Noticias de ultima
  • 12.00 How to enhance sports sponsorships with cutting-edge advertising technology
  • 12.00 Brazil: Caixa reports usd 580 billion profit in Q1 2024
  • 12.00 Pay4Fun to participate at CGS Latam Santiago
  • 12.00 Ribbon cutting set for hotel at Terre Haute Casino Resort
  • 12.00 "Francisco Leiva: Forging the Future of the Gaming Industry in Chile"
  • 12.00 Gaming and Leisure Properties Acquires Three Casino Resorts in South Dakota and Nevada for $105 M
  • 12.00 Supremeland Gaming Inc. has received approval for a supplier license in Michigan
  • 12.00 Macau Legend completes sale of Laos casino
  • 12.00 UK Goverment unveils modernization plan for land-based gambling sector
  • 12.00 The Mirage to Begin Transformation into Hard Rock Las Vegas

Morgan Stanley Lowers Galaxy’s Rating Due to Unexpected Decline in Macau’s General Market Share

Wednesday 17 de April 2024 / 12:00

2 minutos de lectura

(Macau).- Investment bank Morgan Stanley has downgraded Macau’s Galaxy Entertainment Group (GEG) from Overweight to Even-weight, citing the absence of mass market share gains since the opening of Galaxy Macau Phase 3 and anticipating further market share losses in 1Q24.

Morgan Stanley Lowers Galaxy’s Rating Due to Unexpected Decline in Macau’s General Market Share

In a Wednesday note, analysts Praveen Choudhary and Gareth Leung said they were now 13% below consensus on GEG’s expected EBITDA in both 2024 and 2025 because consensus had assumed mass market share gains as a result of Phase 3 that did not materialize.

They added that consensus also has Galaxy’s 2024 mass market share at 20%, 170bps higher than the 18.5% it achieved in 2H23. Instead, Morgan Stanley believes GEG’s mass market share in 1Q24 will actually decline further to 17.7%, noting “potential operating deleverage as the company increases opex to gain market share and for non-gaming investment.”

Despite this loss in share, the analysts observe that GEG continues to trade at a premium to its Macau peers to the tune of 12% over Sands China and 20% over the rest, likely due to its net cash position and expectations of growth from Phase 3 and the upcoming Phase 4 development.

Nevertheless, while the bank believes GEG’s EBITDA growth will be slower than its peers in 1Q24, it added “we might turn more positive if we saw a more visible trend of market share gains from 2H24 on.

“Galaxy has a very strong track record in running and ramping up operations. Also, some investors favour its net cash position amid an uncertain China macro.”

Morgan Stanley has cut its Target Price on GEG shares by 17% to HK$38.


Tags: Sin tags

País: Macao

Región: Asia



09 de April 2024

Casino Garage: committed to sustainability

(Cartagena de Indias, Exclusive SoloAzar) - Meet Ester Tarres, the visionary behind Casino Garage, a world leader in refurbishing second-hand slot machines since its creation in 2006. With a team of professionals, Casino Garage has become synonymous with excellence. In this article, Ester tells us about her presence at the GAT Expo, held from 9 to 11 April.

Tuesday 07 May 2024 / 12:00

Responsible Gaming, Regulation and Certification in Latin America and the Caribbean

(Cartagena de Indias, Exclusive SoloAzar). - Karen Sierra-Hughes, Vice President for Latin America, the Caribbean and Spain at GLI (Gaming Laboratories International), led the GLI Corporate Conference: Technology and Sustainable Gaming. With her extensive experience as a gaming regulatory consultant in the region, Karen offered key perspectives on how technology can drive sustainability in the gaming industry.

Tuesday 07 May 2024 / 12:00

Unveiling innovations: WA.Technology's highlights from GAT Expo 2024

(Cartagena de Indias, SoloAzar Exclusive).- In an exclusive interview with Patricio Molloy, Business Development Latam at WA.Technology, we delve into the latest offerings showcased by this leading gaming solutions supplier firm at the GAT Expo Cartagena 2024. From a comprehensive iGaming platform to cutting-edge AI integration, discover how this company is shaping the future of gaming experiences in Latin America and beyond.

Monday 06 May 2024 / 12:00


Para suscribirse a nuestro newsletter, complete sus datos

Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.