Wednesday, July 17, 2024

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Las Vegas Sands facing lower Macau market share in 2Q24: Deutsche Bank

Despite gross gaming revenue in Macau slightly surpassing forecasts for the second quarter of 2024, Las Vegas Sands is expected to face challenges in market share and non-gaming contributions, brokerage Deutsche Bank indicates.

Sands and Galaxy joint Macau GGR market share drops to almost 42% in 1Q24: Deutsche Bank

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.

Light & Wonder’s 2025 $1.4B EBITDA target challenging: Deutsche Bank

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.

Deutsche Bank raises MGM China’s 4Q23 EBITDAR forecast to $254M

Analysts from Deutsche Bank raise MGM China’s 4Q23 EBITDAR forecast from the previous $231 million to $254 million due to the strong performance in the period.

Macau industry-wide 3Q23 GGR is still 31 percent below pre-pandemic levels: Deutsche Bank

Macau industry-wide 3Q23 gross gaming revenue (GGR) in Macau is still 31 percent below the 3Q19 levels, according to the calculation of Deutsche Bank following all six gaming operators' reported financial results.

2023 Macau GGR to persist at 38 percent below pre-pandemic levels: Deutsche Bank

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.

Slower recovery pace prompts Deutsche Bank to lower MGM China 2024 forecast

The expected slower recovery pace in the market has prompted Deutsche Bank to revise its 2024 MGM China property EBITDAR forecast, reflecting a 4 percent decrease from their previous estimate.

Sands China faces challenges regarding market share and hotel room inventory: Deutsche Bank

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.

Lower-spend gaming customers in Macau still well off 2019 levels, says Deutsche Bank 

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.

Deutsche Bank sees Macau growth in Q3 and Q4

Deutsche Bank’s latest forecasts for Macau have taken a bullish turn, as the Bank believes Macau offers a 'most compelling upside,' given that gaming is still somewhat undervalued historically and there are favorable conditions ahead.