Hong Kong Stocks Movement | Gaming Stocks Mostly Rise: MGM China (02282) Up Over 3%, Melco International (00200) Gains Over 2%

Stock News11-28

Gaming stocks showed broad gains in Hong Kong. At the time of writing, MGM China (02282) rose 3.68% to HK$16.64, while Melco International Development (00200) climbed 2.65% to HK$5.04. Sands China (01928) advanced 2.42% to HK$21.16, and Galaxy Entertainment (00027) increased 2.07% to HK$40.52.

The uptick follows a recent J.P. Morgan research report indicating that gross gaming revenue (GGR) for the first 23 days of the month reached MOP15.6 billion, averaging MOP678 million daily. Although daily revenue slowed 4% week-on-week to MOP642 million due to a high base effect, the monthly trend suggests a year-on-year growth of over 10% compared to November 2022. This performance aligns with the upper end of J.P. Morgan's forecast, implying modest upside potential for its Q4 GGR growth projection of 13% year-on-year in Macau.

The report noted that while Macau's gaming revenue remains slightly robust, gaming stock valuations appear relatively low. However, the firm remains optimistic about the sector's trajectory in the coming year.

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