BP-MGMC@EC2607A

CLSA Predicts 7.4% YoY Growth in Macau's February Gaming Revenue

MGM China Holdings Warns Investors About Financial Data Differences

Macquarie Upgrades MGM China's Target Price

CICC Maintains MGM China's Outperform Industry Rating and Analyzes Performance

CLSA Reports MGM China Q4 2025 EBITDA Growth of 29%

MGM China Announces Record Financial Performance

MGM China Holdings Warns of Uncomparable Financial Data

MGM China's Q4 Preliminary Net Revenue Up 21.6% YoY

MGM China reports annual net income of $4.46 billion

Morgan Stanley Report: Macau's VIP Table Revenue Up 45% in Q4

MGM China expects strong growth in gambling industry in 2026 and undergoes property upgrades

Goldman Sachs Analyzes MGM China's Financial Impact and Maintains Buy Rating

Goldman Sachs Report: Macau's Gambling Revenue Growth, MGM Rating Cut

CITIC CLS predicts 5% growth in Macau's gaming revenue to 32.3 billion USD by 2026

MGM China License Fee Increased, Macquarie Downgrades Target Price

Morgan Stanley Adjusts Ratings and Target Prices for Macau's Gaming Companies

Morgan Stanley: MGM China's License Fee Doubles to 1.2 Billion Next Year

MGM China Obtains MGM Brand License Until 2032

MGM China signs new long-term brand agreement

Citi Updates Investment Ratings and Target Prices for Macau Casinos

HANG YICK RTS

HKC INT'L RTS

TIANBAO ENERGY

NEWTON RES

XIMEI RESOURCES

KO YO GROUP

KONG SUN HOLD

ULFERTS

CREATIVE CHINA

MANY IDEA CLOUD

SCHYY

00880

01928

WYNN

00027

MLCO

GXYYY

01128

BETZ

02282

Morgan Stanley pointed out that the cash flow and dividends of Macau casinos continue to grow, preferring Galaxy Entertainment and Sands China. Despite a moderate performance during the Spring Festival, overall gaming revenue is expected to achieve low single-digit growth. Morgan Stanley holds a cautious attitude towards industry profit margins, believing that while the number of visitors to Macau is increasing, per capita spending is declining. Ratings for major casinos include: Sands China and Galaxy Entertainment as overweight, MGM China in line with the market, Wynn Macau and Melco Resorts as overweight, and SJM HOLDINGS as underweight

AASTOCKS

Sands China

SJM HOLDINGS

SANDS CHINA LTD

Wynn Resorts

Las Vegas Sands

GALAXY ENT

Melco Resorts & ENT

MGM Resorts

VanEck Gaming ETF

Galaxy Entertainment Group

WYNN MACAU

Roundhill Sports Betting & iGaming ETF

MGM CHINA

Morgan Stanley: Cash flow and dividends of Macau gaming stocks continue to grow, prefer Galaxy Entertainment and Sands China

HSBC Global Research report pointed out that tourism consumption in Macau during the Spring Festival showed resilience, with total revenue of MOP 14.3 billion in the first 22 days and an average daily revenue of MOP 786 million. The number of visitors to Macau increased by 13% to 14% year-on-year. The research maintains a "Buy" rating for Sands China, Galaxy Entertainment, and MGM China, expecting Sands China to have a price-to-earnings ratio of 14.8 times, a target price of MOP 47 for Galaxy Entertainment, and a target price of MOP 17 for MGM China

"Large Banks" Huizheng: The Spring Festival passenger flow demonstrates the resilience of tourism consumption, maintaining "Buy" ratings for Sands China, Galaxy Entertainment, and MGM China

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Citigroup's report shows that the Macau gaming industry started strong in the Year of the Horse, with high-end mid-market per capita bets reaching a record high of MOP 29,625, an increase of 13% compared to last year. It was observed that the number of high rollers with bets exceeding MOP 500,000 increased to 7, and the minimum bet for baccarat rose to MOP 2,347. Citigroup is optimistic about Macau's total gaming revenue forecast for 2026, expecting a growth of 1% to MOP 20 billion. Gaming stocks performed well, with Galaxy Entertainment seeing the largest increase of 3.1%

Stheadline

MELCO INT'L DEV

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

The UBS research report shows that during the Spring Festival holiday, Macau's average daily gaming revenue was approximately MOP 786 million, lower than the market expectation of MOP 900 million to MOP 950 million. Despite weak initial demand, the transaction volume accelerated in the last three days of the holiday, reaching an average of MOP 1.2 billion to MOP 1.3 billion per day. UBS's top picks are Melco Resorts & Entertainment, WYNN MACAU, and MGM CHINA as industry favorites, along with corresponding investment ratings and target prices

UBS: Macau's average daily gaming revenue during the Spring Festival holiday fell short of expectations, with Melco Resorts, WYNN MACAU, and MGM CHINA as top picks

Citi released a research report indicating that the Macau gaming industry has had a strong start, with high-end mass market performance continuing to strengthen and average betting amounts reaching record highs. It is expected that February's gaming revenue will grow by 1% to MOP 20 billion. Citi is optimistic about Galaxy Entertainment and has given it a buy rating with a target price of HKD 54. Other ratings for Macau gaming stocks include buy for MGM China at HKD 18.25, buy for Sands China at HKD 23, buy for Wynn Macau at HKD 7.55, sell for SJM Holdings at HKD 2.23, and buy for Melco Resorts at USD 10.5

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment

Citigroup expects Macau's gaming revenue to reach MOP 20 billion in February this year, a year-on-year increase of 1%. During the first seven days of the Lunar New Year golden week, the number of visitors to Macau reached 1.2125 million, with mainland visitors accounting for 76.9%. The bank believes that the visitor trend in Macau is positive and aligns with the predictions of the tourism bureau. It is expected that the average daily gaming revenue from February 19 to 23 will be MOP 1.1 billion, while the average daily gaming revenue on other days will be around MOP 750 million

Studio City

Citi expects Macau's February gaming revenue to reach MOP 20 billion, a year-on-year increase of 1%

Citi has lowered its forecast for Macau's February gaming revenue to MOP 20 billion, leading to a general decline in gaming stocks. Sands China fell 2.5%, currently at HKD 18.53; Galaxy Entertainment fell 1.16%, currently at HKD 42.58; MGM China fell 1.46%, currently at HKD 13.53; SJM Holdings fell 1.23%, currently at HKD 2.41; Wynn Macau fell 0.34%, currently at HKD 5.92

Citigroup lowers gambling revenue forecast to MOP 20 billion, casino stocks generally decline, Sands China falls 2.5%

Macquarie released a research report indicating that Macau's average daily gaming revenue last week is expected to be MOP 543 million, a decrease of 13% compared to the previous period, mainly due to seasonal slowdown before the Lunar New Year and the VIP room win rate being below normal levels. The firm is optimistic about Galaxy Entertainment, Sands China, and MGM China, particularly noting that Sands China's market share has rebounded to a two-year high and declared a dividend of 50 cents, demonstrating healthy cash flow and an optimistic business growth outlook

Macquarie: Macau's gaming revenue slows due to seasonal factors, optimistic about Galaxy Entertainment, Sands China, and MGM China

JP Morgan released its latest investment ratings and target prices for gaming stocks. Galaxy Entertainment is rated as overweight, with a target price of HKD 52; Sands China is overweight, with a target price of HKD 22; MGM China is overweight, with a target price of HKD 18; Wynn Macau is overweight, with a target price of HKD 8; Melco Resorts & Entertainment is rated neutral, with a target price of USD 6.4; Amax Holdings is rated underweight, with a target price of HKD 2; and New Macau International is rated underweight, with a target price of HKD 3.5

Morgan Stanley's investment ratings and target prices for Macau gaming stocks (Table)

During the Lunar New Year period, hotel occupancy rates in Macau are close to full capacity, with some hotel room prices exceeding six times those in the off-season. The average daily number of tourists is expected to reach between 158,000 and 175,000. According to forecasts, Macau's casino revenue is expected to reach or exceed the levels seen during last year's Golden Week in November, with an average daily gaming revenue projected at MOP 1.1 billion. Multiple factors have contributed to the recovery of the tourism market, with hotel occupancy rates expected to exceed 90%

Macau hotels are nearing full capacity for the Spring Festival, with the most expensive night costing 9,000 yuan, six times more than on weekdays, and gaming revenue expected to exceed last year's Golden Week

MGM China Holdings (HK:2282) has warned investors that the financial figures in MGM Resorts International's recent U.S. filing are not directly comparable to its own upcoming audited results, which follow IFRS standards. The company emphasizes that the U.S. report, prepared under U.S. GAAP, has not been audited by MGM China's auditor, advising caution for investors. The latest analyst rating for MGM China stock is a Hold with a price target of HK$13.50. MGM China is a Macau-based casino operator controlled by MGM Resorts International, which holds 56% of its shares.

Tip Ranks

MGM China Warns Investors Over Comparability of Parent’s U.S. Filings

BEDZ

MGM Resorts International reported a 72% drop in net income attributable to shareholders, totaling USD 205.86 million for FY2025. Consolidated net revenues increased by 2% to USD 17.54 billion, driven by growth in MGM China (11%), MGM Digital (19%), and Regional Operations (1%). The company generated USD 2.53 billion in net cash from operating activities, with net cash used in investing and financing activities at USD 1.14 billion and USD 1.73 billion, respectively. Key performance indicators included gaming metrics and hotel occupancy rates.

Reuters

AdvisorShares Hotel ETF

Invesco Leisure & ENT ETF

MGM Resorts International FY2025 net income attributable to shareholders drops 72% to USD 205.86 million

Hot trading industry trends on August 7 and related Hong Kong semiconductor stocks. Hong Kong semiconductor stocks opened lower in early trading but then surged strongly, with Innoscience gaining over 11%, and industry leader SMIC rising over 3%. Core logic: On the news front, on August 1, Innoscience officially responded to rumors of collaboration with NVIDIA. The announcement stated that the company has recently partnered with global AI technology leader NVIDIA to jointly promote the large-scale implementation of the 800VDC (800-volt direct current) power architecture in AI data centers. Clear signals of a cyclical bottom: Global semiconductor inventory reduction is nearing its end...

NVIDIA

SMIC

SMIC HK SDR 5to1

FIT HON TENG

WUXI APPTEC

WuXi AppTec

INNOCARE

InnoCare Pharma

XIAOMI-W

XIAOMI-WR

Xiaomi HK SDR 2to1

Xiaomi Corporation

NAGACORP

CSPC PHARMA

INNOVENT BIO

COWELL

HUA HONG SEMI

Hua Hong

SHANGHAI FUDAN

FMSH

INNOSCIENCE

SOLOMON SYSTECH

TIGERMED

Tigermed

Apple

Hot Trades in Hong Kong Stocks (8.7)｜ Chip Stocks Rebound Strongly, Apple Supply Chain Follows; Xiaomi and Pharmaceuticals Retreat Under Pressure

BP-MGMC@EC2607A(24539.HK)

Morgan Stanley: Cash flow and dividends of Macau gaming stocks continue to grow, prefer Galaxy Entertainment and Sands China

"Large Banks" Huizheng: The Spring Festival passenger flow demonstrates the resilience of tourism consumption, maintaining "Buy" ratings for Sands China, Galaxy Entertainment, and MGM China

Citigroup expects Macau's gaming industry to have a strong start in the Year of the Horse, with high-end mid-market per capita betting reaching a new high

UBS: Macau's average daily gaming revenue during the Spring Festival holiday fell short of expectations, with Melco Resorts, WYNN MACAU, and MGM CHINA as top picks

"Big Banks" Citigroup: Macau's gaming industry starts strong, most optimistic about Galaxy Entertainment