UBS Highlights Impact of Football Events on Macau Gaming Demand, Favors Melco Crown and Sands China

Stock News11:00

According to a recent research note from UBS, survey data indicates that the average daily gross gaming revenue (GGR) over the past five days was approximately MOP 590 million. This represents a year-on-year decline of about 17-19% and is also lower than the daily average of around MOP 617 million seen in June, reflecting the ongoing impact of football events on demand.

The bank noted that market expectations for July GGR are set at roughly MOP 671 million per day, which would be a year-on-year decrease of about 6% but a month-on-month increase of approximately 9%. To achieve this market consensus, the daily GGR for the remainder of July would need to reach around MOP 686 million.

UBS anticipates that market sentiment will remain under pressure through mid-July as investors monitor the effects of football events and mainland China's overseas investment policies on demand.

The firm expressed a preference for Melco Crown Entertainment (MLCO.US) and Sands China Ltd (01928), listing them as its top picks within the sector. UBS has set price targets of $10.2 and HK$19.4 for the two stocks, respectively, with both maintaining a "Buy" rating.

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