0WYNN.US Overview

Macau Gaming Revenue: Macau's GGR for February reached MOP20.6 billion, reflecting a 4% year-over-year increase and a 1% month-over-month increase, although it fell short of market estimates.

Broker Insights: Jefferies reported a preference for premium operators like GALAXY ENT and Wynn Resorts, despite the GGR data being below initial market expectations.

Visitor Activity: HSBC Research maintained a Buy rating on GALAXY ENT, citing strong visitor and commercial activity during the Lunar New Year, indicating resilience in travel spending.

Market Performance: The report noted short selling activity of $188.25 million with a ratio of 36.397%, highlighting ongoing market dynamics.

Macau GGR Performance: For the week ending 25 January, Macau's average daily gross gaming revenue (GGR) was MOP695 million, showing an 18% year-over-year increase but a slight week-over-week decline of 1%. Both mass and VIP GGR grew by 6-8% month-to-date, despite a slight decrease in win rate.

Future GGR Projections: Jefferies estimates that the average daily GGR for the remaining days of January will be between MOP650 million and MOP720 million, leading to a total monthly GGR of MOP21.7-22.1 billion, which represents a year-over-year increase of 19-21%.

Market Outlook: G Sachs anticipates a 4% to ~30% quarter-over-quarter growth in the gaming industry and Galaxy Entertainment's EBITDA for Q4 2025, suggesting a positive outlook for the upcoming Lunar New Year performance.

Stock Recommendations: Jefferies continues to favor stocks such as WYNN MACAU, SANDS CHINA LTD, GALAXY ENT, Las Vegas Sands, and Wynn Resorts, indicating confidence in their market performance despite varying short selling ratios.

Macau GGR Growth: Macau experienced significant growth in gross gaming revenue (GGR) at the beginning of 2026, averaging MOP693 million per day for the week ending January 11, marking an 18% year-over-year increase, with expectations of 15-21% growth for the entire month.

Investor Preferences: Despite the positive GGR data, investors have shifted their focus towards US regional gaming stocks, although Jefferies believes that Macau-based stocks have stronger fundamentals compared to their counterparts.

Broker Recommendations: Jefferies continues to favor stocks such as Wynn (WYNN.US) and Las Vegas Sands (LVS.US) in the US market, along with Galaxy Entertainment (00027.HK) and Sands China Ltd (01928.HK) in Hong Kong.

Short Selling Data: Recent short selling data indicates significant activity in Hong Kong stocks, with Galaxy Entertainment and Sands China Ltd experiencing notable short selling ratios and amounts.

Macau's GGR Growth: Macau's average daily gross gaming revenue (GGR) for the first four days of 2026 increased by 36% year-on-year to MOP800 million, driven by a holiday overlap and a low comparison base from the previous year.

Market Outlook: Jefferies is optimistic about the continued growth of the Macau gaming market, predicting it will outperform the US market, with top picks including Wynn Resorts and Las Vegas Sands in the US, and Galaxy Entertainment in Hong Kong.

Macau Gaming Industry Performance: Jefferies reported a positive outlook for Macau's gaming industry, with a 14.8% year-over-year increase in GGR for September 2025, contributing to an annual growth of 9.1% YoY, aligning with market expectations.

Future Growth Expectations: The report suggests that Macau's casinos are well-positioned for growth in 2026, despite the government's conservative low single-digit growth forecast, due to a low base until May 2026.

Preferred Casino Stocks: Jefferies favors Wynn Resorts and Las Vegas Sands Corp. among US-listed casinos, anticipating they will outperform peers due to opportunities in Singapore and the UAE, as well as positive trends in Macau.

Attractive Valuations for Hong Kong Stocks: The broker remains optimistic about Galaxy Entertainment and Sands China, citing attractive enterprise value ratios of 6-10x for Macau's casinos, indicating potential for upside.

Macau's Gaming Growth: The gaming industry in Macau is experiencing growth due to increased tourism, improved marketing, and a more diverse customer base, particularly in premium segments, according to a UBS report.

Optimistic GGR Forecast: UBS has raised its 2025 GGR forecast for Macau by less than 1% to a 9% year-over-year growth, while also increasing estimates for 2026 and 2027, although all figures remain below 2019 levels.

Casino Target Prices: UBS adjusted its target price for Las Vegas Sands to $68 while maintaining a Neutral rating, and kept MGM Resorts at $37/Neutral and Wynn Resorts at $147/Buy.

Market Performance Expectations: The report suggests that operators with strong high-end offerings are expected to outperform the market as reinvestment trends stabilize.