Macau's July Gaming Revenue Meets Forecasts; Sands China and Melco Resorts Top Picks

Deep News08-04

A report from UBS indicates that Macau's gross gaming revenue for July was approximately 20.3 billion patacas, marking an 8% year-on-year decline but a 9% month-on-month increase. This performance was partially impacted by the World Cup events held in early July. The average daily gaming revenue for the month was about 654 million patacas, up 6% from the prior month, which broadly aligned with market expectations.

UBS noted that following the conclusion of the World Cup, the average daily gaming revenue for the last 12 days of July rebounded to approximately 684 million patacas, compared to roughly 634 million patacas for the first 19 days. The market anticipates that August's average daily gaming revenue will reach around 724 million patacas, representing a 1.3% year-on-year increase and an 11% month-on-month rise.

UBS has listed Melco Resorts & Entertainment (MLCO.US) and Sands China (01928) as its top picks, with price targets set at $10.2 and HK$18.7, respectively, and maintains a "Buy" rating for both.

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