Good Morning. Analysts remain bullish on Asia’s leading gaming market, expecting Macau gaming revenue in the third quarter to increase sevenfold, topping out at $5.78 billion. Despite the rise, FY23 is still not on track to beat, or even match 2019 figures. And in Singapore, Maybank analysts have lowered their expectations for Genting, despite operations “improving steadily”.
What you need to know
- Macau’s GGR during the third quarter should record a sevenfold increase, to $5.78 billion, say analysts.
- Genting Singapore operations “improving steadily”, but Maybank analysts lower expectations.
On the radar
- South Korea’s Paradise Co and GKL post strong monthly growth.
- Light & Wonder CFO stepping down, company seeking replacement.
- PNP defends legitimacy of POGO raid, calls for further profiling.
- Macau was the target of 5.5k daily cyberattacks in 2022.
- PH needs “genuine rebrand” of tourism sector after promo gaff.
AGB Intelligence
MACAU
Analysts: 3Q23 GGR to see sevenfold increase
Analysts at Deutsche Bank are bullish on Macau’s recovery, estimating that the SAR can rake in some $5.78 billion during the quarter, a sevenfold increase. Despite the rise, analysts are reserved on the possibility that FY23 GGR could recover to 2019 levels, even by next year.
Industry Updates
- Citizen appoints former Playtech innovation lead as CTO.
- NOVOMATIC announces new distribution partner for PH market.
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