Major Bank Ratings | Jefferies: Macau's February Gaming Revenue Below Expectations, Maintains "Buy" Rating for Galaxy Entertainment

格隆汇 March 3｜Jefferies released a report stating that, according to data from the Macau Gaming Inspection and Coordination Bureau, the total gaming revenue in February reached 20.6 billion Macau Patacas, representing a 4% year-on-year increase and a 1% month-on-month increase. Although the figures were lower than the market and the bank's preliminary estimates of 10.5% and 8%, respectively, they were better than the weekly channel survey trends conducted by the bank, which showed a year-on-year decline in the first three weeks of February. The bank maintains its preference for premium operators, including Galaxy Entertainment and Wynn Resorts. The bank maintains a "buy" rating on Galaxy Entertainment, believing its Q4 performance last year was generally in line with expectations, and during the Lunar New Year period, the company continued to record strong visitor numbers and commercial activity. As the Phase IV project progresses, capital expenditure is expected to increase in 2026.