Good Morning. Macau continues to roar back, with Galaxy Entertainment set to hit pre-pandemic levels, as its Phase 3 opening drives increased revenue and visitation to the property. Meanwhile, the long-lost Macau Legend has announced its decision to divest of its assets in Cambodia and Cape Verde, cementing its future in Macau, for better or worse.
What you need to know
- Galaxy set to return to 2019 levels on the back of its Phase 3 opening, with the VIP sector accounting for 12 percent of GGR: Jefferies.
- Macau Legend is actively developing non-gaming offerings, as it announces its exit from the Cambodia and Cape Verde projects.
On the radar
- PNP: 4,039 victims of POGO-related crimes in 1H23.
- PH Resorts enters debt restructuring deal to save Emerald Bay.
- Sands: AR elements in redevelopment plan for old fireworks factory.
- Bloomberry charity arm donates 8 patrol cars to PNP.
- LET Group’s stock plunges 75 percent on property sale concerns.
- National Day Golden Week daily visitor entries exceeds expectations.
- Macau September GGR down 13.2 percent m-o-m, to $1.85 billion.
Analysts at Jefferies opine that Galaxy could be returning to pre-COVID levels, as VIP also returns. The market has been booming in the last quarter, and the property continues to add new offerings, diversifying its content – in line with government expectations. Now it remains to be seen how such new showings will be received by the market, and how much more Galaxy can tap into to maintain its status.
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