Morgan Stanley: Macau's December Gaming Revenue Falls Short, Prefers Galaxy Entertainment and Sands China

Stock News01-05

Morgan Stanley released a research report indicating that Macau's gaming revenue for December reached MOP 20.9 billion, approximately USD 2.61 billion, representing a year-on-year increase of 14.8% but a sequential decline of 1%, falling below market expectations. For the entire fourth quarter, Macau's gaming revenue totaled MOP 66.1 billion, around USD 8.26 billion, marking a 15% year-on-year growth and a 5.6% increase from the previous quarter. Fourth-quarter EBITDA is projected to grow by over 10% compared to the same period last year. The report forecasts Macau's full-year 2025 gaming revenue to be MOP 247 billion, approximately USD 31 billion, a 9% year-on-year increase, reaching 85% of the 2019 level. Within this, mass market revenue has already surpassed 120% of the 2019 level. Morgan Stanley noted that the enterprise value to EBITDA ratio for the Macau gaming stock sector is 8.5x, which remains attractive compared to the 15-year historical average of 12.8x. The firm expressed a preference for Galaxy Entertainment (00027) and Sands China Ltd (01928). It has downgraded MGM China (02282) to "Equal-weight" and maintains an "Underweight" rating on SJM Holdings (00880). MGM China significantly underperformed in December, although there may be an opportunity for a short-term rebound.

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class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-01-05 10:46</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Morgan Stanley released a research report indicating that Macau's gaming revenue for December reached MOP 20.9 billion, approximately USD 2.61 billion, representing a year-on-year increase of 14.8% but a sequential decline of 1%, falling below market expectations.\nFor the entire fourth quarter, Macau's gaming revenue totaled MOP 66.1 billion, around USD 8.26 billion, marking a 15% year-on-year growth and a 5.6% increase from the previous quarter.\nFourth-quarter EBITDA is projected to grow by over 10% compared to the same period last year.\nThe report forecasts Macau's full-year 2025 gaming revenue to be MOP 247 billion, approximately USD 31 billion, a 9% year-on-year increase, reaching 85% of the 2019 level.\nWithin this, mass market revenue has already surpassed 120% of the 2019 level.\nMorgan Stanley noted that the enterprise value to EBITDA ratio for the Macau gaming stock sector is 8.5x, which remains attractive compared to the 15-year historical average of 12.8x.\nThe firm expressed a preference for Galaxy Entertainment (00027) and Sands China Ltd (01928).\nIt has downgraded MGM China (02282) to \"Equal-weight\" and maintains an \"Underweight\" rating on SJM Holdings (00880).\nMGM China significantly underperformed in December, although there may be an opportunity for a short-term rebound.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0651946864.USD","symbol_name":"贝莱德新兴市场股票收益A2","start_time":0,"source_url":"","article_id":"1103409920","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1103409920","pubTimestamp":1767581185,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley released a research report indicating that Macau's gaming revenue for December reached MOP 20.9 billion, approximately USD 2.61 billion, representing a year-on-year increase of 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billion, marking a 15% year-on-year growth and a 5.6% increase from the previous quarter.\nFourth-quarter EBITDA is projected to grow by over 10% compared to the same period last year.\nThe report forecasts Macau's full-year 2025 gaming revenue to be MOP 247 billion, approximately USD 31 billion, a 9% year-on-year increase, reaching 85% of the 2019 level.\nWithin this, mass market revenue has already surpassed 120% of the 2019 level.\nMorgan Stanley noted that the enterprise value to EBITDA ratio for the Macau gaming stock sector is 8.5x, which remains attractive compared to the 15-year historical average of 12.8x.\nThe firm expressed a preference for Galaxy Entertainment (00027) and Sands China Ltd (01928).\nIt has downgraded MGM China (02282) to \"Equal-weight\" and maintains an \"Underweight\" rating on SJM Holdings (00880).\nMGM China significantly underperformed in December, although there may be an opportunity for a short-term rebound.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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