Macau's GGR in May rose 5% YoY to a 5-year high of MOP21.2 billion, beating market consensus of 2%, reflecting a recovery to 82% of pre-COVID-19 level, the best performance since the re-opening after the pandemic, according to JPMorgan's research report.

The broker estimated that mass and slot have recovered to 120-121% of their pre-COVID-19 levels, while VIP recovered to 24-25% of its pre-COVID-19 levels.

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JPMorgan adjusted its target prices for casinos. For stocks, GALAXY ENT (00027.HK)  -0.150 (-0.446%)    Short selling $55.21M; Ratio 27.307%   and MGM CHINA (02282.HK)  -0.060 (-0.540%)    Short selling $509.22K; Ratio 1.692%   are JPMorgan's top picks, both with rating at Overweight, followed by SANDS CHINA LTD (01928.HK)  +0.100 (+0.634%)    Short selling $101.34M; Ratio 48.968%   and WYNN MACAU (01128.HK)  -0.030 (-0.561%)    Short selling $7.75M; Ratio 29.969%   , both with rating at Overweight, Melco Resorts & Entertainment (MLCO.US)      , with Neutral rating, SJM HOLDINGS (00880.HK)  +0.010 (+0.426%)    Short selling $5.54M; Ratio 36.650%   , which is upgraded to Neutral from Underweight after taking valuation into account, and MELCO INT'L DEV (00200.HK)  +0.080 (+2.417%)    Short selling $8.29M; Ratio 14.920%   , with rating at Underweight.

JPMorgan's latest ratings and target prices for casinos are listed below:

Stock｜ Rating｜ TP (HKD)
GALAXY ENT (00027.HK)  -0.150 (-0.446%)    Short selling $55.21M; Ratio 27.307%   ｜Overweight｜37->42
MGM CHINA (02282.HK)  -0.060 (-0.540%)    Short selling $509.22K; Ratio 1.692%   ｜Overweight｜13.5->15
SANDS CHINA LTD (01928.HK)  +0.100 (+0.634%)    Short selling $101.34M; Ratio 48.968%   ｜Overweight｜16->18
WYNN MACAU (01128.HK)  -0.030 (-0.561%)    Short selling $7.75M; Ratio 29.969%   ｜Overweight｜6.5
Melco Resorts & Entertainment (MLCO.US)      ｜ Neutral｜US$6.5-> US$7.2

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SJM HOLDINGS (00880.HK)  +0.010 (+0.426%)    Short selling $5.54M; Ratio 36.650%   ｜Underweight-〉Neutral｜2-〉2.2
MELCO INT'L DEV (00200.HK)  +0.080 (+2.417%)    Short selling $8.29M; Ratio 14.920%   ｜Underweight｜3-〉2.6
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-06-04 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)