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大行評級|瑞銀:澳門博彩收入按周改善對行業維持正面 首選新濠及銀河娛樂

瑞銀髮表研報指,該行渠道調查顯示,澳門上週(7月8日至14日)每日平均博彩收入(GGR)為6.36億澳門元,高於本月首周( 7月1日至7日)的5.5億澳門元,部分原因是貴賓廳贏率高於正常水平。報吿指,上週博彩收入約為2019年第三季水平的84%;中場博彩收入約為2024年第三季水平的110%至115%。至於月初至今的每日平均博彩收入為5.93億澳門元,按年增長10%,按季則增長1%。在各個細分市場之間,中場GGR按月下降0%至2%,而貴賓廳則為按月下跌1%至增長2%,貴賓廳贏率約為3.6%至4.0%。

瑞銀認為,澳門打擊非法貨幣兑換的執法工作仍在持續,可能會在短期內拖累高端中場需求。不過新增港澳個人遊的內地城市航班運力增加,以及歐洲國家杯結束或會部分緩解相關影響。目前博彩行業2024年EV/EBITDA約為9.1倍,比長期歷史平均水平低1.8個標準差。瑞銀對該行業保持樂觀態度,首選新濠及銀河娛樂。

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