
10/07/2025
【花旗:澳門賭業EBITD於2025年第二季有機會出現高達3%增長】
投資銀行花旗集團相信,澳門的賭場營運商在截至6月的一個季度內所出現的按年8%博彩收入增長,將能夠轉化成業界EBITDA 3%的上升。然而,由於貴賓業務反彈導致收入結構不利,這一增長將受到一定抑制。
在一份投資觀點中,花旗的George Choi和Timothy Chau就分享了自己的觀察,指出在2025年第二季所生產的611億澳門元賭收,是自從疫情以來,在計算匯率後的最高賭收產出紀錄,也是在每天收益率而言的最高紀錄。
在第二季的市場佔有率方面,美高梅中國再次被認為是得益的一方,其佔有率上升0.9個百分點至16.8%;銀河的佔有率則上升0.6個百分點至20.3%。澳博則可能出現市場佔有率下降至約12.3%的情況。
與之相反,花旗認為新濠及銀河均為EBITDA最大贏家,當中新濠的經調整物業EBITDA預期將按年上升12%至3.38億美元。
全文:
https://zh.asgam.com/2025/07/10/citi-macau-industry-ebitda-likely-to-have-grown-by-3-in-2q25-zh/
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【Citi: Macau industry EBITDA likely to have grown by 3% in 2Q25】
Investment bank Citigroup believes the 8% year-on-year growth in gaming revenues generated by Macau’s casino operators in the June quarter will translate to 3% industry EBITDA growth – somewhat tempered by an unfavorable revenue mix due to a rebound in VIP play.
In a note, Citi’s George Choi and Timothy Chau observed that the MOP$61.1 billion in GGR generated in 2Q25 was the highest revenue generated since COVID both on an absolute dollar and a daily run-rate basis.
On market share estimates for the second quarter, MGM China is again seen as a benefactor with share seen rising by 0.9 percentage points to 16.8% and Galaxy by 0.6 percentage points to 20.3%. SJM may have lost share, dropping back to around 12.3%.
Conversely, Citi sees Melco Resorts and Galaxy as the largest EBITDA gainers, with Melco’s Adjusted Property EBITDA expected to have increased by around 12% year-on-year to US$338 million.
Link:
https://asgam.com/2025/07/10/citi-macau-industry-ebitda-likely-to-have-grown-by-3-in-2q25/
#花旗 #澳門 #博彩
#亞博匯