<div id="readability-page-1" class="page"><div>Macau's total GGR in 1Q26 elevated 14.2% YoY and was flat QoQ, recovering to 86.5% of the level in the same period of 2019, CICC said in its report, citing the Gaming Inspection and Coordination Bureau of Macau.During the period, mass GGR grew 9.3% YoY and rose 3.6% QoQ; VIP GGR surged 35.4% YoY but sank 3.6% QoQ. Industry EBITDA in 1Q26 recovered to 87% of the level in the same period of 2019, up 10% YoY and down 1% QoQ.The broker noted that the industry EBITDA margin (based on total revenue) edged up from 23.08% in 4Q25 to 23.43% in 1Q26. It believed that the current highly competitive reinvestment environment in the industry has peaked, and industry margins are expected to recover in the coming quarters.The broker maintained its preference ranking for Macau gaming stocks, in pecking order: SANDS CHINA LTD (01928.HK) +0.280 (+1.826%) Short selling $21.27M; Ratio 8.896% , GALAXY ENT (00027.HK) +0.260 (+0.830%) Short selling $68.91M; Ratio 11.965% , MGM CHINA (02282.HK) +0.160 (+1.488%) Short selling $10.84M; Ratio 9.855% , MELCO INT'L DEV (00200.HK) +0.050 (+1.330%) Short selling $1.86M; Ratio 13.478% , WYNN MACAU (01128.HK) +0.123 (+2.266%) Short selling $12.98M; Ratio 18.147% , Melco Resorts &amp; Entertainment Limited (MLCO.US) , and lastly SJM HOLDINGS (00880.HK) +0.010 (+0.524%) Short selling $12.84M; Ratio 34.165% . (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-29 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

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CICC reports Macau's Q1 2026 GGR rose 14.2% YoY, with industry EBITDA recovering to 87% of 2019 levels. The broker believes the highly competitive reinvestment environment has peaked and margins are expected to recover in coming quarters. CICC maintains its preference ranking for Macau gaming stocks, listing Sands China Ltd as the top pick, followed by Galaxy Entertainment, MGM China, Melco International Development, Wynn Macau, Melco Resorts, and SJM Holdings.

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WYNN MACAU

GALAXY ENT

Sands China

Melco Resorts & ENT

Galaxy Entertainment Group

MGM CHINA

SJM HOLDINGS

SANDS CHINA LTD

MELCO INT'L DEV

Las Vegas Sands

Wynn Resorts

MGM Resorts

CICC

CICC: MO Gaming Reinvestment Environment Highly Competitive and Has Peaked; Margins May Recover in Coming Quarters; Top Pick SANDS CHINA LTD