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<Research>CICC: MO Gaming Reinvestment Environment Highly Competitive and Has Peaked; Margins May Recover in Coming Quarters; Top Pick SANDS CHINA LTD
Macau's total GGR in 1Q26 elevated 14.2% YoY and was flat QoQ, recovering to 86.5% of the level in the same period of 2019, CICC said in its report, citing the Gaming Inspectio...
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<Research>CICC: MO Gaming Reinvestment Environment Highly Competitive and Has Peaked; Margins May Recover in Coming Quarters; Top Pick SANDS CHINA LTD
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Macau's total GGR in 1Q26 elevated 14.2% YoY and was flat QoQ, recovering to 86.5% of the level in the same period of 2019, CICC said in its report, citing the Gaming Inspection and Coordination Bureau of Macau.

During the period, mass GGR grew 9.3% YoY and rose 3.6% QoQ; VIP GGR surged 35.4% YoY but sank 3.6% QoQ. Industry EBITDA in 1Q26 recovered to 87% of the level in the same period of 2019, up 10% YoY and down 1% QoQ.

Related News UBS: Macau Gaming High-end Segment Expected to Continue Leading Growth
The broker noted that the industry EBITDA margin (based on total revenue) edged up from 23.08% in 4Q25 to 23.43% in 1Q26. It believed that the current highly competitive reinvestment environment in the industry has peaked, and industry margins are expected to recover in the coming quarters.

The broker maintained its preference ranking for Macau gaming stocks, in pecking order: SANDS CHINA LTD (01928.HK)  -0.550 (-3.490%)    Short selling $99.54M; Ratio 29.370%   , GALAXY ENT (00027.HK)  -0.720 (-2.256%)    Short selling $125.17M; Ratio 22.606%   , MGM CHINA (02282.HK)  -0.100 (-0.868%)    Short selling $133.68M; Ratio 46.485%   , MELCO INT'L DEV (00200.HK)  +0.010 (+0.260%)    Short selling $1.23M; Ratio 12.652%   , WYNN MACAU (01128.HK)  -0.110 (-1.871%)    Short selling $216.88M; Ratio 57.811%   , Melco Resorts & Entertainment Limited (MLCO.US)      , and lastly SJM HOLDINGS (00880.HK)  -0.020 (-1.058%)    Short selling $3.17M; Ratio 53.502%   .
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-05 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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