Galaxy Entertainment said its Q1 adjusted EBITDA more than tripled from the same period last year, though was down from the prior quarter due to seasonal softness in its construction division.
Wynn Resorts said it continued to experience gradual improvement in visitation trends in the first quarter of 2021 at its Macau properties, driving premium mass casino and luxury retail revenues.
Sands China continues to show improving results, posting a narrower loss of $213 million in the first quarter of 2021. Total revenues fell 4.6 percent compared to the prior-year period, however, adjusted property EBITDA was $100 million, up from $67 million in 20Q1.
Investors may be overly optimistic about the prospects for Macau’s gaming stocks given the snail’s pace of the recovery and slow vaccine rollout across the region, according to analysts from Union Gaming.
Consensus estimates for Q1 earnings at Macau’s six operators may be too high, with corporate EBITDA likely to be lower than the prior quarter due to an uneven recovery and higher expenses, Morgan Stanley says.
Hong Kong-listed Success Universe recorded hefty losses for the year 2020, mainly due to the Covid pandemic, including an adjusted EBITDA loss of HK$243 million (US$31.6 million) at Ponte 16, the group’s flagship investment project in Macau.
Australia-listed BetMakers Technology Group has announced the company’s results for the half-year ended December 31, 2020. In this six-month period, the firm’s revenues were A$7.59 million (US$6 million), up 88 percent, and EBITDA was A$0.04 million.
Wynn Resorts was upgraded to “Neutral” from “Sell” at Citi due to optimism over the company’s premium mass business in Macau after it reported better-than-expected Q4 results last week.
Lower operating costs and a better business mix are likely to have helped the bottom line of Macau’s operators in the fourth quarter, despite continued low revenues, Morgan Stanley says.
Ratings agency Standard & Poor’s has reaffirmed Genting Malaysia’s BBB rating, but says the outlook is “negative” due to a slower-than-expected recovery in Singapore.