该行表示，第三季整体GGR按季跌1%至556亿澳门元，恢复到疫前的79%，显示其持续复苏的趋势，而从10月下旬开始，博彩营运商将开始公布第三季业绩，认为相关业绩将基本符合预期，但料美高梅中国业绩可能不及预期。Starting from late October, gaming operators will begin to announce their third-quarter performance. Goldman Sachs believes that the related performance will generally meet expectations, but expects MGM China's performance to potentially fall short.
According to the Securities Times app, JPMorgan released a research report stating that among Macau casino stocks, Galaxy Entertainment (00027) remains its top pick, with a 'buy' rating. Sands China (01928), Wynn Macau (01128), and MGM China (02282) are also rated 'buy', followed by SJM Holdings (00880) with a 'neutral' rating, and finally Melco Int'l Dev (00200) with a 'shareholding' rating.
The report points out that for Macau gambling stocks, the September gambling revenue (GGR) exceeded expectations, increasing by 16% year-on-year to 17.3 billion Macau dollars. However, it decreased by 13% month-on-month, indicating that the recovery trend is in line with expectations. If the overall market momentum remains strong, the industry valuation still has sufficient room for mean reversion without the need to raise earnings or expectations. Galaxy Entertainment in Macau is still the most bullish, due to its unique profit resilience and continuously improving shareholder policies.
The bank stated that overall GGR in the third quarter fell by 1% to 55.6 billion Macau dollars on a quarterly basis, recovering to 79% of pre-pandemic levels, indicating a continued recovery trend. Starting from late October, gaming operators will begin to announce their third-quarter performance, with expectations that the related performance will generally meet expectations, but expects MGM China's performance to potentially fall short.
