JPMorgan commented in its research report that Macau recorded in June exceptionally strong GGR that surpassed expectations. The city's GGR surged by 19% YoY to MOP21.1 billion, far exceeding the market consensus, which was already lifted, by 9%.

The broker further broke this outstanding result into three aspects. Firstly, this result indicated a recovery to 88% of pre-pandemic levels, the highest recovery rate since the pandemic (compared to 79% in FY24 or 76% in 1Q25).

Related NewsM Stanley: MO Jun GGR Beats; Jul GGR Estimated at MOP20.4B
Secondly, the average daily GGR in June reached MOP702 million, higher than May's MOP684 million (a 3% MoM growth), despite the usual seasonal pattern suggesting a high single-digit MoM percentage decline.

Thirdly, this result even surpassed the most optimistic market forecasts (12% YoY growth).

The broker's stock picks were: MGM CHINA (02282.HK)  +0.300 (+2.149%)    Short selling $7.83M; Ratio 3.400%   and GALAXY ENT (00027.HK)  +0.150 (+0.405%)    Short selling $78.19M; Ratio 15.652%   (top picks) > SANDS CHINA LTD (01928.HK)  -0.140 (-0.787%)    Short selling $116.42M; Ratio 26.801%   > WYNN MACAU (01128.HK)  +0.110 (+1.900%)    Short selling $11.17M; Ratio 14.692%   > Melco Resorts & Entertainment (MLCO.US)      > SJM HOLDINGS (00880.HK)  -0.030 (-1.124%)    Short selling $9.77M; Ratio 22.839%   > MELCO INT'L DEV (00200.HK)  +0.200 (+4.329%)    Short selling $4.52M; Ratio 3.906%   .

Related NewsM Stanley Envisions MGM CHINA to Have 80%+ Chance of Outpacing Mkt in Next 60 Days, Rating Overweight
Share | Rating | Target Price (HKD)

MGM CHINA (02282.HK)  +0.300 (+2.149%)    Short selling $7.83M; Ratio 3.400%   | Overweight | 15
GALAXY ENT (00027.HK)  +0.150 (+0.405%)    Short selling $78.19M; Ratio 15.652%   | Overweight | 42
WYNN MACAU (01128.HK)  +0.110 (+1.900%)    Short selling $11.17M; Ratio 14.692%   | Overweight | 6.5
SANDS CHINA LTD (01928.HK)  -0.140 (-0.787%)    Short selling $116.42M; Ratio 26.801%   | Overweight | 18
Melco Resorts & Entertainment (MLCO.US)      | Neutral | USD7.2
SJM HOLDINGS (00880.HK)  -0.030 (-1.124%)    Short selling $9.77M; Ratio 22.839%   | Neutral | 2.2
MELCO INT'L DEV (00200.HK)  +0.200 (+4.329%)    Short selling $4.52M; Ratio 3.906%   | Underweight | 2.6
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-07-04 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)