2025-06-14-Jefferies-澳门之旅要点_营收稳固但竞争加剧_7页_8mb

Summary of Jefferies Equity Research Report: Macau Gaming Market Assessment

Key Outcomes from Investor Trip

• Conducted an investor tour to Macau on June 13, 2025.
• Macau's Gross Gaming Revenue (GGR) remains robust despite being a low-season month, supported by factors such as the G-Dragon concert, new properties (Capella and Londoner), returning shows, and increased MICE activities.
• June GGR is estimated to show solid performance: VIP/Mass GGR up 24%/-1% YoY based on industry sources.

Market Performance and Trends

• Near-term GGR is expected to be strong for the second quarter, driven by more MICE events and hotel rooms compared to last year.
• Key drivers include: high-quality events like the Jacky Cheung concert, SD% GGR growth, but also increased competition.
• Concessionaires are focusing on absolute EBITDA rather than growth percentage, leading to higher reinvestment in promotions.
• Competition is escalating with more F&B offerings and comps for high rollers.

Government and Economic Context

• Macau government revised 2025 GGR target to MOP228 billion (0.5% YoY growth), considered conservative but reflecting demand stickiness amid uncertainties.
• Despite macro challenges, gaming demand remains relatively attractive compared to other discretionary spending.

Satellite Closure Impact

• SJM Holdings could largely retain players and revenue from closing satellites; some competitors may also benefit marginally.

Investment Analyst Notes

• Anne Ling, Jingjue Pei, David Katz, Ryan McGeary certify views align with personal analysis.
• Analyst credentials and expenses disclosed separately.

Valuation and Recommendations

• Jefferies advises "Buy" for Galaxy Entertainment, Sands China Ltd., Wynn Macau Ltd., and MGM China Holdings; "Hold" for SJM Holdings Ltd.
• Rating methodologies include market cap, growth/value, and projected returns.
• Disclosures are complete per pages 3-7 of the report.

Key Insights and Stock Picks

• Performance good in mass-driven market with more product offerings; operators like Galaxy Entertainment Group and SJM are noted for advantages in arenas and hotel rooms.
• Dedicated research includes figures on hotel rooms and property details, sourced from company data.