Analysts expect concerts to continue to drive growth in visitation and premium players.
Macau.- Analysts at Citigroup have predicted that Macau’s gross gaming revenue (GGR) could grow 6 per cent next year. The banking group predicted that the rise will be driven by big-name concerts, the addition of new luxury hotel suites and new baccarat side bets.
Citigroup expects Macau GGR to reach MOP263.5bn (US$33bn), which would be about 90 per cent of the 2019 total. It predicts that earnings before interest, taxation, depreciation, and amortisation (EBITDA) will grow by 10 per cent while EBITDA margins remain flat at circa 29 per cent.
Analysts George Choi and Timothy Chau wrote: “With an illustrious concert calendar, luxurious new hotel suite supply and new baccarat side bets, we believe Macau will remain the top travel destination for the affluent mainland Chinese visitors who seek a total experience.”
They added: “We expect concerts to drive growth in visitation and premium players’ per-capita spending (as they need to check-in cash to the casinos to secure hot concert tickets), new hotel suites to increase average length of stay, and the increasing popularity in new side bets to further boost hold rates.”
Q4 GGR will be up by 17 per cent, Morgan Stanley says
Analysts at Morgan Stanley have predicted that Macau GGR for the fourth quarter of the current year will be up by 17 per cent in year-on-year terms and 6 per cent compared to the previous quarter. They forecast that property earnings before interest, depreciation, and amortisation (EBITDA) will be up 15.2 per cent year-on-year and 5.9 per cent sequentially to US$2.25bn.
Analysts Praveen Choudhary and Anson Lee wrote that despite “high” operating expenditure in October-November, there could be some margin improvement. They see MGM China and Galaxy Entertainment as particularly strong, anticipating that fourth-quarter results will cause the market to revise earnings forecasts upwards.
Analysts expect concerts to continue to drive growth in visitation and premium players. Macau.- Analysts at Citigroup have predicted that Macau’s gross gaming revenue (GGR) could grow 6 per cent…
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