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<Research>UBS: MO Gaming Premium Segment Expected to Continue Leading Growth
Given the solid demand momentum in Macau's gaming industry since the beginning of the year, UBS remained confident in the sustainability of GGR growth in 2026, UBS said in its ...
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<Research>UBS: MO Gaming Premium Segment Expected to Continue Leading Growth
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Given the solid demand momentum in Macau's gaming industry since the beginning of the year, UBS remained confident in the sustainability of GGR growth in 2026, UBS said in its report. The broker forecast the premium segment will continue to juice growth, underpinned by increased suite supply, including suite renovations at The Venetian under SANDS CHINA LTD (01928.HK)  -0.550 (-3.490%)    Short selling $99.54M; Ratio 29.370%   , upgrades to room inventory at MGM CHINA (02282.HK)  -0.100 (-0.868%)    Short selling $133.68M; Ratio 46.485%   's MGM Macau, expansion of premium room capacity (including Phase 4 of Galaxy Macau by GALAXY ENT (00027.HK)  -0.720 (-2.256%)    Short selling $125.17M; Ratio 22.606%   expected to be completed by end-2027 and the Enclave Tower of WYNN MACAU (01128.HK)  -0.110 (-1.871%)    Short selling $216.88M; Ratio 57.811%   in 2029), as well as the opening of the REM hotel by MELCO INT'L DEV (00200.HK)  +0.010 (+0.260%)    Short selling $1.23M; Ratio 12.652%   in 3Q26.

UBS expected the GGR growth momentum to rebound in August, after a mild slowdown in June and July due to one-off headwinds from the World Cup. Amid a stable competitive environment and increased focus on cost optimization, the broker believed margin pressure across the industry will gradually ease in 2H26. In terms of market share, the broker lowered its market share forecast for SJM HOLDINGS (00880.HK)  -0.020 (-1.058%)    Short selling $3.17M; Ratio 53.502%   to reflect weaker-than-expected absorption of satellite casino customers. Meanwhile, supported by favorable premium demand, the broker expected Wynn to continue gaining mass GGR share through 2027.

Related News M Stanley Expects Macau Jun GGR to Fall 1% YoY to MOP20.8B; Bullish on WYNN MACAU (01128.HK) and SANDS CHINA LTD (01928.HK)
Based on the above changes and incorporating 1Q results, the broker updated its forecasts for related gaming stocks. The TP for MGM Resorts International (MGM.US)      was raised from USD39 to USD50, with rating maintained at Neutral; the TP for Las Vegas Sands Corp. (LVS.US)      was lowered from USD69 to USD62, with rating maintained at Neutral; the TP for Wynn Resorts, Limited (WYNN.US)      was kept unchanged at USD146, with Buy rating reiterated.
(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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