Citi has lowered its April forecast for Macau's gaming revenue to MOP 20.5 billion.

Citi issued a research report indicating that industry data shows Macau's gambling revenue for the first 12 days of April may have reached approximately MOP 7.95 billion, implying an average daily revenue of about MOP 630 million over the past five days. This is approximately 8% lower than the first seven days of April, but performance remains largely stable. The bank believes the softer revenue was due to VIP room win rates being significantly below normal levels. Looking ahead, the bank noted that concerts by Thai singer Billkin in Macau and the Weibo International Entertainment Awards at the Galaxy Arena could help alleviate potential weakness in gambling revenue ahead of the Labor Day Golden Week. Based on the gaming performance so far this month, the bank has cautiously adjusted its April gambling revenue forecast.

AASTOCKS10:58

Citi: Cut target prices for Galaxy Entertainment (00027), MGM China (02282), and SJM Holdings (00880); raised target price for Sands China (01928).

The bank believes that Macao possesses sustainable operating cash flow and an attractive dividend yield (expected dividend yield for Hong Kong-listed companies in fiscal year 2026 is 5-7%), warranting greater attention from investors.

Zhitong FinanceApr 13 14:22 · Ratings

CLSA: Galaxy Entertainment (00027.HK) and Sands China (01928.HK) are the top picks among Macau gaming stocks.

CLSA issued a research report forecasting that Macau's gaming industry EBITDA in the first quarter of this year will increase by 7% year-on-year to USD 2.067 billion, benefiting from a 14% growth in gaming revenue. Although growth is driven by the premium segment, the brokerage expects that the industry’s profit margin will not expand due to the fact that, under persistently intense competition, the win rate in VIP rooms is unlikely to exceed normalized levels. The brokerage updated its earnings forecasts for various gaming companies to reflect the latest assumptions on rebates, operating expenses, and non-gaming revenue, and adjusted target prices accordingly. Galaxy Entertainment (00027.HK) and Sands China (01928.HK) remain the top picks in the sector.

AASTOCKSApr 13 10:32

Jefferies downgraded Las Vegas Sands Group (LVS.US) to "Hold" and selected Wynn Macau (01128.HK) and Galaxy Entertainment (00027.HK) as its top picks among Macau gaming stocks.

Jefferies released a report indicating that the robust start to April is supportive of the current share price levels of Macau gaming stocks, but remains neutral for the overall industry, primarily due to the upcoming end of an easy comparison base and geopolitical factors. The firm continues to believe that premium operators should outperform the broader market in a slowing growth environment, reiterating Wynn Macau (01128.HK) and Galaxy Entertainment (00027.HK) as its top picks. The firm forecasts Wynn's 2026 fiscal year adjusted EBITDA to grow by 7.1% year-on-year, while Galaxy Entertainment is expected to grow by 9.7%. Additionally, the firm recently downgraded Las Vegas Sands (LVS.US).

AASTOCKSApr 9 16:05

CLSA's Investment Ratings and Target Prices for Macau Gaming Stocks (Table)

CLSA issued a research report with the following investment ratings and target prices for Macau gaming stocks: Stock | Investment Rating | Target Price (HKD) Galaxy Entertainment Group (00027.HK) | Outperform | HKD 49.5 → HKD 48 Sands China Limited (01928.HK) | Outperform | HKD 22.9 → HKD 21.4 MGM China Holdings (02282.HK) | Outperform | HKD 20.9 → HKD 19.3 Wynn Macau (01128.HK) | Outperform | HKD 8.2 → HKD 6 Melco Resorts & Entertainment

AASTOCKSApr 8 14:31

Macau's tourism industry anticipates an average daily visitor volume of 160,000 to 170,000 during the upcoming Labor Day Golden Week.

According to reports from the Macao Daily, the number of visitors during this year's Easter and Qingming Festival holidays met the expectations of the tourism industry. Representatives from Macao’s tourism sector stated that for one or two days during the holiday period, the daily visitor count reached 150,000, while on other days it was approximately 120,000—slightly higher than a typical weekend, which aligned with forecasts and left them satisfied. It is anticipated that the number of visitors during the upcoming May Day Golden Week will significantly surge, with daily averages potentially reaching 160,000 to 170,000. Hu Jingguang, President of the Macao Tourism Industry Council, noted that the increase in visitor numbers during the Spring Festival provided a confidence boost to the sector. For this year’s combined Easter and Qingming holidays, many people followed tradition by returning to their hometowns for ancestral worship, leading to relatively moderate travel intentions.

AASTOCKSApr 8 14:14