<p>CLSA 于 5 月 2 日发布了一份报告，分享了在黄金周假期期间对澳门多个赌场的观察。该券商指出，午后人流量增加，最低投注水平健康。在大众市场中，最常见的最低投注为每手港币 1,000 至港币 2,000，而 VIP 区域的最低投注通常高达港币 5,000。在梦想城观察到两张最低投注为港币 10,000 的赌桌。CLSA 认为，其对澳门 5 月总博彩收入（GGR）226 亿澳门元的预测是可以实现的。</p>
<p>该券商还指出，MGM CHINA (02282.HK) -0.440 (-3.767%) 空头头寸为 1431 万美元；比例 41.358% 以及梦想城等赌场推出了新的边注选项。尽管玩家可能需要时间适应，但 CLSA 相信，更加多样化的游戏选择将从结构上提高赌场的胜率。此外，自 2025 年以来，该券商观察到高端大众客户在非高峰周访问澳门的意愿逐渐增加，并预计黄金周假期后将持续约一周的强劲尾部效应。CLSA 重申其对 2026 年澳门 GGR 将同比增长 6.6% 至 226 亿澳门元的预测，基本符合市场共识的 6.3% 增长，并认为这一目标是可实现的。</p>
<p>CLSA 表示，澳门博彩行业当前的企业价值与 EBITDA（EV/EBITDA）倍数约为 8.9 倍，相较于新常态下 11 倍至 12 倍的平均水平，认为这一倍数并不苛刻。该券商对六只澳门博彩股票进行了投资评级和目标价格的分配。评级为跑赢大盘的股票包括 GALAXY ENT (00027.HK) -0.820 (-2.473%) 空头头寸为 6245 万美元；比例 21.221%，目标价为港币 47.4；MGM CHINA (02282.HK) -0.440 (-3.767%) 空头头寸为 1431 万美元；比例 41.358%，目标价为港币 19.2；以及 SANDS CHINA LTD (01928.HK) -0.280 (-1.716%) 空头头寸为 4630 万美元；比例 43.612%，目标价为港币 20。它还将 Melco Resorts &amp; Entertainment Limited (MLCO.US) 评级为跑赢大盘，目标价为 8.5 美元。</p>
<p>CLSA 将 WYNN MACAU (01128.HK) -0.070 (-1.235%) 空头头寸为 356 万美元；比例 25.752% 评级为持有，目标价为港币 5.7，而 SJM HOLDINGS (00880.HK) 0.000 (0.000%) 空头头寸为 198 万美元；比例 35.825% 评级为跑输大盘，目标价为港币 1.7。（广告/新闻）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 5 月 4 日 12:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。）</p>
<p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>

永利澳门

美高梅中国

金沙中国有限公司

银河娱乐

<p>CLSA 预测澳门 5 月份的总博彩收入（GGR）将达到 226 亿澳门元，这得益于黄金周假期期间观察到的客流量增加和健康的投注水平。报告强调了赌场的新博彩选项，这可能会提高长期的赢率。CLSA 预计到 2026 年 5 月，GGR 将同比增长 6.6%。目前澳门博彩行业的企业价值/息税折旧摊销前利润（EV/EBITDA）倍数被认为不高。对几只股票进行了投资评级，其中银河娱乐（GALAXY ENT）、美高梅中国（MGM CHINA）和金沙中国有限公司（SANDS CHINA）被评为 “跑赢大盘”，而永利澳门（WYNN MACAU）和新濠国际（SJM HOLDINGS）则分别获得 “持有” 和 “跑输大盘” 的评级</p>

<p>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.</p>
<div class="lb-trans"><p>CLSA 于 5 月 2 日发布了一份报告，分享了在黄金周假期期间对澳门多个赌场的观察。该券商指出，午后人流量增加，最低投注水平健康。在大众市场中，最常见的最低投注为每手港币 1,000 至港币 2,000，而 VIP 区域的最低投注通常高达港币 5,000。在梦想城观察到两张最低投注为港币 10,000 的赌桌。CLSA 认为，其对澳门 5 月总博彩收入（GGR）226 亿澳门元的预测是可以实现的。</p>
</div><p>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.</p>
<div class="lb-trans"><p>该券商还指出，MGM CHINA (02282.HK) -0.440 (-3.767%) 空头头寸为 1431 万美元；比例 41.358% 以及梦想城等赌场推出了新的边注选项。尽管玩家可能需要时间适应，但 CLSA 相信，更加多样化的游戏选择将从结构上提高赌场的胜率。此外，自 2025 年以来，该券商观察到高端大众客户在非高峰周访问澳门的意愿逐渐增加，并预计黄金周假期后将持续约一周的强劲尾部效应。CLSA 重申其对 2026 年澳门 GGR 将同比增长 6.6% 至 226 亿澳门元的预测，基本符合市场共识的 6.3% 增长，并认为这一目标是可实现的。</p>
</div><p>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.</p>
<div class="lb-trans"><p>CLSA 表示，澳门博彩行业当前的企业价值与 EBITDA（EV/EBITDA）倍数约为 8.9 倍，相较于新常态下 11 倍至 12 倍的平均水平，认为这一倍数并不苛刻。该券商对六只澳门博彩股票进行了投资评级和目标价格的分配。评级为跑赢大盘的股票包括 GALAXY ENT (00027.HK) -0.820 (-2.473%) 空头头寸为 6245 万美元；比例 21.221%，目标价为港币 47.4；MGM CHINA (02282.HK) -0.440 (-3.767%) 空头头寸为 1431 万美元；比例 41.358%，目标价为港币 19.2；以及 SANDS CHINA LTD (01928.HK) -0.280 (-1.716%) 空头头寸为 4630 万美元；比例 43.612%，目标价为港币 20。它还将 Melco Resorts &amp; Entertainment Limited (MLCO.US) 评级为跑赢大盘，目标价为 8.5 美元。</p>
</div><p>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.)</p>
<div class="lb-trans"><p>CLSA 将 WYNN MACAU (01128.HK) -0.070 (-1.235%) 空头头寸为 356 万美元；比例 25.752% 评级为持有，目标价为港币 5.7，而 SJM HOLDINGS (00880.HK) 0.000 (0.000%) 空头头寸为 198 万美元；比例 35.825% 评级为跑输大盘，目标价为港币 1.7。（广告/新闻）（香港股票报价延迟至少 15 分钟。空头头寸数据截至 2026 年 5 月 4 日 12:25。）（实时流媒体美国股票报价；除所有场外交易报价外，均至少延迟 15 分钟。）</p>
</div><p>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.</p>
<div class="lb-trans"><p>本文由 AI 自动翻译，中文版本应视为权威版本。AASTOCKS.com Limited 不保证其准确性或完整性，并对因使用本翻译而产生的任何损害或损失不承担任何责任。</p>
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里昂证券预计澳门五月份的博彩总收入有望达到 226 亿澳门元