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.

Macau gaming operator MGM China's market share dropped during the third quarter of 2024, with the company's performance falling short of expectations, according to 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 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.

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 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.

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 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.