Hong Kong-listed gaming stocks experienced a notable uptick in afternoon trading.
WYNN MACAU (HKEX: 01128) saw its shares rise nearly 4%, while other major casino operators also posted gains.
The positive momentum follows the release of Macau's official gaming revenue data for May.
The Macau Gaming Inspection and Coordination Bureau reported that gross gaming revenue for May reached MOP 22.611 billion, representing a year-on-year increase of 6.7%.
For the first five months of the year, cumulative gross gaming revenue totaled MOP 108.379 billion, up 10.9% compared to the same period last year.
Industry analysis suggests a potential improvement in profitability for the sector.
CICC noted that the industry's EBITDA margin (based on total revenue) saw a slight increase in Q1 2024 compared to the previous quarter.
The brokerage believes the peak of intense competitive reinvestment in the industry has passed, setting the stage for a recovery in profit margins over the coming quarters.
**WYNN MACAU (HKEX: 01128)**
Shares of WYNN MACAU advanced 3.74% to HK$5.63.
**PARADISE ENT (HKEX: 01180)**
Shares of PARADISE ENT gained 2.94% to HK$0.70.
**SANDS CHINA LTD (HKEX: 01928)**
Shares of SANDS CHINA LTD rose 2.41% to HK$15.67.
**GALAXY ENT (HKEX: 00027)**
Shares of GALAXY ENT increased 1.28% to HK$31.72.
Comments