2025-06-09-Jefferies-6月初澳门博彩毛收入更新；季节性疲软显现_6页_150kb.docxVIP

Global|Gaming

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Source:Jefferies

Figure2-Macaugamingrevenueseasonality

Theupdatefromourindustrysourcesandchecksisamodestpositiveforthegroupofstocks,giventhestableperformance.WebelievetheseasonalsoftnessrelativetoMayisexpectedinconjunctionwiththeDragonBoatFestivalandgeneraltrends.WebelievevaluationonthesharescouldremainchallengedpendingamoredefinitivepathforthetradewarandtheoveralleconomyinChina.Meantime,marketsharemovementmattermost.

.Source:Jefferiesestimates,DICJ,*2015-2019.Note:June2025onlyincludedfirst8daysSeasonalslowdownasexpected.Accordingtoourindustrysourcesandchecks,MacausgamingrevenueforthefirsteightdaysofJunewasMOP650M/day.Thisis5%lowervs.averagedailyrevenueinMay,butflatYoY(vsfirstweekofJune)asJunehastraditionallybeenalowseason.NotethattheweekbenefitedfromtheDragonBoatFestivalWeekend.Bysegment,MassandVIPGGRwere-5%and-1~-3%lowerMoM,respectively,andtheVIPwin

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Source:Jefferiesestimates,DICJ,*2015-2019.Note:June2025onlyincludedfirst8days

Closureofsatellitecasinobyyear-end:Melcoannouncedtodaythatitssatellitecasino,GrandDragonCasino,andthreeMochaClubswillceaseoperationbytheendof2025.Gamingtables,slotmachines,andemployeesatthesevenueswillbereassignedtootherpropertiesofMelcoinMacau.SJMalsoannouncedtodaythatitwillceasetheoperationsofsevensatellitecasinos(whileanothertwoareundernegotiationforconversion),withalltablesandslotmachinesrelocatingtoitsself-ownedcasinos(JEFreport).Thedevelopmentsonthesatellitecasinosarefasterthanthemarketsexpectations.However,wedonotexpectamajorimpactonoperatorsasitonlyaccountsfor2%/1%ofMelcoandSJMsadj.EBITDAin2024.Itmight,however,impactlocalMacanesessentiment.

TheThaigovernmentgaveapressbriefingfortheEntertainmentComplex(IRs