UBS: Macau's gaming demand remains stable in early November, with a preference for Galaxy Entertainment, MGM CHINA, and WYNN MACAU

UBS research report pointed out that, according to its channel inquiries, the average daily gross gaming revenue (GGR) in Macau for the first 9 days of November was approximately MOP 711 million, roughly in line with the average daily GGR of about MOP 715 million after the National Day Golden Week. This is consistent with the approximately 1% increase in average daily GGR at the beginning of November compared to after the National Day Golden Week, reflecting a strong demand environment.

UBS stated that among various market segments, the average daily gross gaming revenue from the mass market in the first 9 days fell by about 7% to 9% compared to the previous month, while VIP betting amounts decreased by about 4% to 6% compared to the previous month, with VIP win rates around 3.2% to 3.5%. According to market consensus expectations, the average daily gross gaming revenue for November is expected to be about MOP 673 million, which implies that the average daily gross gaming revenue for the remaining 21 days of November is approximately MOP 657 million. The industry's current price corresponds to an expected enterprise value multiple (EV/EBITDA) of 8.6 times for 2026, which is 0.7 standard deviations lower than the two-year average. The industry prefers Galaxy Entertainment (00027.HK), MGM China (02282.HK), and WYNN MACAU (01128.HK)