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2026-10-26 11:38:06 CLSA published a research report stating that the Macao SAR Government and six concessionaire gaming operators signed an agreement to establish the Macau Government Guidance Fund, with an initial scale of MOP20 billion, to support the development of non-gaming industries, including big health and traditional Chinese medicine, modern finance, high technology, as well as culture, sports and convention and exhibition sectors. The broker noted that the government will contribute MOP11 billion, while the six gaming operators, as limited partners, will contribute an aggregate of MOP9 billion. SANDS CHINA LTD (01928.HK), GALAXY ENT (00027.HK), WYNN MACAU (01128.HK), MGM CHINA (02282.HK), SJM HOLDINGS (00880.HK) and Melco Resorts & Entertainment Limited (MLCO.US) will account for 26%, 25%, 15%, 14%, 11% and 9%, respectively. The initial contribution is equivalent to 3.6% of the six companies' combined 2025 Macau gaming business net revenue, and also approximately equal to 6% of the committed non-gaming investment under the concession renewal terms, including additional investment totaling USD17.6 billion. CLSA believes the relevant contributions by the six companies will be recognized as capital investment and capitalized on the balance sheet, with amortization expenses expected to be recorded in profit and loss starting this year. The fund has an initial term of 15 years and may be extended up to two times for one year each. The broker did not rule out the possibility of follow-on funds being launched in the future, and believes the 15-year term could have a positive impact on the next gaming license renewal, with current licenses expiring on 31 Dec 2032. Among Macau gaming stocks, its top pick remains GALAXY ENT (00027.HK). (gc/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |