The mass-led recovery in Macau is persisting, with the mass market table drop surpassing 2019 levels by 5.7 percent at the integrated resorts of Galaxy Macau in 2Q23. Additionally, the mass table win was approximately 1 percent higher than in 2Q19, according to a report by CBRE Securities.

Macau stands to benefit highly from the Chinese outbound tourism market to international destinations remaining depressed, as well as from the change in the experiences desired from a younger demographic

Recovery in Macau and Singapore has prompted rating agency Fitch to maintain its BB+ rating for Las Vegas Sands, with the group's outlook changed from 'negative' to 'positive'.

Las Vegas Sands' bet on Asia is continuing to deliver, with Sands China raking in some $1.6 billion in revenue during the second quarter and championing EBITDA figures of $541 million, even as it reversed a loss from the same quarter last year.

While CBRE remains hopeful that group tours and e-visas get reinstated by the end of the month or early November, it remains unclear if visitation to Macau will accelerate given Beijing’s unwavering commitment to its zero-COVID policy. 

Las Vegas Sands 3Q22 EBITDA US$158 mn loss was broadly in line with estimates with Macau reopening still dependent on China's COVID policy, a note from Jefferies read. 

SJM Holdings and Las Vegas Sands’ credit ratings have been cut by Fitch, which said it has reduced confidence in the Macau market’s recovery.

Moody's Investors Service has downgraded MGM Resorts International's Corporate Family Rating to B1 from Ba3, reflecting slower than expected recovery in Macau and high leverage level the company is expected to carry.

Las Vegas Sands has seen its credit rating cut to one notch below investment grade, with the outlook remaining negative, due to the slower-than-forecast recovery from Covid.

Fitch Ratings recently placed all of Macau's operators credit ratings under review due to the snail's pace of the recovery and regulatory risks ahead of the concession renewal next year.