On June 26, Galaxy Entertainment fell 3.29% in regular trading, trading at HK$28.9/share, with turnover of HK$144 million. The broader Macau gaming sector saw synchronized selling pressure.
On the news front, Citi recently published a research note citing industry data showing that the ongoing FIFA World Cup and a high base from last year's concert events have weighed heavily on Macau's June high-end mass market performance. Total high-end mass bets fell 38% year-over-year to a post-pandemic low, player traffic dropped 29% YoY, and average bet size declined 13% to HK$21,775. Separately, JPMorgan had flagged that the industry remains in a near-term growth gap period, forecasting June and July gaming revenue to be largely flat year-over-year. Citi expects a rapid recovery after the World Cup concludes in July and maintains Galaxy Entertainment as a top pick with a target price of HK$52.
Within the Casinos and Gaming sector, the decline is broad-based. Among peers, Sands China fell 2.8%, Wynn Macau fell 2.56%, MGM China fell 2.58%, SJM Holdings fell 3.31%, and Melco International fell 3.47%.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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