• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 26 August 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
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
No Result
View All Result
IAG
No Result
View All Result

Macau industry EBITDA to reach US$1.6 billion in 2Q23: Morgan Stanley

Ben Blaschke by Ben Blaschke
Tue 27 Jun 2023 at 14:37
Morgan Stanley raises Macau 2023 EBITDA estimates by 70% on better gaming mix
20
SHARES
509
VIEWS
Print Friendly, PDF & Email

Investment bank Morgan Stanley said in a new research note that it expects Macau industry-wide EBITDA to reach US$1.6 billion for the June 2023 quarter, representing a 46% improvement over Q1 and the first quarter in which both mass revenue and EBITDA have been within touching distance of pre-COVID levels.

According to analysts Praveen Choudhary, Gareth Leung and Stephen Grambling, the 2Q EBITDA result will be driven by a 29% quarter-on-quarter increase in industry-wide mass and slot GGR to US$4.79 billion, with further positive momentum tipped for the second half of the year.

Echoing similar research from the past week suggesting Macau’s mass gaming market has benefited from a series of high-profile concerts in recent months, Morgan Stanley noted that “a few major concerts helped in 2Q” – a trend they expect to continue in 3Q23. They also point out that Q2 visitation was only at 60% of 2019 levels and more than 5% of hotel rooms have been offline, “suggesting upside to 3Q and 4Q estimates.”

Maintaining their bullish outlook, the analysts write, “Spending per visitor is tracking 50% above 2019 level. Further upside to mass revenue could come from recovery in package tours, visitation from provinces further away from Macau and improving capacity for ferry and air travel.

“We forecast industry mass revenue to reach 115% and 125% of 2019 level in 2024 and 2025 [respectively].”

Notably, the analysts believe the return of mass GGR and EBITDA numbers to near-2019 levels will see market share levels stabilize, although they anticipate some significant upwards movers from Q1 to Q2 – namely Wynn Macau and Melco Resorts.

Wynn, they explain, is likely to have benefited from the renovation of its peninsula property Wynn Macau, with Melco aided by the opening of Studio City Phase 2’s indoor waterpark and EPIC tower, as well as its residency concert series.

Conversely, Sands and Galaxy are expected to have lost market share due to the negative impact of not having all hotel rooms fully operational, although this issue should fully resolve in Q3.

But it is MGM China, awarded an additional 200 gaming tables under its new 10-year concession, that remains Morgan Stanley’s top pick.

“We expect [MGM’s] 2024 mass market share at 13% and 2Q could be tracking at 14% to 15% (16% in 1Q),” said Choudhary, Leung and Grambling. “This means [estimated] 2024 mass revenue to be at least 30% above 2019 even if we assume no growth in industry mass revenue vs 2019.

“Consensus forecasts MGM 2024 EBITDA to be only 10% above 2019, which probably does not give enough credit to its market share or the benefits of operating leverage. Our [estimated] 2024 EBITDA [for MGM] is 30% higher than 2019.”

RelatedPosts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

Mon 25 Aug 2025 at 17:04
Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

Mon 25 Aug 2025 at 13:34
Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Macau visitor arrivals grew 14.5% year-on-year to 3,458,366 in July

Sun 24 Aug 2025 at 08:30
Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Market organized to drive business to area impacted by Macau satellite casino closures generates US$25,000 in sales in first four days

Sun 24 Aug 2025 at 08:26
Load More
Tags: adjusted ebitdagross gaming revenueMacauMorgan StanleyPraveen Choudhary
Share8Share1
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 – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Slots 2.0

JP Morgan says Macau GGR now at highest non-Golden Week levels since pandemic

by Ben Blaschke
Mon 25 Aug 2025 at 17:04

Investment bank JP Morgan has estimated Macau’s gross gaming revenues in the seven days from 18 to 24 August at MOP$793 million per day, representing a 9% increase over the prior week and making it the city’s highest non-Golden Week...

Macau GGR down 12.7% month-on-month to MOP$17.3 billion in September, lowest of the year

Macau government collects US$1 billion in gaming tax revenue in July

by Ben Blaschke
Mon 25 Aug 2025 at 13:34

According to data released by Macau’s Financial Services Bureau, the Macau government’s revenue from gaming taxes in July was approximately MOP$8.11 billion (US$1.01 billion), largely in line with the MOP$8.16 billion collected in June. The July tax figure correlates to...

Pacific puzzle

Team King completes acquisition of Saipan casino assets but IPI ownership links linger

by Newsdesk
Mon 25 Aug 2025 at 05:33

Team King Investment (CNMI) LLC, a recently incorporated company which in February won a bid to acquire the casino assets of Imperial Pacific International, has officially closed the deal and taken ownership. According to local media outlet Marianas Variety, the...

More reasons to visit Clark

Hann postpones US$207 million IPO due to poor market conditions

by Ben Blaschke
Sun 24 Aug 2025 at 11:19

The holding company of Clark’s Hann Casino Resort has postponed an initial public offering that had been planned to take place in September, according to a report by Bloomberg. The delay is due to global uncertainties that have heavily impacted...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

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

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
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English