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Macau operators losing $800m a quarter as Covid stretches on: Morgan Stanley

Macau operators’ gas tanks “are running low” after two years of Covid, with the companies reporting $800 million in losses per quarter and $250 million in cash flow leakage, Morgan Stanley reports. 

Nagacorp/Wynn Macau most exposed to Asia VIP: Morgan Stanley

u are the operators likely to see the most impact from any further reduction in VIP volumes, though for most companies around Asia the risk to EBITDA is not high, Morgan Stanley said in a note.

Morgan Stanley cuts Macau 2020 GGR estimate

Morgan Stanley said it now expects Macau's 2020 gross gambling revenue (GGR) to fall 60 percent, compared with its earlier forecast for a 55 percent decline, though has raised its forecasts for recovery for the next two years.

Crown unlikely to lose Sydney license: J.P. Morgan

Crown Resorts is unlikely to lose its license to run a new $2.2 billion property in Sydney following an inquiry into its suitability, J.P. Morgan says in a note.

Wynn parent loan may signal difficulty accessing bank finance: MS

Wynn Macau’s announcement that its parent company would provide it with a $500 million credit facility has wider implications for the industry and may suggest difficulty accessing bank finance, Morgan Stanley said in a note. 

SJM daily cash burn HK$22m, loan refinancing to provide HK$6b liquidity: MS

SJM Holdings is currently burning through about HK$22 million ($2.8 million) cash a day and if its loan refinancing is approved it will get another HK$6 billion in liquidity, Morgan Stanley said.

Bloomberry Resorts recovery faster-than-expected: MS

Bloomberry Resorts’ post-pandemic recovery has been faster-than-expected, according to analysts at Morgan Stanley, who have raised their EBITDA estimates for the year.

Macau operators net debt seen at $25b by end-2022, but all should survive: MS

Macau operators net debt could reach $25 billion by the end of this year if China’s strict zero-Covid policies remain in place, but most will be able to survive 2022, Morgan Stanley analysts wrote.

No travel for China this year, ASEAN continues to open from 2Q: MS

Morgan Stanley analysts don’t expect there to be any easing of travel between Mainland China, Hong Kong and Macau this year, though its a vastly different story for the ASEAN region. 

Philippines’ 1Q22 Entertainment City GGR seen up 15% from the prior quarter

Gross gambling revenue in the Philippines’ Entertainment City is likely to be up 15 percent in the first quarter compared with the prior three-month period, driven by domestic demand in mass and slot revenue, says Morgan Stanley.