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<Research>UBS: MO Daily GGR Slows during May Golden Week Post-Holiday; WYNN MACAU (01128.HK), Melco (MLCO.US) Favored
Based on UBS' channel checks, Macau's average daily GGR for the first ten days of May (including the May Golden Week) was about MOP780 million, flat YoY, thanks to a lower ...
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<Research>UBS: MO Daily GGR Slows during May Golden Week Post-Holiday; WYNN MACAU (01128.HK), Melco (MLCO.US) Favored
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Based on UBS' channel checks, Macau's average daily GGR for the first ten days of May (including the May Golden Week) was about MOP780 million, flat YoY, thanks to a lower VIP hold. At theoretical VIP hold of 3-3.3%, UBS estimated average daily GGR would have reached MOP850-900 million, representing YoY growth of 10-15%. Among segments, mass GGR average daily run-rate grew 17-20% MoM, while VIP volumes lifted 18-22% MoM, at VIP hold of 2-2.3%.

UBS noted that the market expected average daily GGR of about MOP701 million for the remaining 21 days of May in order for full-month May average daily GGR to reach around MOP727 million, implying YoY growth of 6.3%. Now, Macau gaming stocks are trading at about 8.3x 2026E EV/EBITDA, 0.7SD below its two-year average.

Related NewsCLSA: WYNN MACAU (01128.HK) 1Q Results In Line; TP 5.7
UBS maintained Buy ratings on WYNN MACAU (01128.HK)  0.000 (0.000%)    Short selling $11.04M; Ratio 27.668%   and Melco Resorts & Entertainment Limited (MLCO.US)      , naming them as its sector top picks.

UBS ratings and TPs for Macau gaming stocks are as follows:

WYNN MACAU (01128.HK)  0.000 (0.000%)    Short selling $11.04M; Ratio 27.668%   | Buy | HKD8.4
Melco Resorts & Entertainment Limited (MLCO.US)      | Buy | USD9.4
MGM CHINA (02282.HK)  -0.020 (-0.180%)    Short selling $31.40M; Ratio 47.692%   | Buy | HKD16.8
SANDS CHINA LTD (01928.HK)  -0.110 (-0.682%)    Short selling $23.82M; Ratio 14.749%   | Buy | HKD20.4
GALAXY ENT (00027.HK)  +0.940 (+2.907%)    Short selling $255.94M; Ratio 29.796%   | Buy | HKD46
MELCO INT'L DEV (00200.HK)  +0.030 (+0.775%)    Short selling $1.25M; Ratio 9.269%   | Buy | HKD5.3
SJM HOLDINGS (00880.HK)  -0.030 (-1.531%)    Short selling $9.66M; Ratio 35.044%   | Sell | HKD2.2
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-13 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

Related NewsGALAXY ENT (00027.HK) Gains 3% as G Sachs Reiterates Buy on Solid Dividend Outlook, Lowers 12-Month TP to HKD53.2

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