Maintain Buy. We like the resilience of the gaming business, and Galaxy's long-term growth potential. We maintain target price of HK$50, and maintain a Buy rating. 3Q25 results. The company's rolling chip volume raised 46% YoY, mass gaming revenue was up 13% YoY, and slot revenue up 14% YoY. Total gross gaming revenue,mass market revenue, slot machine revenue, and VIP rolling chip volume recovered to 90%, 138%, 125% and 41% of 3Q19 level, respectively. EBITDA recovered to 81% of the 2019 level. Risks: Lower ...