusted EBITDA reached a record high of HKD 2.51 billion, surpassing the firm's expectations by 3% [1] Revenue and Market Share - The company's market share grew by 0.6 percentage points year-on-year to 16.6%, the highest among six operators, with management confident in maintaining a mid-double-digit market share [1] - The firm has adjusted its EBITDA forecasts for MGM China for the years 2025 to 2027, with increases of 2.2% for 2025, a decrease of 0.5% for 2026, and an increase of 0.4% for 2027 [1] Target Price and Rating - The target price for MGM China has been slightly reduced from HKD 22.2 to HKD 22.1, while maintaining an "Outperform" rating [1]

新濠国际发展(00200)跌超3%，截至发稿，跌3.13%，报5.27港元，成交额3526.56万港元。 消息面上，新濠国际发展发布公告称，新濠博亚娱乐2025年第二季度的总营运收益为13.3亿美元，同比 增加约15%。总营运收益增加，主要可归因于整体博彩及非博彩营运的表现均有改善。营运收入为 1.247亿美元，同比增长0.81%；新濠博亚娱乐应占净收入为1720万美元，同比减少19.63%。 ...

Core Viewpoint - The total operating revenue of Melco International Development for Q2 2025 reached $1.33 billion, reflecting a year-on-year increase of approximately 15% due to improved performance in both gaming and non-gaming operations [1] Summary by Categories Financial Performance - Total operating revenue increased to $1.33 billion, up about 15% year-on-year [1] - Operating income was $12.47 million, showing a year-on-year growth of 0.81% [1] - Net income attributable to Melco was $17.2 million, representing a year-on-year decrease of 19.63% [1]