Citigroup reaffirms that Macau's gaming industry shows no signs of slowing down. Despite the decline in total wagers in the premium mass market, average wagers remain strong and unaffected by seasonality.
Citigroup reports that it has observed 24 whales so far this month, marking the highest single-month tally this year and only three fewer than during Chinese New Year in 2
Citigroup noted that MGM's management is 'showing confidence in the market', MGM China's President and Chief Operating Officer Hubert Wang revealed that the company will double the headcount of its international sales and marketing team
Citigroup has retained its estimate on Macau’s July casino gross gaming revenue (GGR) of MOP16 billion ($2 billion). This represents that GGR in July may exceed May's GGR level, the highest monthly GGR recorded after COVID, at MOP15.6 billion ($1.93 billion).
Investment bank Citigroup notes Galaxy Macau Phase 3 has a "solid debut" of its premium mass room, recording a 52 percent higher average wager per player compared to pre-COVID levels.
Investment bank Citigroup said in a new research note that they maintain a bullish stance on Macau's gaming industry, anticipating Macau industry-wide EBITDA in 2Q23 to recover to 65 percent of the same period in 2019.
More and more investment bank studies affirm the positive impact of non-gaming activities on financial results. This time, Citigroup says there is apparently a positive impact that the Jacky Cheung concerts bring to Macau's gaming operator Sands.
Macau, the world’s top-rated hotel capital, is a top luxury destination that continues to captivate visitors with its exquisite culinary experiences, prime location, and opulent hospitality offerings.
Macau's mass market had outperformed in the first eight months of the year, with Deutsche Bank observing healthy market trends. However, analysts point out that lower-spend gaming customers continue to keep a low ratio compared to 2019 levels.
After facing severe hardship, Macau's VIP segment is poised to attract new investors, potentially leading to a growth in the number of junket licensees.