Core Viewpoint - Citigroup's report indicates that Kwan Cheung Holdings (03918) achieved total gaming revenue of $200 million in Q3, surpassing the bank's forecast of $152.4 million [1] Financial Performance - The company's strong gaming revenue growth over the past three quarters has led Citigroup to raise its earnings forecasts for the fiscal years 2025 to 2027 by 20% to 24% [1] - The target price for Kwan Cheung Holdings has been adjusted from HKD 4.4 to HKD 5.4 [1] Rating and Outlook - Despite the positive revenue performance, Citigroup maintains a "Sell" rating on the stock [1] - The report highlights uncertainties regarding the scale of the Naga3 project, which may impact future performance [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]

Core Insights - Morgan Stanley's report indicates that Macau's gaming revenue (GGR) for the first 24 days of August reached MOP 17.65 billion, with an average daily revenue of MOP 735 million [1] - The average daily revenue for the previous week increased by 9% to MOP 793 million compared to the week before, while the average daily revenue for the first 17 days of August was MOP 710 million, and MOP 714 million in July, marking the highest record since the pandemic outside of peak periods [1] - The report anticipates that total gaming revenue for August will grow by 11% to 14%, reaching between MOP 21.9 billion and MOP 22.5 billion, potentially breaking post-pandemic records again [1]