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大和:金沙中國(1928.HK)最受惠旅行團恢復,料其續牌不成功機會小

大和發表研究報吿稱,澳門行政長官賀一誠發表施政報吿時提到的重點,包括在疫苗接種率達到80%後,旅行團將首先恢復。至於賭牌續期的進展,賀一誠重申會公開招標,而博彩法的修訂將於明年6月完成。

大和認為市場繼續低估旅行團的潛力,於2019年,旅行團佔整體訪客三分之一,現時收益率(run rate)未能恢復至2019年水平的70%以上,與缺乏旅行團有關。在6間賭企中,該行相信金沙中國(1928.HK)最受惠旅行團恢復,主要因為其顧客定位,以及賭枱及房間數目較多。

截至本月16日,澳門的疫苗接種率達到70%,高於7月份的35%。該行估計,按目前速度,接種率在農曆新年前有望達到80%。一旦旅行團簽證恢復,金沙的賭收將大幅增加。

對於市場或對金沙續牌有憂慮,因其為美國企業。該行指施政報吿中強調市民工作穩定,以及落實習近平的多元化願景,認為金沙續牌不成功的機會小,因其為澳門最大的僱主,另為6間賭企中經營最多非博彩設施的一間。

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