<div id="readability-page-1"><div>CLSA issued a report sharing observations from visits to multiple casinos in Macau during the Golden Week holiday on 2 May. The broker noted that foot traffic increased after noon, with healthy minimum bet levels. In the mass segment, the most common minimum bet ranged from HKD1,000 to HKD2,000 per hand, while minimum bets in VIP areas were generally as high as HKD5,000. At City of Dreams, two gaming tables with minimum bets of HKD10,000 were observed. CLSA believes its forecast of Macau May gross gaming revenue (GGR) of 22.6 billion patacas should be achievable.The broker also noted that MGM CHINA (02282.HK) -0.440 (-3.767%) Short selling $14.31M; Ratio 41.358% and City of Dreams, among others, have introduced new side-bet options. Although players may need time to adapt, CLSA believes a more diversified gaming offering will structurally enhance casinos win rates over the long term. In addition, since 2025, the broker has observed increasing willingness among premium mass customers to visit Macau during non-peak weeks, and expects a strong tail lasting about one week after the Golden Week holiday. CLSA reiterated its forecast that Macau GGR in May 2026 will grow 6.6% YoY to 22.6 billion patacas, broadly in line with the market consensus growth of 6.3%, and believes the target is achievable.CLSA said the current enterprise value-to-EBITDA (EV/EBITDA) multiple of Macaus gaming sector is about 8.9x, which it considers undemanding compared with the 11x to 12x average level under the new normal. The broker assigned investment ratings and target prices to six Macau gaming stocks. Stocks rated Outperform include GALAXY ENT (00027.HK) -0.820 (-2.473%) Short selling $62.45M; Ratio 21.221% with a TP of HKD47.4; MGM CHINA (02282.HK) -0.440 (-3.767%) Short selling $14.31M; Ratio 41.358% with a TP of HKD19.2; and SANDS CHINA LTD (01928.HK) -0.280 (-1.716%) Short selling $46.30M; Ratio 43.612% with a TP of HKD20. It also rated Melco Resorts &amp; Entertainment Limited (MLCO.US) as Outperform with a TP of USD8.5.CLSA rated WYNN MACAU (01128.HK) -0.070 (-1.235%) Short selling $3.56M; Ratio 25.752% as Hold with a TP of HKD5.7, and SJM HOLDINGS (00880.HK) 0.000 (0.000%) Short selling $1.98M; Ratio 35.825% as Underperform with a TP of HKD1.7. (ad/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-04 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</div>

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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