02282 Overview

Expansion Plans: MGM China will add 124 premium suites at MGM Cotai, converting three floors into all-suite floors to target high-end clients.

Market Position: CEO Bill Hornbuckle stated that MGM China holds a 15% market share in Macau and expects to maintain this amidst intense competition.

Macau's GGR Performance: Macau's gross gaming revenue (GGR) for the first eight days of March was MOP5.65 billion, showing a 33% week-over-week decline, but if the daily average GGR remains between MOP680 million and MOP730 million, March's total GGR could reach MOP21.3-22.4 billion, reflecting an 8-14% year-over-year growth.

HSBC's Ratings on Casino Stocks: HSBC Global Research maintained a "Buy" rating on SANDS CHINA LTD with a target price of $22.5, citing ongoing initiatives to sustain market share, while also expressing optimism for GALAXY ENT and MGM CHINA, with target prices of $49 and $17, respectively.

Stock Performance: Several casino stocks in Hong Kong showed positive gains, with Galaxy Entertainment up by 1.895% and MGM China by 1.751%.

Short Selling Data: Galaxy Entertainment had the highest short selling amount at $40.21M, while MGM China had the highest short selling ratio at 58.844%.

Analyst Ratings: UBS upgraded Sands China Ltd and Melco International Development to "Buy" while maintaining a 5% GGR growth forecast for the year.

Current Ratings: SJM Holdings and Wynn Macau are rated as "Hold," with target prices of 2.2 and 6.5 respectively.

Stock Ratings and Target Prices: Various companies in the gaming sector have received updated ratings and target prices, with Melco Resorts rated as "Buy" and Sands China downgraded from "Neutral" to "Buy".

Short Selling Data: Significant short selling activity is noted across several companies, with Sands China experiencing the highest short selling ratio at 52.992%.

Market Performance: Most companies listed, including Galaxy Entertainment and MGM China, have seen declines in their stock prices, with Galaxy down by 4.522%.

Analyst Recommendations: CLSA has highlighted Galaxy Entertainment and MGM China as top picks following a positive report on Macau's gaming revenue for February.

Macau's GGR Performance: Macau's gross gaming revenue (GGR) for February increased by 4% year-on-year to MOP20.6 billion, exceeding market expectations, with a notable surge in the last week of February driven by high-end customer demand.

Investor Recommendations: JPMorgan advised investors to be selective, favoring GALAXY ENT with a target price of HKD52, while rating SJM HOLDINGS and MELCO INTERNATIONAL DEVELOPMENT as Underweight with lower target prices.

Macau's GGR Performance: Macau's Gross Gaming Revenue (GGR) for February rose by 4.5% year-on-year to MOP20.6 billion, exceeding market expectations of 1% growth, driven by strong demand towards the end of the month.

Market Analysis: The gaming sector in Macau is currently valued at 10.1 times the projected 2026 EV/EBITDA, with GALAXY ENT and MGM CHINA identified as top picks by CLSA, despite recent short selling activity.