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《大行報告》中金料澳門賭牌重投年底前完成 料美高梅和永利澳門營運效率優同業
中金發表報告表示,就澳門特區立法會目前正就修改澳門博彩法草案進行細則性討論(一般性討論及表決已於1月24日通過),該行今次重點分析修改草案第20條對澳門博彩行業的潛在影響。 該行認為,有關澳門博彩桌和角子機總博彩收入下限的擬議條款可能導致博彩營運商需要繳納的有效博彩稅稅率超過39%,並且博彩資產減少的風險或將增加。該行認為低效率經營博彩資產的博彩營運商或將採取以下三項措施,第一提高博彩桌和角子機的最低投注額,以此提高收益率。 第二是在內部進行博彩資產重新分配,將博彩桌和角子機從低收益率娛樂場轉移至高收益率娛樂場;或第三是提高推廣津貼以吸引顧客,這一舉措可能導致博彩行業價格競爭。中金認為總博彩收入下限設定過高的情況可能性較低,但由此可能引發的價格競爭或將導致澳門博彩行業產生利潤損失。 基於澳門特區政府的歷史財政預算,該行預測博彩桌的總博彩收入下限為每張每日贏額9,803 美元,角子機的總博彩收入下限為每台每日贏額250美元。根據該行對每家博彩營運商2010年至2019年博彩桌和角子機的歷史收益率分析,該行認為美高梅中國(02282.HK)和永利澳門(01128.HK)在營運效率方面或將優於同業,主要得益於高端中場主導的業務復甦,從而提升收益率。展望未來,該行預計永利澳門和美高梅中國有望維持其行業領先地位,預計澳博控股(00880.HK)的營運效率仍可能低於同業。 中金指,按澳門博彩桌營運效率方面,排序依次為(從高到低)為美高梅中國、永利澳門、新 濠(00200.HK)、金沙中國(01928.HK)、銀河娛樂(00027.HK)、澳博控股。 該行認為澳門博彩牌照的重投和派發或將在2022年年底前完成,目前牌照重投程序的進展速度利好現有的六家博彩營運商。
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