Credit Suisse: Macau's February gaming revenue is below expectations, maintaining a "Buy" rating on Galaxy Entertainment

Fidelity published a report stating that according to the Macao Gaming Inspection and Coordination Bureau, the total gaming revenue in February reached MOP 20.6 billion, a year-on-year increase of 4% and a month-on-month increase of 1%. Although the data fell short of the market and the bank's initial estimates of 10.5% and 8%, it was better than the bank's weekly channel survey trends, which showed a year-on-year decline in the first three weeks of February. The bank maintains its preference for high-end operators, including Galaxy Entertainment (00027.HK) and Wynn Resorts (WYNN.US).

Among them, the bank maintains a "Buy" rating on Galaxy Entertainment, believing that its performance in the fourth quarter of last year was generally in line with expectations, and during the Lunar New Year period, the company continued to record strong visitor and business activity; with the advancement of the fourth phase project, capital expenditures are expected to increase in 2026