Macau mass spending up 40 % compared to same period in 2019 in gaming sector
Monday 05 de June 2023 / 12:00
⏱ 1 min read
(Macau).- Macau’s mass market trends have appeared to be “very encouraging”, with spending per mass-market visitor rising by 35 to 40 per cent compared to the same period in 2019, Deutsche Bank Securities Inc’s analysts said.
In a Sunday update, the investment bank said that the mass market had shown “a higher ceiling”, as the spending per mass visitor had increased by 35 to 40 per cent as of April this year compared to the 2019 level.
Analysts Carlo Santarelli, Steven Pizzella, and Alfonso Straffon have revised their market outlook for 2024 in light of the recent sell-off in the gaming sector, which has hit Macau-centric stocks particularly hard.
Although gross gaming revenue (GGR) will only recover to 64 per cent of 2019 levels next year in the worst-case scenario, as the analysts pointed out, Wynn Macau, Sands China, and MGM China are expected to see their margins expand by approximately 200 to 400 basis points.
In the base-case scenario, in which 2024 GGR will recover to 74 per cent of 2019 levels, each of the three gaming operators is expected to see their margins expand by 400 to 600 basis points.
If 2024 GGR is to recover to 85 per cent of 2019 levels, Wynn, Sands and MGM will see their margins expand by 500 to 700 basis points each, said the analysts.
By Therese Tu
Categoría:Reports
Tags: Sin tags
País: Macao
Región: Asia
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