<div id="readability-page-1"><div>UBS said in a report that, based on its channel checks, Macau's average daily GGR for the first ten days of May (including the May Golden Week) was about MOP780 million, flat YoY, mainly due to a lower-than-normal VIP hold rate. Based on a theoretical VIP hold rate of 3% to 3.3%, UBS estimated average daily GGR would have reached MOP850 million to MOP900 million, representing YoY growth of 10% to 15%. Among segments, mass-market average daily GGR rose 17% to 20% MoM, while VIP rolling volume increased 18% to 22% MoM, but the actual VIP hold rate was only 2% to 2.3%.The broker noted that the market expects average daily GGR of about MOP701 million for the remaining 21 days of May in order for full-month May average daily GGR to reach around MOP727 million, implying YoY growth of 6.3%. Currently, Macau gaming stocks are trading at about 8.3x forecast 2026 EV/EBITDA, around 0.75 standard deviations below the two-year average.UBS maintained Buy ratings on WYNN MACAU (01128.HK) -0.090 (-1.544%) Short selling $1.89M; Ratio 13.775% and Melco Resorts &amp; Entertainment Limited (MLCO.US) , naming them as its sector top picks.UBS ratings and TP for Macau gaming stocks are as follows:WYNN MACAU (01128.HK) -0.090 (-1.544%) Short selling $1.89M; Ratio 13.775% Buy HKD8.4 Melco Resorts &amp; Entertainment Limited (MLCO.US) Buy USD9.4 MGM CHINA (02282.HK) -0.070 (-0.617%) Short selling $11.87M; Ratio 37.167% Buy HKD16.8 SANDS CHINA LTD (01928.HK) -0.340 (-2.071%) Short selling $36.71M; Ratio 33.065% Buy HKD20.4 GALAXY ENT (00027.HK) -0.720 (-2.196%) Short selling $49.79M; Ratio 15.775% Buy HKD46 MELCO INT'L DEV (00200.HK) -0.180 (-4.401%) Short selling $1.16M; Ratio 9.822% Buy HKD5.3 SJM HOLDINGS (00880.HK) -0.040 (-1.990%) Short selling $3.30M; Ratio 19.615% Sell HKD2.2(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-11 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

MLCO

01128

WYNN

UBS reported that Macau's average daily GGR for early May was MOP780 million, flat YoY, due to a low VIP hold rate. They estimated that with a normal VIP hold, GGR could have reached MOP850 million to MOP900 million. Mass-market GGR rose 17% to 20% MoM, while VIP volume increased 18% to 22% MoM. UBS maintains Buy ratings on WYNN MACAU and Melco Resorts, naming them top picks, with target prices of HKD8.4 and USD9.4 respectively. Macau gaming stocks are currently trading below the two-year average.

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Melco Resorts & ENT

WYNN MACAU

Wynn Resorts

UBS Group AG

MGM CHINA

SANDS CHINA LTD

GALAXY ENT

MELCO INT'L DEV

SJM HOLDINGS

Sands China

Galaxy Entertainment Group

UBS: Macau May Golden Week Post-Holiday Daily GGR Slows; Favors WYNN MACAU  and Melco Resorts & Entertainment Limited