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UBS Report: Macau's Gambling Industry Revenue and Operator Market Share Changes in April

CLSA Predicts 6.6% Increase in Macau's May Gambling Revenue and Rates Several Stock Performances

Galaxy Entertainment Shows Strong Recovery Post-Pandemic and Pushes for Cotai Phase IV Development

Galaxy Macau Announces Hosting of UFC Fight Night

Morgan Stanley Downgrades Macau Gaming Stocks Ratings and Target Prices

JPMorgan Maintains Overweight Rating on Galaxy Entertainment

CLSA: Macau's February Gambling Revenue Up 4.5%, Predicts 9.7% Growth in March

HSBC Maintains Buy Rating on Galaxy Entertainment with Raised Target Price

Goldman Sachs Cuts Galaxy Entertainment Target Price But Maintains 'Buy' Rating

UBS report: Galaxy Entertainment Q4 2025 beats expectations

CLSA Maintains Silverlicious 'Outperform' Rating

GALAXY ENT released FY2025 9 Months Earnings on February 26, 2026 (BJT) with actual revenue of HKD 36.27 B and EPS of HKD 1.8155

GALAXY ENT released FY2025 Q3 earnings on February 26 (BJT), actual revenue HKD 13.02 B (forecast HKD 12.01 B), actual EPS HKD 0.6205 (forecast HKD 0.67)

Lui Yiu Tung, SJM Chairman, Comments on Lunar New Year Performance and Outlines Future Plans

GALAXY ENT released FY2025 earnings on February 26 During-Market (BJT), actual revenue HKD 49.29 B (forecast HKD 48.78 B), actual EPS HKD 2.436 (forecast HKD 2.4394)

GALAXY ENT released FY2025 Q4 earnings on February 26 During-Market (BJT), actual revenue HKD 13.02 B (forecast HKD 13.76 B), actual EPS HKD 0.6205 (forecast HKD 1)

JPMorgan Updates Preference and Ratings for Macau Casino Shares

JPMorgan Predicts 2% to 5% Year-on-Year Growth in Macau's February Gambling Revenue, Recommends Galaxy Entertainment Group Etc.

GALAXY ENT to release FY2025 earnings report on February 26, 2026, during market hours (BJT), forecast revenue HKD 48.78 B, EPS HKD 2.4394

Galaxy Entertainment Launches New Hotel Capella

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UBS reported that Macau's mass GGR rose about 3% in April compared to Q1 2026, with a nearly 11% YoY increase. GALAXY ENT gained the most market share, up nearly 250 bps MoM, while WYNN MACAU increased by nearly 200 bps. SANDS CHINA saw a decline of nearly 300 bps MoM. MGM CHINA maintained stable market share. UBS's ratings for stocks include 'Buy' for GALAXY ENT, WYNN MACAU, MGM CHINA, and others, with target prices set for each.

AASTOCKS News

WYNN MACAU

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GALAXY ENT

Galaxy Entertainment Group

Wynn Resorts

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SANDS CHINA LTD

MGM CHINA

Melco Resorts & ENT

MELCO INT'L DEV

SJM HOLDINGS

UBS Group AG

Sands China

UBS: GALAXY ENT , WYNN MACAU  Gain GGR Market Share in April

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On May 4, during the Mainland "May Day" holiday, Macau recorded 152,000 inbound visitors, contributing to over 749,000 total passenger trips across border checkpoints. Outbound visitors numbered 174,000, with the Barrier Gate Checkpoint, Hengqin Port, and Hong Kong-Zhuhai-Macao Bridge being the main entry points. Previous days saw inbound visitors at 203,000, 247,000, and 182,000 respectively.

- On May 4, during the fourth day of China's "May Day" holiday, the Macau Public Security Police reported over 749,000 border crossings.  
- A total of 152,000 visitors entered Macau, while 174,000 visitors exited, with primary checkpoints being the Gongbei checkpoint, Hengqin port, and the Hong Kong-Zhuhai-Macau Bridge checkpoint.  
- Earlier reports indicated the number of inbound visitors on the first three days of the holiday was 203,000, 247,000, and 182,000 respectively.

Las Vegas Sands

VanEck Gaming ETF

Macau Logs 152,000 Inbound Visitors on Fourth Day of "May Day" Holiday

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ILUVATAR COREX(09903) rose 20.22%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 287.3%. MINIMAX-W(00100) rose 12.62%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 386.7%. AKESO(09926) fell 5.89%, with a trading turnover 924.7 Million HKD, and a year-to-date rose 13.1%. GALAXY ENT(00027) fell 2.83%, with a trading turnover 688.9 Million HKD, and a year-to-date fell 15.9%.

Top Gainers&Losers

ILUVATAR COREX

MINIMAX-W

YOFC

WEICHAI POWER

KNOWLEDGE ATLAS

AKESO

PETROCHINA

SIGENERGY

CNOOC

Top 5 HK Stock Gainers/Losers (>100B) (5.4)

CLSA forecasts Macau's May gross gaming revenue (GGR) to reach 22.6 billion patacas, supported by increased foot traffic and healthy betting levels observed during the Golden Week holiday. The report highlights new gaming options at casinos, which may enhance long-term win rates. CLSA anticipates a 6.6% year-on-year growth in GGR by May 2026. The current EV/EBITDA multiple for Macau's gaming sector is considered undemanding. Investment ratings were assigned to several stocks, with GALAXY ENT, MGM CHINA, and SANDS CHINA rated as Outperform, while WYNN MACAU and SJM HOLDINGS received Hold and Underperform ratings, respectively.

CLSA Expects Macau May GGR of 22.6B Patacas Achievable

Citi's report indicates that Macau's VIP mass betting during the first two days of the Labour Day holiday reached HKD23 million, the second highest this year, with GALAXY ENT and SANDS CHINA LTD leading market shares at 29% and 26%, respectively. Inbound visitors exceeded 200,000, similar to Lunar New Year levels. The report also highlights new side bets for baccarat, which could enhance Macau's GGR, and notes a rise in average minimum bets across several casinos. Overall, Macau remains a top destination for Mainland tourists during Golden Week.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Citi: Macau VIP Mass Betting in First Two Days of Labour Day Holiday Hits Second Highest This Year; GALAXY ENT  and SANDS CHINA LTD Lead Market Share

Haitong International forecasts an 8% year-on-year increase in Macau's GGR for May, following a 5.5% rise to MOP19.894 billion in April. The average daily GGR in April was MOP663 million, down 9.1% from March, indicating seasonal softening. Year-to-date, total industry revenue is up 12.1% YoY, reaching 86% of 2019 levels. Despite a decline in hotel room rates during the May Day Golden Week, occupancy rates improved. The expected growth in May would bring total industry revenue to 88.2% of the 2019 level.

Haitong International Expects Macau May GGR to Rise 8% YoY

CICC reported that Macau's gross gaming revenue (GGR) in April increased by 5.5% year-on-year, slightly below market expectations of 6.5%. Month-on-month, GGR fell by 12%, reaching 84.3% of April 2019 levels. The subdued performance was attributed to the low season, lower win rates, and stricter regulations. VIP gaming revenue dropped 46% to 55% compared to April 2019, while mass-market revenue rose by 11% to 19%. CICC forecasts May GGR between MOP21.7 billion and MOP23.3 billion, with a year-on-year growth of 2% to 10%.

MGM Resorts

CICC

CICC: Macau Apr GGR Largely In Line

Macau's gaming tax revenue for Q1 2026 increased by 15.9% year-on-year, totaling 25.8 billion Macao patacas, according to the Macao Financial Services Bureau. Additionally, the fiscal surplus for the same period rose by 43.96% year-on-year to 13.643 billion Macao patacas.

- The Monetary Authority of Macao reported that gaming tax revenue for the first three months of this year reached 25.8 billion Macao patacas, a year-on-year increase of 15.9%.  
- The fiscal surplus in Macao for the same period grew by 43.96%, reaching 13.643 billion Macao patacas.  
- These financial indicators reflect a positive trend in Macao's economy during the first quarter.

Macau 1Q26 Gaming Tax Revenue Up 15.9% YoY

BETZ

Citigroup lowered its forecast for Macau's April gaming revenue to MOP 20 billion, citing that the win rate in VIP rooms is below normal levels. The report noted that Macau's gaming revenue for the first 19 days of April was approximately MOP 12.4 billion, with an average daily revenue of MOP 636 million, an increase of 1% compared to the previous week. It is expected that the average daily revenue for the remainder of the month will be MOP 691 million. Citigroup believes that the Weibo International Entertainment Gala may alleviate the weak gaming revenue before the Labor Day Golden Week

AASTOCKS

Roundhill Sports Betting & iGaming ETF

Weibo

WB-SW

Under the banner of "Big Banks," the forecast for Macau's April gaming revenue has been downgraded to MOP 20 billion

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UBS: GALAXY ENT , WYNN MACAU Gain GGR Market Share in April