UBS has released a research report indicating that Macau's gaming revenue over the past 7 days averaged about MOP 6.93 billion per day, a decrease from the approximately MOP 7.8 billion daily average recorded in the prior 10-day period, which had a higher base. The average daily gaming revenue for the month to date stands at MOP 7.44 billion, representing a year-on-year increase of about 5% and a month-on-month growth of approximately 12%. The report notes that market expectations for May's average gaming revenue are currently around MOP 7.27 billion, implying a 6.3% year-on-year rise. This would require the average daily gaming revenue for the remaining 14 days of the month to reach about MOP 7.06 billion. Currently, the gaming sector is trading at 8.2 times the estimated 2026 EV/EBITDA, which is 0.7 standard deviations below its two-year average. The firm's top picks in the industry are Wynn Macau (01128) and Melco Resorts & Entertainment (MLCO.US).
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