Group 1 - MGM China (02282) announced a share buyback plan, intending to repurchase 1 million shares at a total cost of HKD 15.9785 million [1] - The buyback price per share is set between HKD 15.87 and HKD 16.08 [1]

Core Viewpoint - The English Premier League (EPL) is set to ban gambling sponsorships on team jerseys starting from the 2026-27 season, marking the end of a two-decade era where gambling companies dominated jersey sponsorships. This change raises questions about how clubs, especially smaller ones, will fill the financial gap left by these sponsorships and whether sponsors will find ways to circumvent the new regulations [1][16][20]. Group 1: Historical Context of Gambling Sponsorship - Gambling sponsorship has been a significant source of revenue for EPL clubs, with over half of the clubs featuring gambling brands on their jerseys at the peak of this trend [1][8]. - The history of jersey sponsorship in English football began in 1976, evolving from initial resistance to becoming a crucial part of club financing, especially after the introduction of the Gambling Act in 2005, which allowed gambling advertisements [3][6][18]. - By the 2025-26 season, 11 EPL teams still had gambling brands as their primary sponsors, highlighting the entrenched nature of this sponsorship model [1][9]. Group 2: Financial Implications of the Ban - Gambling companies typically offer higher sponsorship fees, often around 20% more than non-gambling sponsors, making them attractive to clubs, particularly smaller ones that rely heavily on these funds [8][20]. - In the 2022-23 season, the average commercial revenue for the top six EPL clubs was £255 million, while the average for the other 14 clubs was only £31 million, indicating a significant disparity in financial resources [9][12]. - The total market value of EPL jersey sponsorships for the 2025-26 season is estimated at $525.4 million, with gambling brands contributing approximately $129.6 million, underscoring their financial importance [12][9]. Group 3: Future Sponsorship Landscape - The transition away from gambling sponsorships is expected to create a vacuum that other industries will need to fill, with potential new sponsors including cryptocurrency companies, airlines, and B2B tech firms [20][24][28]. - The ban will not eliminate gambling advertising entirely, as these brands may shift to other advertising spaces, such as sleeve sponsorships or training gear, maintaining their presence in the league [28][29]. - Clubs have a three-year transition period to adapt to the ban, allowing them to explore alternative sponsorship opportunities and potentially diversify their revenue streams [21][20].

Core Viewpoint - SJM Holdings Limited (新濠国际发展) reported a significant increase in net revenue and a return to profitability for the six months ending June 30, 2025, driven by improved performance in its gaming and hotel operations [1] Financial Performance - The company achieved a net revenue of HKD 19.965 billion, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders was HKD 351 million, marking a turnaround from a loss to profitability [1] - Basic earnings per share were HKD 0.18 [1] Operational Insights - The improvement in profitability was primarily attributed to enhanced performance in gaming and non-gaming operations, although increased business activity led to higher operating costs, partially offsetting gains [1] - 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] - An additional 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 SJM casino [1]

Core Viewpoint - The company, SJM Holdings Limited, reported a significant increase in net revenue and a return to profitability for the six months ending June 30, 2025, driven by improved performance in its gaming and non-gaming operations [1] Financial Performance - For the six months ending June 30, 2025, the company achieved net revenue of HKD 19.965 billion, representing a year-on-year increase of 12.38% [1] - The profit attributable to shareholders was HKD 351 million, marking a return to profitability compared to the previous period [1] - Basic earnings per share were HKD 0.18 [1] Operational Insights - The improvement in profitability was primarily attributed to enhanced performance in the gaming and hotel operations, although increased business activity led to a rise in operating costs, partially offsetting the gains [1] - The company recognized an impairment of HKD 27.3 million related to the Mocha Clubs, 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 SJM property [1]

Core Viewpoint - Macau Legend Development Limited (1680.HK) reported a mid-year loss of HKD 1.421 billion, with a loss per share of HKD 2.2912, and did not declare an interim dividend; this compares to a loss of approximately HKD 110 million in the same period last year [1] Financial Performance - The company's revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] Asset Disposal - Macau Legend indirectly holds a 21.5% stake in Zhuhai Legend, which plans to sell a shopping mall located on the west side of the Hengqin Guangdong-Macao Deep Cooperation Zone through a public tender [1] - The public tender will commence on September 1 at 10 AM and conclude on October 30 at 6 PM; the property includes 109 commercial shops and 862 parking spaces, and will be sold in "as-is" condition [1]

亏损大幅增加主要由于澳娱综合因于新服务协议于2025年12月31日届满后不续签服务协议，导致确认澳 门渔人码头投资营运的澳门渔人码头价值大幅减值亏损约12.72亿港元。 格隆汇8月31日丨澳门励骏(01680.HK)公布中期业绩，2025年上半年，公司收益为人民币1.68亿港元， 同比减少7.57%；期内亏损14.21亿港元，上年同期亏损1.10亿港元，基本每股亏损229.12港仙。 ...

澳门励骏(01680)发布2025年中期业绩，持续经营业务收益1.68亿港元，同比减少7.57%;期内亏损14.21 亿港元，同比扩大1192.54%;每股基本亏损229.12港仙。 ...

Core Viewpoint - Macau Legend Development Limited (01680) reported a significant decline in its financial performance for the first half of 2025, with a notable increase in losses compared to the previous year [1] Financial Performance - The revenue from continuing operations was HKD 168 million, representing a year-on-year decrease of 7.57% [1] - The company incurred a loss of HKD 14.21 billion, which is an increase of 1192.54% compared to the same period last year [1] - The basic loss per share was HKD 2.2912 [1]

来源：市场资讯 （来源：澳门江湖） 澳博控股(880)公佈2025年中期业绩，期内集团总淨收益146.39亿元（港元、下同），按年升6.07%。 其中博彩淨收益136.28亿元，增长5.66%。 经调整EBITDA为16.46亿元，减少5.1%。市佔率由去年同期12.5%，增加至12.9%；公司拥有人应佔亏 损扩至1.82亿元(去年同期亏损1.62亿元)。 同时，集团宣佈计划以5.29亿元，向控股股东澳门旅游娱乐股份有限公司收购位于葡京酒店内约7,504平 方米(约80,772平方呎)的前博彩区域。 收购后，相关楼面将併入葡京娱乐场的现有营运，并获配置年底前结束营运的衞星场部分赌枱及角子机 资源。 澳博控股主席兼执行董事及澳娱综合常务董事何超凤表示： "是次策略性收购、连同两间标志性葡京品 牌物业的同步升级，将有助巩固本集团的竞争优势，拓展贵宾及中场客层，并有效维繫属于前衞星娱乐 场原有的地区忠实顾客群。 餐饮方面，上葡京已完成7间全新餐饮项目，涵盖国际知名品牌及自营休閒餐饮，提供澳葡、意大利、 中国及东南亚等多元菜式，更包括一个现代化美食广场，荟萃地道特色小食。新葡京酒店亦将新增约3 间餐饮场馆，在其高端餐 ...

Core Viewpoint - The performance of Kingsoft Holdings in 1H25 exceeded expectations, with significant growth in both total revenue and EBITDA, driven by a recovery in business volume and the introduction of new products [1][2]. Financial Performance - Total revenue reached $342 million, a year-on-year increase of 17% and a quarter-on-quarter increase of 27%, recovering to 38% of the level in 1H19 [1]. - Total gaming revenue was $332 million, also reflecting a 17% year-on-year increase and a 28% quarter-on-quarter increase, recovering to 38% of the level in 1H19 [1]. - EBITDA amounted to $200 million, showing a year-on-year growth of 261% and a quarter-on-quarter growth of 36%, recovering to 61% of the level in 1H19, surpassing the forecast of $188 million [1]. Development Trends - Infrastructure improvements and increased flight frequency have boosted visitor numbers, driving growth in the mid-market segment [1]. - The number of Chinese tourists visiting Cambodia increased by 51% year-on-year and 28% quarter-on-quarter in 1H25, with business travelers increasing by 46% year-on-year and 31% quarter-on-quarter [1]. - The new Decho International Airport is set to open in September 2025, with a passenger capacity of 13 million, while the existing Phnom Penh International Airport will cease operations [1]. VIP Business Growth - The direct VIP business turnover increased by 88% year-on-year and 87% quarter-on-quarter in 1H25, driven by the rise in business travelers and expatriates [2]. - The acceleration in foreign direct investment in Cambodia, particularly following Chinese President Xi Jinping's visit in April, has contributed to this growth [2]. Future Plans and Dividend - The Naga 3 project is expected to announce more details in 1H26, with management anticipating more iconic tourist attractions and amenities [2]. - The company declared an interim dividend of $0.0101 per share, corresponding to a 30% payout ratio, compared to a historical level of 60% [2]. Earnings Forecast and Valuation - The EBITDA forecasts for 2025 and 2026 have been raised by 6%, reaching $406 million and $481 million, respectively [2]. - The current stock price corresponds to 7 times the 2025 EV/EBITDA, with a target price raised by 12% to HKD 6.50, indicating a 12% upside potential from the current price [2].