Estimates raised for Macau EBITDA

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Analysts at Morgan Stanley are raising their estimates on Macau 2023 EBITDA for the SAR’s six gaming concessionaires by 70 per cent.

This is because “China’s reopening and the resulting revenue/profit for Macau companies came in ahead of our expectations for the first two months of the year.”

The analysts also note that they “find comfort in the sustainability of premium mass in the absence of junket business, which is important to achieve the pre-Covid level of EBITDA.”

The group notes its estimates are “higher than consensus” (except for Wynn Macau) in regards to both gross gaming revenue and EBITDA for 2023 and 2024, due to “higher nominal GDP in China, higher discretionary spending versus 2019 and higher sustained GGR in Las Vegas and Singapore,” further noting that positive earnings revisions “will drive stock prices this year.”

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Source: Asia Gaming Brief

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