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.

Wynn Resorts is poised to further balance its cash flow profile with the development of Wynn Al Marjan Island, according to Deutsche Bank. 

Despite the recent Dragon Train injunction, Deutsche Bank notes that the gaming equipment and services group, Light & Wonder, had a solid 3Q24.

Sands China and Galaxy Entertainment Group controlled about 41.6 percent of Macau's GGR in the first quarter of 2024, while the other four concessionaires all increased market share from the same quarter last year, say analysts.

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.