Good Morning. Just keep Wynning. That’s the expectation by analysts at Fitch, who predict Wynn Macau’s adjusted EBITDAR could top $917 million this year, benefiting from the city’s overall shift to higher-margin mass play. And in the Philippines, PAGCOR aims to privatize its casinos by 3Q25 “at the earliest”, while continuing to defend legitimate POGOs, despite still not having a third-party auditor. Meanwhile, LET-controlled Suntrust is progressing with its Westside City project, as it narrowed its loss in 2Q23.
What you need to know
- Wynn Macau is expected to reach $917 million adjusted EBITDAR in 2023, driven by mass market growth and higher volumes: Fitch.
- PAGCOR sees “stop-gap” auditor in Commission of Audit, aims to privatize casinos by 3Q25 “at the earliest”.
- LET-controlled Suntrust loss narrows to $2.9 million in 2Q23, progresses Westside City Project development.
On the radar
- Newport World Resorts delivers in 2Q23, backed by VIP play.
- AGEM Index rises 4.1 percent in July.
- APE returns to profit in 2Q23, on EGE sales and distribution.
- Macau top choice for mainland outbound tourists in 1H23.
- Paradise City teams up with Ctrip to lure Chinese tourists.
- China: over 60k gambling-related suspicious transactions in 2022.
AGB Intelligence
MACAU
Wynn to reach adjusted EBITDAR of $917mln in FY23: Fitch
Analysts at Fitch are expecting Wynn Macau to achieve an adjusted EBITDAR of some $917 million in 2023, based upon strong results seen in the first half-year. Fitch ratings’ CreditSights division notes that this was driven by the shift to higher-margin ‘mass market, higher-than-expected business volumes, and improved cost efficiencies’. The group notes Macau’s overall shift away from junkets and VIP are improving EBITDA figures across the concessionaires.
Industry Updates
- Aristocrat Gaming unveils new range of gaming legends at AGE23.
- IGT achieves improved ESG score from FTSE Russell.
- 93 percent satisfied with SOFTSWISS Game Aggregator.
MEMBERSHIP | MAGAZINE | ASEAN | CAREERS
