CBRE analysts point out in a recent report that Galaxy Entertainment Group (GEG) market share in the Macau SAR gaming and hospitality sector experienced a decline in the fourth quarter of 2023 compared to the same period in 2019.

Satellite casinos in Macau face a longer road to recovery with excessive costs and labor related to five shuttered casinos, according to CBRE Securities in the latest investment memo regarding SJM Resorts.

The mass-led recovery in Macau is persisting, with the mass market table drop surpassing 2019 levels by 5.7 percent at the integrated resorts of Galaxy Macau in 2Q23. Additionally, the mass table win was approximately 1 percent higher than in 2Q19, according to a report by CBRE Securities.

The evolution of Macau to a more leisure and MICE destination will take time, likely much longer than the current 10-year concession period, CBRE Equity Research said in a note, indicating that this is in part due to limited infrastructure, a lack of skilled labor, and lack of developable land.

While CBRE remains hopeful that group tours and e-visas get reinstated by the end of the month or early November, it remains unclear if visitation to Macau will accelerate given Beijing’s unwavering commitment to its zero-COVID policy. 

New York has given the go-ahead for three downstate casinos, which would create a market worth about $4.8 billion, according to a note from CBRE. 

MGM Resort's $1.07 billion sale of The Mirage Hotel & Casino was at a record multiple and reflected the bullish outlook for Las Vegas in what was a "winner, winner, chicken dinner" for all parties concerned, CBRE Securities said in a report.

CBRE Securities has resumed coverage on global gaming stocks, saying it favours Wynn Resorts as a unique contrarian play and a potential special situations opportunity should it put its Macau assets up for sale.

Las Vegas-based Union Gaming has been acquired by real estate services and advisory firm CBRE Group Inc.

NagaCorp was hit hard by COVID, with the company still experiencing a gradual recovery, notes Chairman Timothy McNally. The group is working hard to restructure its finances to figure out the scope of Naga 3, which is likely to only open in 2029.