1 Mar 2026 香港赌场和博彩 Hong Kong Casinos & Gaming [Table_Title] 研究报告 Research Report 2 月博彩毛收入低于市场预期，恢复至 2019 年的 81.3% Feb GGR Miss, 81.3% of 2019 level 寇媛媛 Yuanyuan Kou yy.kou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 澳门博彩监察协调局发布幸运博彩 2 月数据：澳门幸运博彩毛收入（GGR）同比增长 4.5%，恢复至 2019 年同期水 平的 81.3%，低于市场预期。2026 年 2 月，澳门博彩毛收入达 206.27 亿澳门元，同比增长 4.5%，环比下滑 8.9%， 恢复至 2019 年同期水平的 81.3%。2 月澳门日均 GGR 为 7.37 亿澳门元，较 1 月的 7.3 亿澳门元增长 0.9%。春节旺 季期间，尽管 26 年春节较 25 年春节多出一天，但是行业 G ...

消息面上，根据澳门博彩监察协调局数据显示，澳门1月幸运博彩毛收入226.33亿澳门元，同比增长 24.0%。据报道，澳门酒店业者表示，目前春节档期酒店预订率和旅行社订单持续攀升，预计春节期间 酒店入住率将超过九成，澳门旅游市场迎来接待高峰期。 博彩股继续走高，截至发稿，新濠国际发展(00200)涨5.93%，报4.82港元；金沙中国(01928)涨3.54%， 报18.73港元；银河娱乐(00027)涨2.58%，报43.76港元；美高梅中国(02282)涨2.13%，报13.42港元。 大摩发布研报称，去年十一黄金周的前五天，澳门日均博彩收入约为11亿澳门元。由于今年农历新年假 期的入住率与该时段相若，且平均每日房价(ADR)高约25%，预期今年农历新年假期的博彩收入将与去 年十一黄金周相若、甚至更强劲。基于入住率较高，该行预期今年节后需求将延续更长时间，支持其对 2月博彩总收入同比增长13%的预期。同时，该行预期行业今年首季的EBITDA将同比增长16%，令市场 上调盈利预测。 ...

智通财经APP获悉，2月2日，根据澳门博彩监察协调局数据显示，澳门1月幸运博彩毛收入226.33亿澳门元，同比增长24.0%。 | | 2026年及2025年每月幸運博彩毛收入 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 月份毛收入 | | 累計毛收入 | | | | | | 2026年 | 2025年 | 變動率 | 2026年 2025年 | | 變動率 | | | 一月份 | 22,633 | 18,254 | +24.0% | 22,633 | 18,254 | +24.0% | | | 二月份 | | | | | | | - | | 三月份 | | | | | | | - | | 园月份 | | | | | | | - | | 五月份 | | | | | | | - | | 六月份 | | | | | | | - | | 七月份 | | | | | | | - | | 八月份 | | | | | | | - | | 九月份 | | | | | | | l | | 十月份 | | | | | | | l | ...

Group 1 - The gaming stocks are under pressure, with New World Development down 3.31% to HKD 4.09, Sands China down 3.16% to HKD 19, Wynn Macau down 2.5% to HKD 5.84, and MGM China down 1.84% to HKD 12.28 [1] - The Macao Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 was MOP 20.89 billion, a year-on-year increase of 14.8% [1] - For the first 12 months of 2025, the total gross gaming revenue in Macao reached MOP 247.404 billion, reflecting a year-on-year growth of 9.1% [1] Group 2 - CICC expects the total gaming revenue for January 2026 to be between MOP 20.2 billion and MOP 21.7 billion, with daily gaming revenue projected to be between MOP 650 million and MOP 700 million, representing a year-on-year growth of 10% to 19%, but a decline of 13% to 19% compared to January 2019 [1] - The performance of total gaming revenue in December was driven by factors such as the continued rollout of high-end property projects and various entertainment activities that boosted visitor growth, although low VIP win rates have negatively impacted overall revenue [1]

Investment Rating - The report does not explicitly state an investment rating for the Hong Kong Casinos & Gaming industry Core Insights - Macau's gaming gross revenue (GGR) for December 2025 reached MOP 20.888 billion, reflecting a year-on-year increase of 14.8% and a month-on-month decrease of 0.9%, achieving 91.5% of the 2019 level [1][14] - The average daily GGR in December was MOP 674 million, down 4.1% from November's MOP 703 million, indicating resilience in the industry during the traditional peak season for family travel [1][14] - For the third quarter of 2025, Macau's GGR was MOP 66.062 billion, up 15% year-on-year and 5.6% quarter-on-quarter, also reaching 91.6% of the 2019 level [1][14] - The total GGR for Macau in 2025 was MOP 247.403 billion, a 9.1% increase year-on-year, recovering to 84.6% of the 2019 level, with expectations for a 9% growth in 2026, reaching 92.2% of the 2019 level [1][14] Summary by Sections Monthly GGR and Year-on-Year Growth - December GGR decreased by 0.9% month-on-month but increased by 14.8% year-on-year, recovering to 91.5% of the 2019 level [1][14] - The average daily GGR in December was MOP 674 million, down from MOP 703 million in November [1][14] Visitor Statistics - In November 2025, the number of inbound visitors to Macau was 3.35 million, up 18.1% year-on-year and 115% of the 2019 level [3][15] - The number of visitors from mainland China was 2.4 million, representing a 21.9% year-on-year increase [3][15] Hotel Occupancy Rates - The hotel occupancy rate in Macau for November 2025 was 90.2%, an increase of 0.7 percentage points year-on-year and 1.1 percentage points month-on-month [4][16] - The average stay time for hotel guests was stable at 1.7 nights [4][16]

Core Insights - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue for December 2025 reached MOP 20.89 billion, representing a year-on-year increase of 14.8% [1] - For the first 12 months of 2025, the total gross gaming revenue in Macau amounted to MOP 247.404 billion, reflecting a year-on-year growth of 9.1% [1] Monthly Revenue Summary - January 2025: MOP 18.254 billion, down 5.6% from January 2024; cumulative revenue MOP 18.254 billion, down 5.6% [2] - February 2025: MOP 19.744 billion, up 6.8% from February 2024; cumulative revenue MOP 37.998 billion, up 0.5% [2] - March 2025: MOP 19.659 billion, up 0.8% from March 2024; cumulative revenue MOP 57.657 billion, up 0.6% [2] - April 2025: MOP 18.858 billion, up 1.7% from April 2024; cumulative revenue MOP 76.514 billion, up 0.8% [2] - May 2025: MOP 21.193 billion, up 5.0% from May 2024; cumulative revenue MOP 97.707 billion, up 1.7% [2] - June 2025: MOP 21.064 billion, up 19.0% from June 2024; cumulative revenue MOP 118.771 billion, up 4.4% [2] - July 2025: MOP 22.125 billion, up 19.0% from July 2024; cumulative revenue MOP 140.896 billion, up 6.5% [2] - August 2025: MOP 22.156 billion, up 12.2% from August 2024; cumulative revenue MOP 163.052 billion, up 7.2% [2] - September 2025: MOP 18.289 billion, up 6.0% from September 2024; cumulative revenue MOP 181.341 billion, up 7.1% [2] - October 2025: MOP 24.086 billion, up 15.9% from October 2024; cumulative revenue MOP 205.427 billion, up 8.0% [2] - November 2025: MOP 21.088 billion, up 14.4% from November 2024; cumulative revenue MOP 226.515 billion, up 8.6% [2] - December 2025: MOP 20.888 billion, up 14.8% from December 2024; cumulative revenue MOP 247.404 billion, up 9.1% [2]

Core Insights - Macau's gaming revenue for November reached MOP 21.09 billion, marking a year-on-year increase of 14.4% [1] - Cumulative gaming revenue for the first 11 months of the year totaled MOP 226.52 billion, reflecting an 8.6% year-on-year growth [1] Monthly Revenue Summary - January: MOP 18.254 billion (down 5.6% YoY) [2] - February: MOP 19.744 billion (up 6.8% YoY) [2] - March: MOP 19.659 billion (up 0.8% YoY) [2] - April: MOP 18.858 billion (up 1.7% YoY) [2] - May: MOP 21.193 billion (up 5.0% YoY) [2] - June: MOP 21.064 billion (up 19.0% YoY) [2] - July: MOP 22.125 billion (up 19.0% YoY) [2] - August: MOP 22.156 billion (up 12.2% YoY) [2] - September: MOP 18.289 billion (up 6.0% YoY) [2] - October: MOP 24.086 billion (up 15.9% YoY) [2] - November: MOP 21.088 billion (up 14.4% YoY) [2]

Investment Rating - The report indicates a positive outlook for the gaming industry in Macau, expecting high single-digit growth in gaming gross revenue (GGR) for 2025 [14][15]. Core Insights - In October 2025, Macau's GGR reached MOP 24.086 billion, marking a year-on-year increase of 15.9% and a month-on-month increase of 31.7%, recovering to 91.1% of the 2019 level [14][15]. - The average daily GGR in October was MOP 777 million, up 27.4% from September's MOP 610 million, representing the highest level since the pandemic [14][15]. - The resilience of the industry was attributed to the peak Golden Week, NBA events, and concerts, despite the impact of a typhoon [14][15]. - Cumulative GGR for the first ten months of 2025 reached MOP 205.427 billion, reflecting an 8.0% year-on-year growth and 83.3% of the 2019 level [14][15]. - Upcoming events in November, including the National Games and various concerts, are expected to further boost tourist arrivals and GGR [14][15]. Summary by Sections Monthly GGR and Year-on-Year Growth - October's GGR growth was nearly 16% year-on-year, with a significant recovery trend observed [14][15]. - The daily average GGR for October was the highest post-pandemic, indicating strong market recovery [14][15]. Visitor Statistics - In September 2025, the number of inbound visitors to Macau was 2.78 million, a 9.8% increase year-on-year, fully recovering to 100.4% of the 2019 level [15]. - Cumulative inbound visitors for the first nine months of 2025 reached 29.67 million, up 14.5% year-on-year [15]. Hotel Occupancy Rates - The hotel occupancy rate in Macau for September 2025 was 84.6%, showing a slight decline year-on-year but stable compared to 2019 levels [16]. - The average hotel occupancy rate for the first nine months of 2025 was 89.3%, reflecting a 3.8 percentage point increase year-on-year [16].

Core Viewpoint - The Macau gaming stocks experienced a significant decline in the afternoon trading session, with major companies like Sands China, Galaxy Entertainment, and Melco International all reporting losses due to disappointing gaming revenue figures for September and early October [1]. Group 1: September Gaming Revenue - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1]. - Morgan Stanley noted that the total gaming revenue for September was MOP 18.3 billion, which was below both market expectations and their own forecast by 9% [1]. - The decline in revenue was attributed to a 33-hour closure of casinos due to a typhoon, impacting overall operations [1]. Group 2: October Performance - According to JPMorgan, the GGR for the first five days of October reached MOP 5.5 billion, averaging MOP 1.1 billion per day, marking the best performance for the Golden Week in five years [1]. - However, this represented only a 3% year-on-year increase compared to a very high base from the previous year, falling short of both the bank's and market expectations [1]. - Visitor numbers during this period remained flat, with a 25% drop on October 5 due to the typhoon, further hindering GGR growth [1]. - JPMorgan projects that the GGR for October could increase by 11% to 13%, reaching MOP 23 billion, which would be the highest in six years [1].

Group 1 - The core point of the news is that Macau's gaming stocks have collectively declined, with specific companies experiencing notable drops in their stock prices [1] - As of the report, Melco International Development fell by 5.1% to HKD 5.77, Wynn Macau dropped by 2.68% to HKD 6.9, MGM China decreased by 2.22% to HKD 16.31, and Galaxy Entertainment fell by 2.05% to HKD 42.04 [1] - The Macau Gaming Inspection and Coordination Bureau reported that the gross gaming revenue (GGR) for September was MOP 18.289 billion, reflecting a year-on-year increase of 6% [1] Group 2 - For the first nine months of the year, Macau's total gross gaming revenue reached MOP 181.341 billion, which is a year-on-year increase of 7.1% [1] - Morgan Stanley's report indicated that the total gaming revenue for September was MOP 18.3 billion, which was below both market expectations and the bank's forecast of 9% growth, primarily due to a 33-hour casino shutdown caused by a typhoon [1] - The third quarter's total gaming revenue was MOP 62.6 billion, showing a year-on-year growth of 12.5% and a quarter-on-quarter increase of 2.4% [1] Group 3 - Citigroup noted that the September gaming revenue of MOP 18.289 billion corresponds to an average daily revenue of MOP 610 million, reaching 83% of the levels seen in the same period of 2019 [2] - The reported figure was slightly below Citigroup's expectation of MOP 18.5 billion and 3% lower than the market consensus of MOP 18.8 billion [2] - Looking ahead to October, Citigroup forecasts total gaming revenue to reach MOP 23 billion, representing an 11% year-on-year increase, with an average daily revenue of MOP 742 million [2]