The investment bank forecasts a Chinese New Year boost in February.
Macau.- Gross gaming revenue (GGR) from Macau casinos is expected to rise 18 per cent year-on-year in Q1, according to a research note from Morgan Stanley.
The investment bank said January gaming revenue beat expectations at MOP22.6bn (US$2.8bn), up 24 per cent year-on-year and 8 per cent month-on-month. It expects February GGR to be up by around 22 per cent year-on-year, supported by the timing of the Chinese New Year holiday, which falls entirely in February this year.
Morgan Stanley noted that first-quarter performance would also benefit from a lower comparison base in early 2025. While the market has expressed concerns about weaker margins and higher promotional activity toward the end of last year, it believes a stronger first quarter should help drive positive revisions to earnings expectations across the sector.
Among listed operators, the bank said it remains optimistic on Galaxy Entertainment, Sands China and Melco Resorts & Entertainment, assigning “Overweight” ratings to all three. MGM China was rated “Neutral,” while SJM Holdings was given an “Underweight” rating.
The investment bank forecasts a Chinese New Year boost in February. Macau.- Gross gaming revenue (GGR) from Macau casinos is expected to rise 18 per cent year-on-year in Q1, according to a research note from Morgan Stanley. The investment bank said January gaming revenue beat expectations at MOP22.6bn (US$2.8bn), up 24 per cent year-on-year and…
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