Macau Gaming Stocks Extend Gains as October Revenue Rises About 20% Month-on-Month; CLSA Keeps Galaxy Entertainment as Top Sector Pick

Stock News11-03 11:20

Gaming stocks extended their upward momentum, with Galaxy Entertainment Group Ltd (HKG: 00027) rising 4.39% to HK$34.72, Sands China Ltd (HKG: 01928) gaining 2.91% to HK$11.33, MGM China Holdings Ltd (HKG: 02282) up 2.79% to HK$9.955, and Wynn Macau Ltd (HKG: 01128) climbing 2.16% to HK$4.73 as of press time.

On the news front, the latest figures from Macau's Gaming Inspection and Coordination Bureau show that October gross gaming revenue reached MOP 21.68 billion, up about 20% month-on-month, though still down roughly 10% year-on-year. Total gaming revenue for January to October in Macau amounted to MOP 208.796 billion, representing a 1.6% increase compared with the same period last year.

Citigroup noted that Macau's October gaming revenue was broadly in line with its estimate of MOP 21.5 billion and the market consensus of MOP 21.7 billion. CLSA said the Macau gaming sector is currently trading at approximately 8.2 times its estimated 2027 EV/EBITDA, and maintained Galaxy Entertainment Group Ltd (HKG: 00027) as its top pick in the sector.

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