Jefferies: Macau gaming industry growth slowed in August, optimistic about Galaxy Entertainment (00027) and Wynn Macau (01128)

The Zhitong Finance App learned that according to the latest industry data, Macau's gaming revenue for the first nine days of August increased 3% year on year, with an average daily revenue of about MOP 733 million, which is 12% higher than the average daily level in July. The market generally expects gaming revenue in August to increase 1.3% year on year. The bank believes that gaming performance during the World Cup was quiet, but now the situation has improved. However, gaming revenue in August was higher than in July in 2023 and 2024, and remained roughly flat in 2025. With a high base of 12.2% growth last year, it is believed that the low to medium unit growth recorded in August this year is already positive.

According to the bank, industry growth is slowing down, and it is expected that future Hao Gaming stock price performance will depend more on the operators' ability to monetize high-end midmarket demand. Currently, it continues to be optimistic about Galaxy Entertainment (00027) and Wynn Macau (01128). Because these two companies have strong execution in the high-end midmarket, they are expected to capture the consumption of related customer groups.