Macau gaming operators have recorded $1.95 billion of EBITDA for 4Q23, up 8 percent sequentially and 83 percent of 4Q19 levels, says Morgan Stanley.

Analysts from JP Morgan indicate that Wynn Macau’s 4Q23 EBITDA margin was near its 10-year highs thanks to 'strong cost control and growth in mass.’

Just keep Wynning. That's the expectation by analysts at Fitch, who predict Wynn Macau's adjusted EBITDAR could top $917 million this year, benefiting from the city's overall shift to higher-margin mass play.

Casino operator Wynn Macau is anticipated to generate approximately $917 million in adjusted EBITDAR in 2023.

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. 

Wynn Macau has reported solid first quarter results, with the company registering a profit of $47.13 million during the three-month period, a complete about-face from the $98.26 million loss recorded in the same period of 2022. The group also recorded adjusted property EBITDAR of $155.8 million.

Sands China has come roaring back to life in the first quarter, delivering EBITDA of $398 million, even as LVS' Chairman says its $3.8 billion Macau investment is "just a baseline". In Singapore, MBS' EBITDA was just shy of the Macau results, despite 'subdued' visitation from China.

Analysts are predicting a bright future for Macau, after a bleak three years.

Analysts at Morgan Stanley are raising their estimates on Macau 2023 EBITDA for the SAR’s six gaming concessionaires by 70 percent ‘as China’s reopening and the resulting revenue/profit for Macau companies came in ahead of our expectations for the first two months of the year’.

Macau operators continue to struggle with almost zero revenue and have already cut operating expenses back to the bone.