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JPMorgan, the investment bank, stated on Tuesday that it anticipates Macau's integrated gambling operators to achieve a total gambling revenue ranging from 18.5 billion to 19 billion Macau Patacas in October, comfortably setting a new high following a recent strong rebound.
DSKimm JPMorgan analysts, Mufan Shi, and Selina Li, mentioned in a report that after a slowdown during the entire month of Golden Week, the gambling revenue on the seventh day of October is expected to reach 14.6 billion Macau Patacas. This suggests that the gambling revenue has rebounded to 575 million Macau Patacas per day, showing a 20% weekly increase.
They added, "This is not surprising and can still easily reach post-pandemic highs for the month."
The bank predicts that October's gambling revenue will fall between 18.5 billion and 19 billion Macau Patacas, which would bring the gambling revenue recovery to 72% of October 2019 levels. Mass-market gambling is expected to recover to 100%, but VIP gambling is likely to recover only to 25%.
The company additionally noted that their predictions were bolstered by Las Vegas Sands' (LVS) third-quarter 2023 earnings, which the group announced last week. LVS Group's Macau resorts demonstrated "stable profit, manageable operating costs, and results exceeding expectations."
Among these companies, Sands China Limited reported a net income of $1.78 billion, surpassing the $251 million from the same period the previous year. In terms of adjusted EBITDA, they recorded $631 million, reversing the $152 million loss from the same period the previous year and exceeding the $541 million from that period. |
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Post time 1-11-2023 07:29:07