2025-06-09-Jefferies-6月初澳门博彩毛收入更新；季节性疲软显现_6页_150kb

Summary: Jefferies Equity Research - Global Gaming (June 9, 2025)

Key Market Insights

• Macau gaming revenue experienced a modest decline in early June, with daily GGR around MOP 650M, down 5% month-on-month but flat year-over-year, attributed to seasonal factors including the Dragon Boat Festival.
• Seasonal slowdown is expected, with data showing lower performance in mass and VIP segments, but overall stability in the market.

Valuation and Risks

• Stock valuation faces challenges due to ongoing trade war uncertainties and China's economic conditions; however, market share movements are prioritized.
• Economic uncertainty remains a key factor restraining sector growth, despite current GGR trends exceeding government targets.

Company Actions

• Melco Resorts announced closure of its Grand Dragon Casino and Mocha Clubs by year-end, with minimal impact on adjusted EBITDA (around 2%).
• SJM Holdings plans to cease seven satellite casinos, relocating assets to self-owned venues, potentially affecting local sentiment but not significantly.
• Thailand's consideration of legalized casino gaming in entertainment complexes presents a major growth opportunity for companies like WYNN, LVS, and MGM.

Stock Recommendations

• Jefferies recommends BUY for WYNN, Sands, and Galaxy due to favorable growth prospects.
• Sands China and Wynn Macau are also rated BUY, while SJM Holdings is held with a neutral stance.

Overall Outlook

• Sector growth remains constrained by external factors; however, operators may benefit from new developments like Thailand's IR opportunities.
• Economic and geopolitical risks highlight the need for cautious investment, with market share and valuation being key focus areas.