Lyon: Macau's casino industry faces a limited upside potential, with Galaxy Entertainment (00027) and Sands China (01928) as the top choices.

13:47 08/04/2026

"" refers to the bank, saying that they have downgraded the rating of Melco Group (00880) to "underperform the market", with Galaxy Entertainment (00027) and Sands China (01928) as their top picks.

Lyon released a research report stating that although Macau's gaming gross revenue (GGR) for the first quarter of 2026 performed well, it still maintains a growth forecast of 5% and 4% for the 2026 and 2027 fiscal years. The bank believes that the potential for positive surprises from organic growth in the future is limited, mainly due to expectations of a decline in industry profitability in the near term. However, the strength of the Renminbi is expected to provide support. The bank downgraded Melco International Development (00880) to "underperform", with a preference for Galaxy Entertainment Group (00027) and Sands China (01928).

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