Seaport Research Partners said in a Thursday note that it has marginally adjusted downwards the price targets for most gaming stocks, citing slower growth in Macau and Las Vegas.
However, Macau-facing stocks continue to present strong risk-reward for investors after “over-correcting” during a brief slowing of momentum in September, according to senior analyst Vitaly Umansky.
With 4Q25 results season just around the corner, Umansky stated Thursday that there should be few surprises for the quarter, with revenue likely to have grown by more than 13% year-on-year and EBITDA by over 15% – benefiting from high VIP hold.
Higher hold now appears structural, he added, although Q4 margins were seemingly suppressed on higher expenses related to special events and player reinvestment in the premium mass segment.
