Good Morning. Backseat drivers never take the wheel. Analysts at Citigroup are still bullish on 2024 for Macau, noting that ‘armchair theories’ have driven down expectations, with hopes that EBITDA levels will still reach 80 percent of pre-pandemic return. Meanwhile, gaming-related crime in the territory has yet to rise to 2019 figures. And in the Philippines, analysts anticipate blowback from the temporary suspension of e-visas for Chinese visitors.
What you need to know
- Citigroup: strong potential for Macau’s gaming growth in 2024, with a robust recovery in 2023 and industry EBITDA reaching 80 percent of 2019 levels in 3Q23.
- An analyst from Maybank anticipates negligible consequences from the Philippines’ temporary e-visa suspension in China.
- Gaming-related crime reported in Macau in the first three quarters of 2023 remains at levels below those of pre-pandemic times.
On the radar
- Banyan Tree breaks ground at Hann Reserve in Clark, Philippines.
- PH Resorts loses financier, pursuing other investment options to finish property.
- 888 Holdings rebuffs $884 million takeover offer from Playtech: reports.
- PH immigration blacklists foreigners as POGO crackdown continues.
- Saipan aiming to introduce ETGs for smaller properties.
- Sands China establishes strategic alliance with Tencent Video and Maoyan.
AGB Intelligence
MACAU
2024 is touted as a token rebound year for the Macau GGR
Analysts at Citigroup are bullish on Macau in 2024, seeing room for growth after a ‘decent 2023’. Analyst George Choi cites a weak economy in China diminishing Macau’s possible ramp-up this year, but notes that visitation, time and money spent in the casino are more important metrics than a country’s GDP. The analyst also encourages operators in their comping strategies, noting that EBITDA is the bottom line.
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