Group 1 - The core viewpoint of the report indicates that Macau's gaming revenue (GGR) reached a post-pandemic high in August, growing 12% year-on-year to MOP 22.2 billion, aligning with market expectations [1] - Compared to pre-pandemic levels, August's gaming revenue has recovered to 91% of the figures [1] - The report suggests that the performance in August reflects a turning point for the Macau gaming industry, driven by wealth effects and ample liquidity in the Hong Kong market [1] Group 2 - The company anticipates that the strong momentum will continue for some time, projecting a year-on-year growth of 15% in gaming revenue and 21% in EBITDA for the first quarter of next year [1] - In terms of stock recommendations, the company prefers Galaxy Entertainment and MGM China, with target prices set at HKD 54 and HKD 23 respectively [1] - Sands China is the second choice with a target price of HKD 24.5, all rated as "buy," while Melco International Development is rated as "sell" with a target price of HKD 4.5 [1]

Core Viewpoint - The Macau gaming sector shows strong performance with record monthly gross gaming revenue and increased tourist arrivals, indicating a positive outlook for the industry [1] Group 1: Gaming Revenue - Macau's gross gaming revenue for August reached 22.16 billion MOP, marking a new monthly high for the year, with a month-on-month increase of 0.14% and a year-on-year increase of 12.2% [1] - From January to August, the total gross gaming revenue amounted to 163.05 billion MOP, reflecting a year-on-year growth of 7.2% [1] Group 2: Tourist Arrivals - The Macau Public Security Police reported that the number of inbound tourists during the summer of 2025 (July to August) reached 7.68 million, averaging 123,000 visitors per day, which is a year-on-year increase of 15.2% [1] Group 3: Stock Performance - Major gaming stocks in Hong Kong saw gains, with SJM Holdings up 2.40%, Galaxy Entertainment up 2.14%, and Sands China up 1.29% among others [1]

Core Viewpoint - Goldman Sachs reports a significant decline in EBITDA for Austar Holdings (00880) in Q2, dropping 28% quarter-on-quarter to HKD 688 million, primarily due to a decrease in VIP win rate to 2.4% [1] Financial Performance - Adjusting for a theoretical win rate of 3.3%, EBITDA's quarter-on-quarter decline narrows to 13%, amounting to HKD 802 million, aligning with prior expectations but still significantly below market expectations of HKD 800 million to HKD 1.05 billion [1] - The forecast for Austar's EBITDA from 2025 to 2027 has been revised down by 12% to an increase of 2% [1] Target Price and Rating - The target price for Austar has been raised from HKD 2.7 to HKD 3.1, while maintaining a "Neutral" rating [1]

永利澳门(01128)发布公告，于2025年9月1日，该公司就根据股份计划授予参与人(发行人的董事除外)的 股份奖励或期权而发行5万股。 ...

Group 1 - The core viewpoint of the news is that Macau's gaming revenue has shown a positive trend, with August 2023 gross gaming revenue reaching 22.156 billion MOP, a year-on-year increase of 12.2% [1][2] - For the first eight months of 2023, the cumulative gross gaming revenue in Macau reached 163.052 billion MOP, reflecting a year-on-year growth of 7.2% [1][2] Group 2 - Monthly gross gaming revenue for August 2023 was 22.156 billion MOP, compared to 19.754 billion MOP in August 2022, indicating a significant increase [2] - The cumulative gross gaming revenue for the first eight months of 2023 was 163.052 billion MOP, up from 152.102 billion MOP in the same period of 2022, showing a steady growth trend [2]

Group 1 - The core viewpoint of the article highlights the significant increase in the stock price of Melco International Development, which rose over 14%, leading the gains in Macau gaming stocks [1] - Melco International Development reported a net revenue of HKD 19.965 billion for the six months ending June 30, 2025, representing a year-on-year increase of 12.38% [1] - The company achieved a profit attributable to shareholders of HKD 351 million, marking a turnaround from a loss in the previous year, with basic earnings per share of HKD 0.18 [1] Group 2 - The Macau hotel and tourism industry anticipates a boost in tourism due to upcoming major events such as the National Day Golden Week, the 15th National Games, and the Grand Prix, which are expected to drive visitor numbers close to 2019 levels [1] - Analysts suggest that the concentration of large events in Macau during the second half of the year will directly enhance tourist volume and stimulate gaming demand, providing fundamental support for gaming stocks [1]

Core Viewpoint - Citi's research report expresses optimism regarding the acquisition of approximately 7,504 square meters of floor space in the Lisboa Hotel by SJM Holdings from its controlling shareholder, which will be converted into a new gaming area [1] Group 1: Acquisition Details - The acquisition price for the Lisboa Hotel space is set at HKD 529 million [1] - Over 110 gaming tables are expected to be redeployed from closed satellite casinos to this new gaming area, which is anticipated to generate higher EBITDA [1] Group 2: Financial Projections - Citi has raised its earnings forecast for SJM Holdings for the years 2026 to 2027 by 34% to 50% [1] - The target price for SJM Holdings has been increased from HKD 2.3 to HKD 2.8 [1] Group 3: Market Share and Debt Concerns - The report maintains a "Sell" rating due to expectations that market share will be difficult to recover in the short term [1] - The acquisition of the Grand Lisboa and the Lisboa Palace will inevitably increase the company's debt ratio, indicating limited opportunities for dividend recovery in the short term [1]

Core Viewpoint - The company reported a net income of HKD 19.965 billion for the six months ending June 30, 2025, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders turned positive at HKD 351 million, compared to a loss in the previous period [1] - Basic earnings per share were HKD 0.18 [1] Financial Performance - The increase in net income was primarily driven by improved performance in both gaming and non-gaming operations [1] - The company experienced a rise in operating costs due to increased business activities, which partially offset the gains from improved performance [1] Impairment and Valuation - The company recognized an impairment of HKD 27.3 million related to the Mocha casinos, which are set to cease operations by the end of 2025 [1] - Additionally, an impairment of HKD 5 million was recorded for certain properties, plants, and equipment due to the lack of improvement in the performance of the new casino [1]

Group 1 - MGM China (02282) announced a share buyback plan, intending to repurchase 1 million shares at a total cost of HKD 16.0602 million [1] - The buyback price range is set between HKD 15.92 and HKD 16.27 per share [1]

Core Viewpoint - 澳博控股 reported a mixed performance in its interim results, with revenue growth but increased losses, leading to a significant drop in stock price [1] Financial Performance - Total revenue from gaming, hotel, dining, retail, leasing, and related services reached HKD 14.639 billion, representing a year-on-year increase of 6.07% [1] - The company reported a shareholder loss of HKD 1.82 billion, which is 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 the adjusted EBITDA margin declining by 1.4 percentage points to 11.2% [1] Strategic Developments - 澳博控股 announced the acquisition of part of the Lisboa Hotel property from its controlling shareholder for HKD 529 million [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 several gaming tables and slot machines from a satellite casino expected to cease operations by the end of 2025 [1]