• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Saturday 21 June 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Sands China would suffer most if new Macau table cap distributed evenly: Morgan Stanley

Ben Blaschke by Ben Blaschke
Wed 31 Aug 2022 at 12:33

The Venetian Macao

69
SHARES
1.7k
VIEWS
Print Friendly, PDF & Email

Sands China would be the biggest loser from Macau’s 2023 table and slot machine caps should the government opt to pursue an even allocation across all six concessionaires, according to investment bank Morgan Stanley, although such means of allocation is seen as highly unlikely.

The Chief Executive announced last week that from 1 January 2023 the total number of gaming tables and gaming machines in Macau will be limited to 6,000 and 12,000 respectively, while the minimum annual gambling revenue required under Article 20 of the new Macau gaming has been set at MOP$7 million per table and MOP$300,000 per machine.

In a note, Morgan Stanley analysts Praveen Choudhary and Gareth Leung pointed out that the 6,000 and 12,000 caps are broadly in line with the 6,006 and 12,042 tables and machines respectively in the market as of 30 June 2022.

But these numbers are still well below 2019 levels – the number of tables under the 2023 cap will be 11% lower than the 6,739 in operation at the end of 2019, while 12,000 machines is 29% lower than 2019’s 17,009.

While the government’s minimum revenue requirement looks “easy to meet”, the analysts noted a lack of clarity on how the caps would be assigned to operators and who may have to forgo some of their current allocation.

Assuming an even allocation of 1,000 tables and 2,000 machines to each concessionaire, Sands China would lose out on both counts with particular downside in the slots segment given it operated around 6,000 machines at end-2019.

According to Morgan Stanley, Sands and SJM would be the main losers in the table games segment with MGM China and Wynn Resorts gaining, while Sands, Galaxy and Melco would all lose slots, leaving SJM, MGM and Wynn with gains.

However, standing in the way of the even allocation theory is the fact that smaller operators like MGM China simply don’t have the space to add a substantial number of additional inventory.

RelatedPosts

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

Thu 19 Jun 2025 at 19:54
Landmark chair says satellite casino closures have already led to lease terminations in surrounding area

Landmark chair says satellite casino closures have already led to lease terminations in surrounding area

Wed 18 Jun 2025 at 14:07
Macau GGR hits MOP$19.8 billion in August, up 6% month-on-month

Three Macau concessionaires hold job fairs for displaced satellite casino employees

Tue 17 Jun 2025 at 19:35
Sub-concessions axed, license terms amended as Macau government reveals draft revisions to gaming law

Five Middle Eastern countries granted visa-free entry to Macau from next month

Mon 16 Jun 2025 at 19:33
Load More
Tags: MacauMorgan StanleyPraveen ChoudharySands Chinatable cap
Share28Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Foreigner-only casinos: Seize the day

Editorial – Foreigner-only casinos: Seize the day

by Ben Blaschke
Thu 29 May 2025 at 13:38

I was recently asked by someone working at a foreigner-only casino for my thoughts on the outlook for the Asian...

On the brink

On the brink

by Pierce Chan
Thu 29 May 2025 at 13:27

The transition period for Macau’s 11 satellite casinos is set to expire at the end of this year, after which...

A moral defense of gambling

A moral defense of gambling

by Andrew Russell
Wed 28 May 2025 at 18:19

Economist Andrew Russell explores the differences between community benefit and in-principle arguments for the existence of a legal gambling industry...

Face to face

Face to face

by Ben Blaschke
Wed 28 May 2025 at 18:08

Konami caught the eye at the recent G2E Asia show in Macau with its SYNK Vision Tables, which utilize facial...

Evolution Asia
Aristocrat
GLI
SABA
Mindslot
Solaire
Hann
Tecnet
NWR
Jumbo
568Win

Related Posts

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

IAG’s Andrew W Scott addresses Thai senate subcommittee on Entertainment Complex Bill and key considerations for foreign investors

by Newsdesk
Fri 20 Jun 2025 at 06:53

Inside Asian Gaming’s Vice Chairman and CEO, Andrew W Scott, spoke yesterday at a hearing of Thailand’s ad hoc subcommittee studying the economic impacts and feasibility of establishing entertainment complexes (ECs) with casinos and online gaming, at the Thai Parliament...

Philippine tourist arrivals down 0.5% in 1Q25 on fewer visitors from South Korea, China

Contribution of Philippines tourism industry to national GDP rises to 8.9% in 2024

by Newsdesk
Fri 20 Jun 2025 at 06:46

The Philippines tourism industry saw its contribution to the country’s Gross Domestic Product in terms of share rise to 8.9% in 2024, up from 8.7% a year earlier, according to latest data from the Philippine Statistics Authority. Tourism Direct Gross...

Philippines’ maiden PIGO platform generates GGR of US$2.3 million in first six months of operation

DigiPlus appoints new CEO and CDO to drive further online gaming growth

by Newsdesk
Fri 20 Jun 2025 at 06:44

Philippines gaming technology giant DigiPlus – the country’s leading platform in the online and remote gaming space – has announced the appointment of a new Chief Executive Officer and a Chief Digital Officer. In a Philippine Stock Exchange filing on...

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

China’s Ambassador to the United States Xie Feng Meets with Wynn CEO Craig Billings

by Newsdesk
Thu 19 Jun 2025 at 19:54

Wynn Resorts CEO Craig Billings met this week with the Chinese Ambassador to the United States, Xie Feng, to discuss topics including China’s economic development and Sino–U.S. economic and trade relations. The Chinese Embassy in the United States released details...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English