Q4 and Annual Results 2025 26 February, 2026 Mr. Francis Lui Yiu Tung, Chairman of GEG said: "In 2025 Macau continued its post Covid recovery, with Gross Gaming Revenue ('GGR') increasing 9% to $240.2 billion. During the year, the Central Government further increased flexibility for mainland visitors, including the one- trip-per-week visa for Zhuhai residents and the multiple-entry visa for Hengqin residents, which enables more frequent travel to Macau. As a result, total visitation to Macau increased 15% t ...

不过大摩指出，澳门访客人数增长强劲，但人均消费下降，酒店房间供应出现瓶颈。赌客的平均年龄随 时间下降。 大摩偏好作为行业代表的银河娱乐(00027)和派高息的金沙中国(01928)。永利澳门(01128)和新濠博亚 (MLCO.US)估值便宜; 澳博控股(00880)在2026年的EBITDA可能出现大幅波动。 智通财经APP获悉，摩根士丹利发布研报称，尽管外界对澳门赌场春尾效应持续怀抱希望，惟农历新年 表现温和，且大摩担忧在各赌场的推广活动下所带来的利润压力。正面而言，澳门赌收表现较其他中国 消费股好，没有人工智能风险; 此外，现金流及股息持续增长，令濠赌股估值具吸引力。 大摩表示，虽然赌场营运者强调推广活动已趋稳定，但早前已听过有关表达，并对行业利润率已见底缺 乏信心。虽然春节假期前段表现疲软，但后段回升，料本月的博彩总收入同比录得低单位数增长，但今 年首两月仍可实现同比13%增长。 ...

公司项目推进 新赌场开设计划：公司计划于2026年1月在波兰弗罗茨瓦夫开设一家新赌场，以拓展欧洲市场。 体育博彩合作：通过与BetMGM的合作，公司专注于在密苏里州扩展体育博彩业务，原计划于2025年12 月启动。 截至2026年2月20日，公开资料中未提及在此日期之后的新增事件。 以上内容基于公开资料整理，不构成投资建议。 经济观察网 根据已知信息，世纪赌场（CNTY.us）在近期公告中提及的事件主要涉及业务扩展计划，但 相关时间点已接近或早于当前日期（2026年2月20日）。具体如下： ...

股票近期走势 经济观察网截至2026年2月12日，世纪赌场正在进行全面战略评估，旨在探索提升股东价值的选项，包 括潜在资产出售、战略合作和资本结构优化，并已聘请麦格理资本作为财务顾问。财务方面，2025年第 二季度净营业收入为1.508亿美元(同比增长3%)，但净债务达2.525亿美元，杠杆率较高。 以上内容基于公开资料整理，不构成投资建议。 2026年2月12日，世纪赌场股价收盘于1.50美元，单日跌幅0.66%，振幅1.99%；近5日累计下跌1.32%， 但年初至今涨幅为12.78%。当日成交量为54,152股，成交金额约8.12万美元，换手率0.18%。同日美股 赌场博彩板块整体下跌2.35%，公司股价表现略优于板块均值。 ...

Core Viewpoint - The company is undergoing a comprehensive strategic review to explore options for enhancing shareholder value, including potential asset sales, strategic partnerships, and capital structure optimization [1] Financial Performance - For Q2 2025, the company reported net operating revenue of $15.08 million, representing a year-over-year increase of 3% [1] - The company has a net debt of $252.5 million, indicating a high leverage ratio [1] Stock Performance - On January 8, 2026, the company's stock experienced volatility, with a rapid increase of 5.84% on that day [1]

Core Insights - Derek Stevens, owner of Circa, Golden Gate, and The D, has made a significant investment in the revitalization of downtown Las Vegas, holding an asset portfolio valued at over $1 billion, which includes the world's largest sports betting center and the largest pool in "Sin City" [1][4] Group 1: Business Strategy and Operations - Stevens emphasizes the importance of owning land and property rights, which he believes is crucial for long-term success in the casino industry [9][12] - Unlike major casino operators like MGM and Caesars, who have sold their properties to REITs and operate on a lease basis, Stevens retains ownership of both the casinos and the underlying land [4][12] - Circa Casino has become a major attraction, boasting the largest sports betting center globally and a unique pool experience, which has helped it capture a significant share of the downtown market [7][16] Group 2: Financial Performance - Circa's annual gaming revenue is estimated at $280 million, accounting for 35% of the total gaming revenue in downtown Las Vegas, and contributing to a 40% increase in gaming revenue for the area since its opening [7][14] - Despite the overall decline in Las Vegas Strip revenues due to a drop in international tourists, downtown Las Vegas has thrived, attracting domestic gamblers with lower hotel prices and appealing attractions [4][15] - The casino's operational success has allowed Stevens to manage approximately $200 million in remaining debt while maintaining a strong performance in the downtown gaming market [15][16] Group 3: Market Position and Future Plans - Stevens is recognized as one of the last independent casino moguls in Las Vegas, with a growing reputation and connections to high-profile individuals [9][10] - The casino industry is experiencing a resurgence post-pandemic, with Las Vegas seeing record monthly gaming revenues, indicating a robust recovery [15][16] - Stevens has plans for future developments, holding a 6.8-acre plot of land in downtown Las Vegas, which is the last approved site for gaming in the area, suggesting potential for further expansion [16][17]

Core Viewpoint - Cambodian authorities have arrested a key figure in telecom fraud, Li Kuong, highlighting ongoing efforts to combat organized crime in the country [1][2][3] Group 1: Arrest and Charges - Li Kuong, a 50-year-old Cambodian of Chinese descent, has been arrested and is facing charges related to organized network fraud, human trafficking, and money laundering [1][2] - The Cambodian court has determined that Li Kuong will be held in custody at the Phnom Penh prison pending further judicial proceedings [1] Group 2: Criminal Activities - Li Kuong is accused of using "investment" and "project management" as a facade for opaque financial operations, illegally seizing others' property, and engaging in systematic money laundering [2] - His controlled venues, including a large integrated park and casinos, have been implicated in illegal detention and forced participation in online fraud activities [2] Group 3: Government Response - Under pressure from China and the international community, Cambodian Prime Minister Hun Manet has prioritized the fight against telecom fraud as a critical government initiative [2][3] - The Prime Minister emphasized that telecom fraud poses a serious threat to national security and public order, calling for a united effort to eradicate this social issue [3]

Core Viewpoint - The arrest of Chinese citizen Cui Lijie, a key operator of a luxury casino in Saipan, by the U.S. Immigration and Customs Enforcement (ICE) highlights ongoing legal issues surrounding the casino and its connections to organized crime [1][4]. Group 1: Arrest and Legal Issues - Cui Lijie, aged 68, was detained by ICE on the 13th for allegedly violating immigration laws [1]. - She is the mother of Ji Xiaobo, who has been linked to organized crime activities in the gambling sector [4][8]. - Cui was a major shareholder in Pacific International Holdings, which entered Saipan's casino market in July 2014 and was granted an exclusive license for resort development [4]. Group 2: Company Background and Financial Issues - Pacific International Holdings became the largest shareholder in 2015, holding 64.37% of the company after increasing her stake by 100 million shares [4]. - The company has since declared bankruptcy, with liabilities reaching $165.8 million as of April 2024 [4]. - The casino faced numerous controversies, including allegations of illegal employment of Chinese citizens and bribery of local officials, leading to its closure in March 2020 [5]. Group 3: Criminal Activities and Court Proceedings - A lawsuit in 2020 accused Pacific International Holdings and its executives of illegal labor practices and transferring over $24 million to fund illegal activities [5]. - Ji Xiaobo has been identified as a leader of a criminal organization involved in various illegal activities, including operating illegal casinos and extortion [11]. - Cui Lijie's sister, Cui Limei, was sentenced to 8.5 years in prison for her involvement in organized crime related to gambling [9].

Group 1 - MGM China (02282) rebounded over 3%, currently up 3.02% at HKD 12.61, with a trading volume of HKD 52.6374 million [1] - Goldman Sachs released a report estimating that MGM China will incur an additional royalty fee to its parent company, impacting EBITDA by approximately 6% to 7% and leading to a profit forecast downgrade of about 13% to 14% [1] - Following the announcement of the royalty fee, MGM China's stock price dropped by approximately 19%, with the valuation level now at a forecasted price-to-earnings ratio of about 8 times for the fiscal year 2026, compared to the industry average of 11 to 12 times [1] Group 2 - Goldman Sachs maintains a "Buy" rating on MGM China, suggesting that the recent stock price adjustment appears excessive, with a target price set at HKD 18.4 [1] - If the company maintains a dividend payout ratio of around 50%, it may lead to a reduction in the dividend per share [1]

Group 1 - The core point of the article is that starting next year, MGM China will increase the license fee paid to its parent company, MGM International, from 1.75% of monthly gross gaming revenue to 3.5% [1] - The new license fee for MGM China is expected to be HKD 1.2 billion next year, compared to HKD 600 million this year [1] - Morgan Stanley forecasts that MGM China's EBITDA may decline by 5% year-on-year next year, with a contraction in profit margin of 220 basis points [1] Group 2 - Despite the changes, Morgan Stanley maintains a constructive outlook on Macau gaming stocks [1]