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<Research>Citi Upgrades WYNN MACAU to Buy, Expects MO 3Q Gaming Industry EBITDA to Rise 7% YoY
Recommend 12 Positive 23 Negative 13 |
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Although Macau was hit by a super typhoon in late September, its 3Q25 GGR still managed to grow by 12.5% YoY to MOP62.57 billion, marking the highest quarterly GGR since the city's post-pandemic reopening, Citi wrote in its report. In Citi's estimate, Macau's gaming industry EBITDA for 3Q25 will rise by 7% YoY to USD2.07 billion. However, additional labor costs and lost gaming revenue due to casino closures in late September, coupled with SANDS CHINA LTD's (01928.HK) latest strategy on player investment, may narrow the 3Q25 EBITDA margin by about 80 bps to 26.6%, compared with 27.4% in the same period last year. In terms of stock selection, Citi's top pick was GALAXY ENT (00027.HK), with a target price of HKD54 and a Buy rating remaining in place. It also upgraded WYNN MACAU's (01128.HK) rating to Buy, but kept the target price at HKD7.2. AAStocks Financial News |
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