Morgan Stanley Raises Macau GGR Expectations
Morgan Stanley has revised its Macau-wide gross gaming revenue (GGR) estimates for 2023, with gaming revenues now projected to reach almost US$20 billion and rise to over US$25 billion next year. Analysts Praveen Choudhary, Gareth Leung, and Stephen Grambling expect mass gaming revenues to reach 90% of 2019 levels this year and 115% in 2024. The gross gaming revenue (GGR) is predicted to reach US$19.9 billion or 88% of pre-COVID mass levels this year, increasing to US$25.7 billion or 114% next year. Sands China and MGM China have also reported a strong recovery trajectory, leading to an increase in EBITDA estimates for both concessionaires.