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中金:对澳门博彩业转向更为乐观 2Q25总博彩收入表现强劲
智通财经网· 2025-07-10 02:16
Group 1 - The core viewpoint is that the outlook for the Macau gaming industry has become more optimistic, with an upward revision of the total gaming revenue forecast for 2025, expecting a year-on-year growth of 7% [1] - The EBITDA forecast for 2025 has also been raised by 3%, with an anticipated year-on-year growth of 9% [1] - The estimated industry EBITDA for Q2 2025 is expected to grow by 6% year-on-year (6% quarter-on-quarter), reaching $2.098 billion, driven by strong total gaming revenue performance [1] Group 2 - Macau is gradually transforming into a travel destination centered around entertainment performances, which may help attract more tourists [2] - The experience gained by gaming companies in hosting entertainment events over the past two years allows for more targeted and diverse scheduling, which can drive repeat visits and attract new customers [2] Group 3 - The increase in rebate and subsidy expenditures is expected to enhance the market size of the Macau gaming industry, with a growing focus on the absolute EBITDA levels [3] - Following the opening of the Londoner Macao, Sands China increased its reinvestment rate in May 2025, which is anticipated to drive growth in gaming business volume and increase Macau's market share in the Asian gaming market [3] Group 4 - The depreciation of the Hong Kong dollar may boost tourism demand from residents of neighboring Asian countries to Macau [4] - Given the high quality of gaming products and supporting services in Macau, the depreciation is expected to enhance the spending power of Asian tourists at gaming tables and attract more overseas visitors [4]