{"id":28168,"date":"2022-03-17T09:15:03","date_gmt":"2022-03-17T12:15:03","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=28168"},"modified":"2026-04-23T10:26:41","modified_gmt":"2026-04-23T13:26:41","slug":"macau-casino-ebitda-wont-normalise-until-at-least-h2-2023-analysts-say","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/macau-casino-ebitda-wont-normalise-until-at-least-h2-2023-analysts-say","title":{"rendered":"Macau casino EBITDA won’t normalise until at least H2 2023, analysts say"},"content":{"rendered":"\n

Analysts at Morgan Stanley predict EBITDA from Macau’s casino industry will not materialise until the second half of 2023 or possibly 2024.<\/p>\n\n\n\n\n\n\n\n

Macau.- Praveen Choudhary and Gareth Leung, analysts at Morgan Stanley banking group, have predicted that Macau casino EBITDA<\/strong> will not normalise until at least the second half of 2023 a normalisation could happen during the second half of 2023. They added that debt <\/strong>in the industry “could surge to US$23bn” by the end of 2023.<\/p>\n\n\n\n

Before the Covid-19 pandemic, Macau’s GGR was MOP292.5bn (US$36.3bn), while corporate EBITDA stood at about US$9.2bn. In 2021, the city reported full-year gross gambling revenue<\/a> of MOP86.86bn (US$10.82bn).<\/p>\n\n\n\n

Most Macau casino operators have recently reported positive EBITDA levels after cutting costs over the past two years. However, analysts noted a further easing of travel restrictions would be needed to improve EBITDA and increase GGR, especially in the mass market segment.<\/p>\n\n\n\n

The analysts also noted that\u00a0travel between Macau and the mainland is not expected to be further facilitated<\/strong>\u00a0until 2023 and that the suspension of group tours is unlikely to be lifted before then.<\/p>\n\n\n\n

Praveen Choudhary and Gareth Leung said: “Industrial debt increased from US$5bn at the end of 2019 to US$19nn at the end of 2021 and is on an upward trend. At the current net debt ratio of about US$850m per quarter,\u00a0net debt could reach US$22.8bn by the end of 2022<\/strong>.”<\/p>\n\n\n\n

See also:\u00a0<\/strong>Macau casino stocks fall further as China intensifies Covid-19 measures<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Analysts at Morgan Stanley predict EBITDA from Macau’s casino industry will not materialise until the second half of 2023 or possibly 2024.<\/p>\n","protected":false},"author":176,"featured_media":20681,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Morgan Stanley analysts predict Macau's casino industry EBITDA will not normalize until H2 2023 or 2024, with industry debt potentially surging to US$23bn by end-2023. Despite recent cost-cutting leading to positive EBITDA, significant GGR recovery, particularly in the mass market, hinges on further easing of travel restrictions from mainland China, which is not anticipated before 2023.","focusai_entities":"Morgan Stanley, Praveen Choudhary, Gareth Leung","focusai_location":"Macau, China","focusai_target_profile":"ceo_executive (0.95), regulator (0.75), operator_casino (0.98), investor_analyst (0.98), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Macau GGR Recovery","query":"What specific policy changes or travel facilitation measures are required from mainland China to accelerate Macau's mass market GGR recovery beyond current projections?"},{"label":"Operator Debt Management","query":"How are Macau's concessionaires planning to manage the projected US$23bn debt surge by end-2023, and what are the implications for their capital expenditure and dividend policies?"}],"footnotes":""},"categories":[157,16338],"tags":[23906],"class_list":["post-28168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-east-asia-news","tag-macau-casinos"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=28168"}],"version-history":[{"count":6,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28168\/revisions"}],"predecessor-version":[{"id":28194,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/28168\/revisions\/28194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20681"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=28168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=28168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=28168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}