Tag Archives: Macau
China – Opening costs for Grand Lisboa Palace added to pandemic woes widens SJM’s loss
Having opened Grand Lisboa Palace on Macau’s Coati Strip, Macau operator SJM Holdings saw its net gaming revenue edge up to HK$9,608m in 2021, as compared with HK$7,304m for the year of 2020. This led to a loss attributable to owners of the company was HK$4,144m, as compared with a loss HK$3,025 million for the…
China – Sands to surge past 2019 EBITDA levels by next year
Brokerage firm Sanford C. Bernstein believes Macau operator Sands China will surpass its 2019 EBITDA of US$3.3bn next year with EBITDA reaching US$5bn by 2025. Bernstein analyst Vitaly Umansky said: “Sands China is the largest gaming investor in Macau, having invested US$14.5bn over the last 20 years and holding over 30 per cent market share. With…
China – MGM turns things around in Macau with 85 per cent increase in 2021
During the Year, MGM China‘s net revenue soared by 85 per cent to approximately HK$9.4bn. The Group had a turnaround to an adjusted EBITDA of approximately HK$390m, compared to a negative adjusted EBITDA of HK$1.4bn in 2020. Despite the ongoing impact of the COVID-19 pandemic in 2021, Macau has been seeing a gradual recovery. The city recorded a 31 per cent…
China – Shares fall in Macau Legend Development as former CEO arrested
Shares in Macau Legend Development have fallen to their worst ever low following the arrest of its former Chief Executive Officer as part of a continuing investigation into junket operations in Macau. The company’s share price dropped by 19 per cent after the operator said Chan Weng Lin had been arrested by police and had…
Macau – Macau’s existing operators praise bill now published by Macau’s Legislative Assembly
Macau’s Legislative Assembly has now published the draft bill amending its casino laws prior to launch of the re-tendering of Macau’s six casino licenses. The language of the bill states that bidding companies must ‘prepare a plan to promote responsible gambling’ and ‘adopt measures that allow the public, including tourists, to have sufficient information for…
China – Macau keeps number of license holders at six but axes junkets and satellites
In the biggest overhaul of Macau’s gaming laws in 20 years, the number of casino licence holders will be kept at six, but the length of the licences will be halved to 10 years. The bill, which has needed a 45-day public consultation period, will now go to the legislature for approval before it becomes…
China – Mass gaming to eclipse pre-pandemic levels by 15 per cent in 2023
A ‘more normalised 2023’ will see Macau’s casino sector produce EBITDA similar to pre-pandemic levels, with mass gaming surging passed 2019’s figures by 15 per cent to make up for a continued downturn in VIP gaming, according to analysts at Sanford C. Bernstein. Vitaly Umansky, an analyst at the ratings agency, saying overall revenues will…
China – US and Asian facing casino owners to be treated the same in Macau retendering
North American casino owners are not likely to be treated any differently to their Asian counterparts when Macau re-tenders its casino concessions, according to Fitch Ratings Agency. Fitch believes said that MGM China, Sands China and Wynn Macau have earned the trust of the local government over the last two decades with ‘no obvious evidence…
China – Morgan Stanley pitches 41 per cent improvement for Macau’s casino revenues next year
Morgan Stanley believes the recovery of Macau’s casino sector will be similar to that in 2016 following Chinese President Xi Jinping’s corruption crackdown which hampered Macau’s VIP sector. It is predicting a 41 per cent improvement in GGR next year and highlights Wynn and Galaxy as top perfomers. Analysts Praveen Choudhary, Gareth Leung and Thomas…
