In the latest investment memo published by Deutsche Bank, analyst Carlo Santarelli notes that Macau gaming operator Sands China, which has been the market share leader, is facing new challenges regarding rivalry in both gaming market share and hotel room inventory.

Deutsche Bank notes that achieving Light & Wonder's 2025 $1.4 billion adjusted EBITDA target will be a challenging task, as their forecast indicates the figure is 'well below' the goals articulated by management.

MGM China results for the fourth quarter beat the highest expectations and surpassed even 2019 pre-pandemic levels, several analysts and brokerages stated.

Analysts at Deutsche Bank and Jefferies have reaffirmed Sands China's solid results despite the prevailing negative sentiment towards Macau/China.

Deutsche Bank estimates that Macau's casino gross gaming revenue (GGR) for 2023 may reach $22.81 billion, marking a 332 percent year-on-year increase. However, even if this estimate is realized, the GGR for this year will still be 38 percent lower than the pre-pandemic levels in 2019.

The multi-million dollar refurbishment of Wynn Macau's peninsula property was completed in 2Q23.

Macau's premium mass gaming market seems to have made a full recovery, with JP Morgan indicating that premium mass gross gaming revenue (GGR) in August reached 110 percent of 2019 levels.

Macau gaming operator Sands China is "bullish on the Macau outlook", noting the exact timing of the full recovery is unclear but that it's "just a question of time".

Deutsche Bank estimates that Macau’s gross gaming revenue (GGR) may rise 732 percent yearly in 3Q23, reaching $5.78 billion. The estimated GGR for 3Q23 is still 35 percent lower than the same period in 2019.

Deutsche Bank has reaffirmed its bullish view for Macau gaming, indicating that mass trends in the city are “encouraging”, as spending per mass visitor is up 35-40 percent relative to the same period in 2019.