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HSBC Research: Macau Avg Daily GGR in First 10 Days of May Flat; Bullish on SANDS CHINA LTD (01928.HK), GALAXY ENT (00027.HK) and MGM CHINA (02282.HK)
2026-05-12 13:54:38 HSBC Research said in a report that Macau's GGR for the first 10 days of May was about MOP7.8 billion, with average daily GGR of approximately MOP780 million, broadly flat YoY and up 18% MoM, in line with seasonal trends. Performance during the period was dragged by VIP hold rates below the normal level. Average daily mass GGR rose 17% to 20% MoM, while VIP rolling chip volume increased 18% to 22% MoM. Taking into account the high base last year and the normalization of GGR, the broker forecast full-month May GGR to range between MOP21.7 billion and MOP23.3 billion, representing YoY growth of 2% to 10%, compared with a 5% increase in April. The broker noted that per capita non-gaming spending of mainland visitors turned positive YoY in 1Q26, rising 4%, mainly driven by shopping consumption, particularly jewellery and watches, apparel and cosmetics. Spending by overnight and same-day visitors increased 5% and 36% YoY, respectively. The broker remains positive on SANDS CHINA LTD (01928.HK), GALAXY ENT (00027.HK) and MGM CHINA (02282.HK), all rated Buy, with TP unchanged at HKD22.6, HKD48.5 and HKD17, respectively. (ad/u)~ 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. | |