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JPMorgan: Expected Macau's Gambling revenue to increase by 5%, with GALAXY ENT as the top pick.
JPMorgan released a research report stating that Macau's Gambling revenue in December fell by 2% year-on-year to 18.2 billion yuan (Macau Patacas, the same below), recovering nearly 80% compared to pre-pandemic levels, but still lower than the market consensus of 2-3%. The bank expects Macau's ordinary Gambling revenue in December to reach 110% of the pre-pandemic level, while VIP revenue only recovered to 23%, slightly below recent levels. The bank's preferred stock in Macau's Gambling industry is GALAXY ENT, followed by MGM CHINA, WYNN MACAU, and SANDS CHINA, all rated as 'Buy'.
Express News | Macau Says 2024 Gambling Revenue up 23.9 Pct From a Year Earlier to 226.8 Bln Patacas
Express News | Macau Says December Gambling Revenue Down 2 Pct From a Year Earlier to 18.2 Bln Patacas
Before the New Year's Day, Macau Casino stocks collectively rose, with Sands China (01928) up 2.18% and the average hotel room occupancy rate in Macau increasing to 89.7% in November.
Jinwu Financial News | Before the New Year's Day holiday, Macau Casino stocks collectively rose, with Sands China (01928) increasing by 2.18%, MGM China (02282) rising by 2.16%, and SJM Holdings (00880), GALAXY ENT (00027), and WYNN MACAU (01128) rising over 1%.
Hong Kong stock movement | Macau Casino stocks collectively fell, Sands China (01928) dropped over 4% as Macau's November gaming revenue decreased by 11.3% month-on-month.
Macau Casino stocks fell collectively. As of the time of writing, Sands China (01928) is down 4.37%, quoted at 20.8 HKD; MELCO INT'L DEV (00200) is down 2.86%, quoted at 4.41 HKD; GALAXY ENT (00027) is down 2.8%, quoted at 32.95 HKD.
Macau Sees Surge in Bond Listings in Pivot Away From Gambling
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