Good Morning. Today is the day: the deadline for the tender submissions to the six potential 10 years of gaming concessions in Macau. Wynn was first off the gate and sentiment rallied gaming stocks.
What you need to know
- J.P. Morgan attributes the surprise gaming stock rally to the sentimentality of the tendering process ending today. Wynn was the first to submit.
- Bernstein writes that despite disappointing Mid-Autumn Festival visitation, on China travel restrictions, Macau’s weekly GGR was up 6 percent.
On the radar
- Wynn Macau first to bid for Macau 10 years gaming concession.
- Queensland revenues up 36 percent at $200m.
- Star Entertainment Group unfit to operate in Sydney
- Galaxy remains confident in Macau long term.
- Resort World buys out Star Cruises for $3.5 million.
- Hong Kong Jockey Club clocks a loss of $20m for FY22.
Macau gaming sector stocks rallied in the range of 2 to 7 percent on Tuesday. J.P. Morgan attributes the surprise bump to two pieces of news that seem to have triggered “sentimentally” of the demand: the end of the concession submission process and ferry resumptions. The brokerage expects the announcements of new bidders having successfully got the licenses could be announced at end of November 2022 or early December 2022.