JPMorgan released a Research Report stating that Macau's gross gambling revenue for the first eight days of December was 4.5 billion (Macau pataca, the same below), equivalent to 0.562 billion per day, which is 9% lower than November's average daily gambling revenue, but within expectations. During this period, the mass market gambling gross revenue was approximately 105% of pre-pandemic levels, while VIP rooms recovered to about 20% to 23%. Although growth in gambling revenue is expected to slow in December, a quarterly growth of 3% to 4% is still anticipated for the fourth quarter, reaching the highest level in 20 quarters, with this growth momentum expected to support the industry's general expectations for the fourth quarter and this fiscal year.

The bank indicated that the top pick among Macau Casino stocks for next year is GALAXY ENT (00027), with a 'Shareholding' rating and a Target Price of 48 HKD, reflecting its unique earnings momentum and a low enterprise value multiple (EV/EBITDA) of 9 times. It also remains Bullish on WYNN MACAU (01128), SANDS CHINA (01928), and MGM CHINA (02282), followed by SJM HOLDINGS (00880), and finally MELCO INT'L DEV (00200).