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<Research>Citi Upgrades WYNN MACAU to Buy, Expects MO 3Q Gaming Industry EBITDA to Rise 7% YoY
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&#...
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<Research>Citi Upgrades WYNN MACAU to Buy, Expects MO 3Q Gaming Industry EBITDA to Rise 7% YoY
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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)  -0.260 (-1.392%)    Short selling $89.89M; Ratio 30.131%   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.

Related NewsCiti Hikes Oct GGR Forecast to MOP22.5B
In terms of stock selection, Citi's top pick was GALAXY ENT (00027.HK)  -0.500 (-1.311%)    Short selling $82.20M; Ratio 19.132%   , with a target price of HKD54 and a Buy rating remaining in place. It also upgraded WYNN MACAU's (01128.HK)  -0.090 (-1.343%)    Short selling $7.42M; Ratio 27.654%   rating to Buy, but kept the target price at HKD7.2.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-10-22 16:25.)

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