金吾财讯 | 中信里昂研报指出，过去三个月人民币兑美元升值1.4%，促使将GGR复苏预期从2026年提前至2025年，并将2025年全年GGR预测上调5.6%至2,348亿元，隐含7.6%按年增长，同时将2026年全年预测下调2.2%至2,397亿元。该机构预计2025全年GGR按年增长7.6%至2348亿元，2026全年增长2%至2397亿港元。该机构对未来两年GGR市场份额持不同看法，金沙中国及银河定位良好可获份额，美高梅及美高梅中国的份额可能保持稳定，而澳博及永利澳门难以捍卫份额。该机构调整盈利预测，上调特许经营商目标价，惟澳博因卫星赌场关闭导致成本基础增加而下调。该机构表示，预计澳门博彩特许经营商在2025年第二季度将实现6.9%按年EBITDA增长，达20.55亿美元，受总博彩收入（GGR）按年增长8.3%至611亿澳门元的支持。该机构下调美高梅至“持有”及澳博至“优于大市大市”。银河娱乐及金沙中国仍为该机构的首选。
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