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
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- AGEM Index rises 4.1 percent in July.
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- 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.
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.
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