H-share Movement | Gaming Stocks Collectively Active, Melco International Development Up Over 6%, Morgan Stanley Estimates February Gaming Revenue to Increase by 13%

Gelonghui, February 9 | Hong Kong-listed casino stocks collectively surged, with Melco International Development rising over 6%, Sands China up 4%, Galaxy Entertainment and Wynn Macau climbing 2.5%, and SJM Holdings and MGM China jumping 25%. According to a Morgan Stanley research report, during the first five days of last year’s National Day Golden Week, Macao's average daily gaming revenue was approximately MOP 1.1 billion. Given that this year’s Lunar New Year holiday occupancy rates are similar to that period and the average daily room rate (ADR) is about 25% higher, it is expected that this year’s Lunar New Year gaming revenue will be comparable to or even stronger than last year’s Golden Week. Based on higher occupancy rates, the firm expects post-holiday demand to extend for a longer period, supporting its forecast of a 13% year-on-year growth in total February gaming revenue. Additionally, the firm anticipates that the industry’s EBITDA in the first quarter of this year will grow by 16% year-on-year, prompting the market to raise earnings forecasts. Representatives from Macao’s hotel industry stated that current Spring Festival hotel bookings and travel agency orders continue to rise, with an estimated hotel occupancy rate exceeding 90% during the Spring Festival period, marking a peak season for Macao’s tourism market.